Question & AnswerQ&A (GSIS Resolution NO. 58)
According to GSIS Resolution No. 58, missing payments results in the cancellation of the Edu-Child Plan as per Section XII of the Edu-Child Plan Agreement.
Edu-Child planholders whose plans were cancelled due to missed payments but who continued to pay premiums after cancellation and have not fully paid their entire plan obligations are eligible for a refund of those premiums.
The cancellation is effective on the due date of the first unpaid monthly premium payment of the issued plan.
No, the refund of premiums is made without interest.
Payments made prior to the cancellation accrue in favor of GSIS and are not refundable.
No, planholders who will receive refunds must sign a quitclaim agreement as a condition for the refund.
A quitclaim agreement is a legal document signed by the planholder releasing GSIS from any further claims related to the refunded premiums.
The resolution provides that it is fair and just for GSIS to refund premiums paid after the plan's cancellation due to missed payments.
No, the resolution states that refund applies only to premiums paid after cancellation and does not exempt planholders from their original obligations to fully pay their plans.
The conditions were proposed by the Senior Vice President of the Financial Management Group, as stated in the memorandum dated 4 June 2013.