Question & AnswerQ&A (GSIS Resolution NO. 91)
Section XVI allows planholders to refund the contract price upon presentation of a valid cause such as illness or death of the scholar, migration abroad, etc.
It is the amount corresponding to the number of complete years that the plan has been fully paid, less any amount of educational college benefits (ECB) already availed, according to a specified schedule.
After 10 complete years, the Lump Sum Refund is 100% of the Contract Price.
The OEM allowed active or fully paid Edu-Child and Memorial plans to be terminated and refunded with the total premiums paid without interest.
Because Lump Sum Refund payments are based on a schedule net of the educational benefits already availed, whereas OEM refunds 100% of the premiums paid.
It approved and confirmed the reinstatement of Section XVI a Unavailed College Educational Benefits of the Edu-Child Plan Agreement.
Provision No. 7, which approved the Optional Exit Mechanism, was revoked by the resolution.
The Vice President, NCR Area II, recommended the reinstatement in her Memorandum dated May 17, 2012.
Illness or death of the scholar, migration of the scholar abroad, among others.
The refund is gross of ECB already availed, meaning the refund is calculated before deducting the ECB availed.