Publishing Circular No. 140 of the Government Service Insurance System dated January 31, 1969

June 18, 1969 REVENUE MEMORANDUM CIRCULAR NO. 12-69 SUBJECT : Publishing Circular No. 140 of the Government Service Insurance System dated January 31, 1969 TO : All Internal Revenue Officers and Others Concerned For the information and guidance of all internal revenue officers and others concerned there is quoted hereinbelow Circular No. 140 of the Government Service Insurance System dated January 31, 1969: llcd "CIRCULAR NO. 140 "TO : HEADS OF DEPARTMENTS, CHIEFS OF BUREAUS AND OFFICES, MANAGING HEADS OF GOVERNMENT OWNED AND/OR CONTROLLED CORPORATIONS, THE CHIEF OF STAFF, AFP, PROVINCIAL GOVERNORS, CITY AND MUNICIPAL MAYORS, PROVINCIAL, CITY AND MUNICIPAL TREASURERS, ACCOUNTING AND DISBURSING OFFICERS AND OTHERS CONCERNED: "SUBJECT : Republic Act No. 1781 further amending Commonwealth Act No. 186, as amended. (Unlimited Optional Life Insurance) "1. Definition : Unlimited Optional Life Insurance is one which at the option of any policy holder in the System, he may secure to increase or augment without any limit his life insurance coverage. "2. WHO MAY APPLY : Any policy holder of the System may apply for Unlimited Optional Life Insurance. "3. Kinds of Plans Offered : "a. 10, 15, 20, 25 and 30 year Endowment "b. Endowment at Age 45, 50, 55, 60, 65 "c. Double Endowment at Age 45, 50, 55, 60, 65 "d. Life Fully Paid at Age 65 "e. 20, 25, 30, Year Pay Life "f. Ordinary Life "4. Modes of Underwriting Unlimited Optional Life Insurance : Any applicant for unlimited Optional Life Insurance in his own life to an amount not exceeding the schedule hereinbelow indicated shall submit a Health Declaration provided by the System. However, a physical and medical examination shall be required if after evaluation of his medical statements such examination is deemed necessary by the Medical Director of the System. "Age 40 and below P10,000 "Age above 41 up to age 50 5,000 "Applicants for an amount of optional insurance more than the above schedule shall be required to undergo a physical and medical examination. The underwriting of sub-standard risks shall be in accordance with the rules prescribed therefor. "Issuance of Group Insurance ("O" and "OG") shall henceforth cease. "5. Premiums : "a. No policy shall be issued unless the first premium is paid. "b. Regular monthly premiums may be payable thru salary deduction directly to the System at the request of the insured, provided, however, that when the monthly premium shall be paid directly to the System. LibLex "c. Quarterly, Semi-annual and Annual premiums shall be paid direct to the System. "d. The rates of premium shall be as prescribed in the approved rating manual for each class of risk. "It is requested that the contents of this Circular be made known to all officials and employees of your Office for their information and guidance. "(SGD.) B.M. DEL ROSARIO "General Manager" (SGD.) MISAEL P. VERA Commissioner of Internal Revenue