Digit Life enters insurance space with maiden product group term plan

Digit Life Insurance, which is the newest licensee to get the regulatory approval to enter the life insurance space, on Monday said it has begun operations with the launch of a group term plan as its maiden product.

The company, promoted by Canadian NRI Prem Watsa's Fairfax Financial Holdings and Kamesh Goyal of Go Digit General Insurance, said that it began operations within two weeks of receiving the license from the Insurance Regulatory and Development Authority of India (Irdai) on June 9.

The group term cover focuses on holistic coverage of death, disease, and disability and provides flexibility through multiple payout options, with four in-built optional benefits and various add-ons.

Bengaluru-based Go Digit Life Insurance is a tech-backed life insurer and is part of Go Digit Group.

The four payout options include the lumpsum sum assured, regular income till retirement, regular income linked to the age of insured members' children, and regular income for a specified period of up to 40 years to compensate the family for the deceased's salary loss. The payout benefit can also be chosen by the group and also by individual members of the group, the company said.

Within critical illness benefits, customers can choose from 14, 20, or 34 coverages depending on their individual needs and budget, apart from choosing as an additional or accelerated benefit, Srinivasan Parthasarathy, Managing Director & Chief Executive Officer of Go Digit Life, said.

The company said it has served over 3.5 crore customers across multiple insurance products, including motor, health, travel, property, and fire.