Digit Life enters the insurance space with maiden product group term plan

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Digit Life Insurance, the most recent licensee to receive regulatory approval to enter the life insurance industry, announced on Monday that it has launched a group term plan as its first product.The company launched operations two weeks after receiving its license from the Insurance Regulatory and Development Authority of India (Irdai) on June 9. Kamesh Goyal of Go Digit General Insurance and Canadian NRI Prem Watsa’s Fairfax Financial Holdings promoted it.The group term cover focuses on comprehensive coverage of death, disease, and disability and offers flexibility through multiple payout options, four optional benefits, and various add-ons.Bengaluru-based Go Digit Life Insurance is a tech-backed life insurance company that is a subsidiary of Go Digit Group.The four payout options include the lump sum assured, regular income until 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 lost income. The payout benefit can also be selected by the group and by individual group members, according to the company.Srinivasan Parthasarathy, Managing Director and Chief Executive Officer of Go Digit Life, stated that customers can choose from 14, 20, or 34 critical illness coverage options based on their individual needs and budget, in addition to selecting an additional or accelerated benefit.The company claims to have served over 3.5 billion clients for a variety of insurance products, including auto, health, travel, property, and fire.

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