Insurance News Details

Digit Life Insurance enters the insurance industry with its first product

(26-Jun-23   19:50)

Digit Life Insurance, the new licensee seeking regulatory approval to enter the life insurance sector, on Monday said it has started operations and launched its first product, a group term plan.

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 less than two weeks after receiving the license from the Insurance Regulatory and Development Authority of India (IRDAI) on June 9.

The group term plan 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.

The four payout options includes, 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.

Srinivasan Parthasarathy, Managing Director & Chief Executive Officer of Go Digit Life, 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.

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

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

Powered by Capital Market - Live News