Digit ICON - A Guaranteed* Returns Savings Life Insurance Plan
While some of us prioritise financial protection over savings, others might look for savings and income options, along with life cover. Some might want guaranteed* returns, while others might have a higher risk appetite and want to maximise their returns.
There has not been a one-cut fit for all product in the life insurance market.
However, if you are looking to build a corpus through safe returns, want to plan your retirement income or a secondary guaranteed* income, the guaranteed* savings life insurance plans are a safe choice.
This is besides the Insurance cover that is available under the Plan.
What is Digit ICON?
If you're someone who's looking for a life cover along with a safe, zero-risk investment with guaranteed returns, to either diversify your existing investment portfolio, or to secure funds for a future life goal (such as buying a house, or planning for your child's higher education), then this can be a good option for you.
What is the Meaning of Non-Linked Non-Participating Life Insurance Savings Plan?
A non-linked non-participating life insurance savings plan, as the name denotes, is a type of life insurance where the returns are not linked to the performance of investment funds, and policyholders do not participate in the profits of the insurance company.
These plans provide fixed benefits as specified in the policy. These plans offer stability and a guaranteed* payout.
What Benefits do I get under Digit Icon?
Comprehensive Life Cover
Guaranteed Returns
Immune to market fluctuations
2x Sum Assured on Death
In case of accidental death
Tax benefits
As per Section 80 C & 10 (10D) of Income Tax Act
Different Plan Variants in Digit ICON
You receive a regular guaranteed* income from the year that you choose and on policy completion, you receive a lumpsum as maturity benefit, provided all due premiums are paid and the life assured survives till the end of policy term. You will also have the option to receive the maturity benefit either in lumpsum or in the form of a series of guaranteed* payouts after end of the policy term under the Staggered Maturity Benefit.
A financial security for the rest of your life. Well, almost! You get not just the life cover but also a regular monthly or annual income till the age of 100 years during the income period, where the income period begins in specific years after the Premium Paying Term (from Premium Paying Term +1st year or Premium Paying Term+ 2nd year or Premium Paying Term+3rd year as per your choice at inception). Besides, you will get the lumpsum Maturity Benefit which will be equal to 100% of the Total Annualised Premiums that are payable under the policy.
TUnder Whole Life Benefit variant, while you will be required to pay premium for for a limited number of years only, the life cover and guaranteed income payouts will continue till age 100. You also will have an option to avail a one-time money back benefit, equal to 50% of total annualised premiums received by us, and this will be paid 20 years after the policy commencement date or attaining the age of 75 years, whichever is later subject to survival of life assured.
Is Digit ICON for me?
Digit ICON is for everyone who doesn’t want to compromise on their life dreams & financial goals! Here's how our this life insurance cum guaranteed return plan can work for you...
Get retirement ready
Start weaving your safety net for the increasing cost of living. Create a retirement fund so you don’t have to rely on anyone in your golden years.
Fund your child's educational dreams
With Digit ICON you never have to say NO to any of your child’s ambitions, be it flying abroad or getting multiple degrees!
Get a slice of security – a guaranteed piece of the financial pie
Great for those looking to broaden their financial portfolio or those who want to invest with zero risks
Planning for child’s future wedding
Be it a cozy intimate wedding or a Big Fat Indian wedding, start planning systematically, to make any and every celebration possible.
Get to your homeownership dream
No more changing landlords & rental agreements. Turn the key to your dream home without the financial strain.
Drive in Style
Tired of second-hand car hiccups & taxis rejecting you? Gear up for your automotive adventure with Digit ICON helping you pave the way for stress-free purchases.
What’s Great about Digit ICON – Guaranteed* Returns Savings Life Insurance Plan?
1. Multiple Payout Options
You can choose your plan variant as per your preference of receiving your returns. Not just that, you can accumulate your income or collect your maturity benefit as income.
Interesting right?
Want to accumulate a corpus? Choose the lumpsum variant.
Plan to build a second income? Choose the income variant.
Want to save during earning years but might later decide to get the payouts as income? No problem! You can choose to get your lumpsum maturity benefit in income form by choosing the staggered maturity benefit wherein you get your payouts as regular income plus lumpsum, as chosen, after the policy tenure.
You can opt for the staggered maturity benefit either at inception of the policy or during the last policy year, but at least 6 months before the policy maturity date.
Want best of both the worlds? You have the option of taking income for specific years and then get lumpsum on maturity with the income+ lumpsum variant.
Want to plan your guaranteed* income payouts as gifts on special days? Choose your special date at the inception of the policy.
2. Customised Premium Payment
Premium payment options suited to your preferences. Choose your premium amount, payment frequency or premium payment term as per your financial availability.
First and foremost, choose a premium amount as per your preferences.
You can choose limited premium, single premium or regular premium payment term. Under limited pay and regular pay, you have the option of paying your premium annually, quarterly, half yearly or monthly as per your choice.
In case you have chosen the premium payment term of more than five years, then after the complete payment of premium for the first five years, policyholders have the option of reducing the future premiums up to 50%, subject to policy terms and conditions. In such a case, all future benefits are accordingly reduced.
3. Customer First Benefits
Prioritizing customers, our product offers various additional benefits to provide an extra shield of protection to the family in case of unfortunate circumstances (refer the table in the next subhead).
Inbuilt additional accidental death benefit provides enhanced financial protection to the family in case of accidental death. This is an additional benefit that is over and above the death benefit and will not be deducted from the death benefit.
Policy continuance benefit on death ensures that in addition to death benefit, the family continues to receive the policy benefits even in case of death of the life assured. In this case, the future premiums which are due are not taken by the insurer.
4. Wellness Benefits
15+ Wellness Benefits to motivate you for taking care of your health and maintain a healthy lifestyle through such wellness measures.
- These benefits include unlimited video doctor consultation, discounts on medicines, lab services facilitation, etc.
- A Wellness Coach to help the insured members in proactively managing their health.
- Weight management, activity and fitness, dietary plans, alcohol rehabilitation and many other benefits available on our app.
Benefits and Coverages of Different Digit ICON Plan Variants
Key Features of Digit ICON – Guaranteed* Returns Savings Life Insurance Plan
Here are some of the major features of Digit ICON . Features will be applicable according to the variant chosen.
- Variants: Digit ICON comes in four variants - , Lumpsum Benefit, Income Benefit, Income+Lumpsum Benefit and Whole Life Benefit. Based on the above variants, you can receive the payout as a lumpsum, or regular income spread over a period called ‘Income Period’ or both.
- Sum Assured on Maturity: You can choose to receive the maturity benefit in staggered form, i.e., a regular stream of guaranteed* income paid over a certain period and a lumpsum amount (if opted for) at the end of such staggered maturity period. It can also be paid as increasing income, where the income payout increases at a predetermined rate as per the option chosen.
- Maturity Benefit: Maturity Benefit is the total of sum assured on maturity and accrued special additions, if any.
- Staggered Maturity Benefit: You can choose to receive the maturity benefit in staggered form, i.e., a regular stream of guaranteed* income paid over a certain period and a lumpsum amount (if opted for) at the end of such staggered maturity period. It can also be paid as increasing income, where the income payout increases at a predetermined rate as per the option chosen.
- Accrued Special Additions: These are the benefits accumulated in the policy during specific years and are payable on maturity or on Death or surrender, whichever is earlier.
- Income Benefit: The Income can be paid as level income where the amount remains same throughout the income period. The income here can also be paid as increasing income, where the payout increases at a predetermined rate as per the option chosen.
- Death Benefit: On the death of life assured, the death benefit as agreed is paid to the beneficiary.
- Inbuilt Additional Accidental Death Benefit: If the life assured dies in an unfortunate accident, the beneficiary receives this additional benefit equal to the sum assured on death, in addition to death benefit. This helps in taking care of the extra financial burden that an accident treatment brings along.
How to File a Claim?
Claim process is as simple as it can be.
Register a claim using any of these methods:
1. Email us at lifeclaims@godigit.com
Or
2. Call our helpline number: 9960126126
Why choose Digit Life Insurance?
Why choose Digit Life Insurance?
Benefits of a Guaranteed* Returns Savings Plan
Disclaimer - This is generic information and may not specifically represent the Product feature.
The benefits of a Guaranteed* Returns Savings Plans are numerous and cater to diverse needs of investors.
Let's have a look at some of the major benefits:
1. Financial Protection
The primary benefit of a savings plan is to provide a financial protection, ensuring that your family is financially secure even in your absence. The death benefit offered in the event of your unfortunate death safeguards your family's financial well-being.2. Tax Benefit
Under these plans, you may be eligible for tax benefits on the premiums paid and on the proceeds of the policy, as per prevailing tax laws.
However, these tax benefits are subject to change in tax laws. We therefore urge you to carefully analyse in consultation with your advisor the tax benefits/tax implications, if any that may arise on opting for this policy.
3. Corpus Building
Some of these plans provide the option of lumpsum payouts. Through systematic savings and the power of compounding you can build a substantial future corpus that can help you meet your financial goals. Thus, you can enjoy your golden years, go on a dream vacation or fund your child’s higher education without any financial worries.4. Retirement Planning
The whole life variants in savings life insurance plans provide a lifetime coverage and some of them can be a source of regular, steady income. These plans have a long tenure, upto 100 years of age of the life assured. In that tenure, they provide a financial coverage, some of them provide a regular income option during certain specified period, some also provide the option of lumpsum withdrawals.5. Disciplined Savings
With a savings life insurance plan, you commit to regular premium payments. This fosters a disciplined approach to consistent savings, thus promoting responsible financial management and in turn building wealth over time.Who Should Opt for Guaranteed* Returns Savings Life Insurance Plan?
1. Risk-Averse Investors
Guaranteed* returns savings life insurance plans are ideal for individuals seeking zero risk investment options. These plans provide a stable return, making them suitable for risk averse individuals.2. Individuals Seeking Regular Income
For those looking for a steady income stream, either as a pension or as a second income, guaranteed* returns savings life insurance plans offer a reliable source of regular payouts. This makes them attractive to retirees or anyone looking to supplement their monthly income with a dependable source.3. Investors with Long-Term Goals
Investors looking for long term wealth accumulation, who prioritize the security of their funds over aggressive growth, may find guaranteed* returns savings life insurance plans aligning well with their long-term financial objectives.4. Those Looking for Goal-Oriented Savings
Those saving for specific goals, such as education expenses, may opt for guaranteed* returns savings life insurance plans with lumpsum payout.
People approaching retirement can invest and later use this as a regular income source. Customised payouts on specific dates can make birthdays and anniversaries special.
Thus, these can be an effective financial planning tool for achieving targeted milestones.
5. Investors Looking for Tax Benefits.
Guaranteed* Returns Savings Life Insurance plans can be a prudent choice for investors looking for tax benefits. The premium paid are eligible for tax benefits under section 80C and the returns received are also tax free as per section 10(10D) of Income Tax Act, as per the applicable limits. However, these tax benefits are governed by the prevailing income tax laws and need to be verified by an expert.
One should analyse their needs and see how the product they plan to avail meets their objective before availing the Policy.
FAQs About Digit ICON - Guaranteed* Returns Savings Life Insurance Plan
What Happens if I Delay the Payment of Renewal Premiums?
What Happens to the Policy if I Stop Paying the Premiums?
In case of regular and limited premium policies, if you are unable to pay the premiums for the first two policy year for any reason, then on expiry of grace period, the policy will lapse, and no benefits will be payable for lapsed policy.
In case, you pay premiums at least for first two policy years and do not pay premiums later for any reason, the policy will continue with reduced benefits and will be in a state of reduced paid up.
Can I Surrender the Policy Anytime During the Policy Term?
The policy can be surrendered any time after premium for first two policy years are paid. On policy surrender, surrender value will be paid and policy will terminate thereafter.
For single premium policies, the surrender value is attained right after the commencement of the policy and hence, can be surrendered anytime after policy commences.
Can I Take the Loan Against this Policy?
Yes, you can take the loan under this policy subject to minimum amount of Rs. 5,000 and maximum amount not exceeding 80% of available surrender value as per the terms and conditions of policy.
The loan can be taken anytime during the policy term once the policy attains surrender value. Thus, for limited and regular pay policies, it can be taken after paying premiums for at least first two years and for single premium policies, it can be taken any time after the policy commences.
How Can I Cancel my Policy?
How Can I restore/revive the policy with full benefits if it is lapsed or is in reduced paid-up status?
You can revive/restore the policy with full benefits before maturity of the policy but within 5 years from the due date of first unpaid premium, provided:
The policyholder provides the Company with a written request to revive the policy along with evidence of insurability and health of the life assured, to the satisfaction of the Company; and
The policyholder makes all necessary payments to revive this policy including all due premiums with late fee and applicable taxes, cesses and levies, if any.
Disclaimer
* Guaranteed Returns are subject to policy being in-force, all the premiums being paid as and when due, and policy terms and conditions.
1. Digit ICON is a Non- Linked Non-Participating Individual Life Insurance Savings Plan (UIN - 165N011V02)
2. Life Insurance coverage is available under this product.
3. In case of any ambiguity or disconnect between the content given above and the policy terms and conditions, the latter should prevail.
4. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
5. Tax Benefits, if applicable depend on the Tax Regime opted by the individual and the applicable tax provision. Please consult your Tax consultant before making any decision.
6. “Digit Life Insurance” trademark belongs to Go Digit Life Insurance Limited (“the Company”). “Digit” logo is registered trademark of Go Digit Infoworks Services Private Limited and is used by the Company under sub-license from Oben Ventures LLP.
7. BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS/FRADULENT OFFERS.
8. IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.
9. Wellness benefit is a feature of Digit ICON. These features are provided under Wellness Benefit program. Wellness Services are extended through 3rd Party Service Providers. Cost for availing services shall be borne by the insured directly. Digit Life Insurance is not responsible in any manner for nature or quality of product/services or discounts provided by the empanelled Service Providers. You can refer to respective Service Provider’s terms and conditions including any discounts or complimentary access/service are subject to change from time to time. For more details, please read policy terms and conditions carefully before concluding sale.
10. The page may contain certain generic information which is provided on 'as is' basis from various open sources for awareness purpose only. Such information is not intended to extend any professional advice and user is requested to kindly verify the same as per its requirement before taking any decisions.