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Written By
Fathima Tabasum
Fathima Tabasum
Senior Marketing Associate
Fathima defines Digit's voice in life insurance with her strong command of language. Her creative, clear writing and research skills simplify complex concepts and build trust and engagement.
Reviewed By
Ashok Manwani
Ashok Manwani
Vice President - Products
Ashok is an insurance professional with extensive experience in product development and management. In his role at Digit, he focuses on creating innovative life insurance solutions tailored to meet diverse customer needs.
Digit Life Group Long Term Plan
Table of Contents
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What is Digit Life Group Long Term Plan?
The Digit Life Group Long Term Plan is a non-linked, non-participating group pure risk premium life insurance plan. It offers life insurance coverage to group members, providing financial protection for their families in case of unforeseen events such as death. Depending on the chosen option, the coverage can be provided as a lump sum, regular payouts, or a combination.
This plan can provide coverage that helps address credit-related risks for lender-borrower schemes. For non-lender borrower groups, it provides general group life insurance coverage without the credit protection aspect.
Additionally, the plan includes optional benefits such as terminal illness coverage, multi-stage cancer coverage, and protection against accidental death and disability, offering comprehensive and customized protection for severe health conditions.
With the Digit Life Group Long Term Plan, your lending is in safe hands.
What’s Great about Digit Life Group Long Term Plan?
What’s Great about Digit Life Group Long Term Plan?
1. Hyper Customisable
1. Hyper Customisable
- Inbuilt Optional Benefits: Enjoy a range of benefits like Accidental Death Benefit, Terminal Illness Benefit, Critical Illness Benefit, Multistage Cancer Cover, and more.
- Flexible Death Benefit Payout Options: Choose how to receive the death benefit, lump sum, regular income, or a combination of both.
- Tailored Coverage and Premiums: You can customize the coverage to suit your preferences and select a premium that fits your budget.
- Coverage Options: Choose from Single or Joint Life Cover and Level, Decreasing, or flexi coverage types.
2. Tech Enabled, Smooth Processes
2. Tech Enabled, Smooth Processes
- Completely Digital and Paperless: Experience seamless processes with our fully digital and paperless approach.
- Direct API Integration: Integrate directly with your organization for faster and more efficient processes.
- Relaxed Health Underwriting: For large loan amounts, enjoy relaxed health underwriting through video MER, which reduces the need for extensive medical tests. This will also help you while purchasing any health insurance.
3. Aligned with Your Business
3. Aligned with Your Business
- Premium Refunds: Benefit from premium refunds in case of favourable claims or long-term contracts, fostering a sense of partnership and profit sharing.
- Flexible Premium Payment: Manage your cash flow efficiently with annual, half-yearly, quarterly, or monthly premium payment options.
- Return of Premium (TROP): If the Term Plan with Return of Premium option is chosen, premiums are returned to the insured when there is no claim, strengthening your customer relationship.
4. Wellness Benefits
4. Wellness Benefits
- Comprehensive Wellness Benefits: Enjoy unlimited video doctor consultations, personalised wellness coaching for weight management, fitness, dietary planning, lab services facilitation, and pharmacy home delivery.
- Wellness Coach: Get personalized support for weight management, fitness, dietary plans, and alcohol rehabilitation to manage health proactively.
Overview of the Digit Life Group Long Term Plan
Here's a detailed overview of the Digit Life Group Long Term Plan, highlighting its key features and benefits to clearly understand what this plan offers.
Features and Benefits of Digit Life Group Long Term Plan
Features and Benefits of Digit Life Group Long Term Plan
For Master Policyholder
For Master Policyholder
Explore how the Digit Life Group Long Term Plan offers significant advantages for organizations looking to provide robust insurance solutions for their employees.
- Customizable Coverage: master policyholders can tailor the policy terms and conditions to meet the specific needs of their organization and the insured members.
- Flexible Premium Payment Options: Various payment frequencies, such as annual, half-yearly, quarterly, or monthly, allow efficient cash flow management.
- Digital Integration: Based on the details provided in the proposal form, policy management and claims processing are streamlined through digital and paperless methods.
- Refundable Premiums: With the profit-sharing option, a portion of premiums may be refunded to the master policyholder in cases of favourable claims or long-term contracts.
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For Insured Members
For Insured Members
- Life Insurance Coverage: The Digit Life Group Long Term Plan offers financial protection against the risk of death, safeguarding insured members and their families.
- Flexible Payout Options: Subject to the company's acceptance, the insured members can choose from a range of payout options for the death benefit, including lump sum, regular income, or a combination of both.
- In-Built Optional Benefits: Coverage is available for critical events such as terminal illness, critical illness, minor and major stages of cancer, hospitalisation, accidental death, and accidental total and permanent disability.
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Coverage Offered by the Digit Life Group Long Term Plan
Discover the comprehensive coverage options the Digit Life Group Long Term Plan offers, ensuring robust protection.
Death Benefit
Provides financial protection against the risk of death, ensuring a lump sum payment or income benefit to the beneficiaries of the insured member.
Inbuilt Optional Benefits - Riders
The Digit Life Group Long Term Plan offers essential protection against critical events. It includes benefits for terminal illness, hospitalisation, accidents, and major health conditions, along with additional coverage for critical illnesses and multi-stage cancer, ensuring financial support during serious health challenges.
Joint Life Cover
Allows two individuals to be insured under a single policy with a joint sum assured, providing comprehensive protection for both.
Coverage Options
Members can choose from flexible coverage options such as Level Cover, which offers a fixed sum assured throughout the policy term; Decreasing Cover, where the sum assured reduces over time, typically aligned with loan repayments or liabilities; and Flexi Cover, which allows members to adjust their coverage based on changing needs.
Accidental Death Benefit
Additional benefit payable in case of accidental death, providing extra financial support to the beneficiaries.
Survival Benefit or Maturity Benefit
Benefits payable upon survival or maturity of the policy, ensuring financial support at the end of the policy term.
Digit Life Insurance in the Spotlight
Complimentary Wellness Benefits for Digit Life Customers
Unlimited 24×7 Teleconsultations with General Physicians
Get expert medical advice anytime, anywhere.
Mental Health Consultation & Services
Speak to top specialists in Mental Health, Women’s Health, Diet & Nutrition, and more, at flat 50%!
Diagnostic Tests & Health Check-Ups
Specialist Teleconsultations
Speak to top specialists in Mental Health, Women’s Health, Diet & Nutrition, and more, at flat 50%!
Women's Health Care Programs
Pregnancy Care Programs, access to Mum Support Group, PCOS/PCOD Care Programs, Maternity Support and much more!
Physiotherapy Sessions
Stress and Pain relief covered with exclusive discounts on Physiotherapy consultation and session bookings.
Dental Consultation Offers
Avail unlimited, free dental consultations and exclusive discounts on dental treatments.
Sexual Wellness
Chronic Care Support Programs
Personalized assistance for long-term health conditions.
99.53% Claim Settlement Ratio For Digit’s Life Insurance in FY'25
99.53% Claim Settlement Ratio For Digit’s Life Insurance in FY'25
When life takes an unexpected turn, every second matters. With a 99.53% Claim Settlement Ratio (CSR), Digit Life Insurance stands as a pillar of trust and reliability. This isn’t just a statistic; it’s a promise to our policyholders.
Every claim tells a story. Whether it was a salaried parent overcoming loss, a child’s future hanging in the balance, or a spouse seeking stability, we acted fast to bring peace of mind to grieving families.
That’s why we are committed to settling genuine claims swiftly, transparently, and with compassion, ensuring that your loved ones receive the support they need when it matters most.
₹2.88 Billion Worth Claims Paid in FY'25
₹2.88 Billion Worth Claims Paid in FY'25
At Digit, we don’t just talk about protecting families; we actually do it. In the last financial year, we paid ₹2.88 billion to families who lost a loved one. That’s a big jump from ₹351.52 million a few years ago, showing how much we have grown and how seriously we take our promise.
Every payout represents a family supported, a future safeguarded, and a promise fulfilled. We make sure claims are settled quickly and clearly, with zero confusion, so families don’t have to worry during tough times.
15,000+ Claims Settled in FY'25
15,000+ Claims Settled in FY'25
Solvency Ratio for Digit's Life Insurance in FY'25 is 3.85
Solvency Ratio for Digit's Life Insurance in FY'25 is 3.85
At Digit, being financially strong isn’t just a goal; it’s how we earn your trust. Our solvency ratio has grown from 2.07 to 3.85, which means we are more than ready to keep every promise we make.
This number shows we have more than enough funds to pay claims and support families, even in tough times. In fact, our ratio is nearly double the required limit, giving you extra peace of mind.
Because when you choose life insurance, you are not just buying protection; you are trusting us with your family’s future. And we take that seriously.
Disclaimer: This report offers an overview of Digit Life Insurance’s performance, highlighting the growth in premiums, solvency ratio, and claims settlement metrics (CSR, claims paid, and claims settled), based on the company’s FY’25 internal data. The information is intended for general awareness only and should not be considered financial advice. Past performance may not reflect future outcomes.
What's Not Covered in Digit Life Group Long Term Plan?
What's Not Covered in Digit Life Group Long Term Plan?
Before diving into the specifics, it’s important to understand the exclusions to avoid any confusion about what’s not covered under this plan. Here’s a detailed breakdown:
- Critical Illness and Multi-Stage Cancer Benefits Exclusions: Claims for Critical Illness Benefits are subject to a 30-day Survival Period and a 90-day Waiting Period. Multi-stage cancer benefits also require a 90-day Waiting Period. Critical Illness and Multi-Stage Cancer Benefits do not cover conditions that are congenital or related to congenital conditions unless disclosed and accepted at the proposal stage.
- Pre-existing Conditions: Any condition, ailment, injury, or disease diagnosed by a physician within 48 months before the effective date of insurance coverage or for which medical advice or treatment was recommended or received from a physician within 48 months before the effective date of insurance coverage or its revival.
- Suicide Exclusion: If the insured member commits suicide within 12 months of continuous insurance coverage from the risk commencement date or date of revival, the claimant will receive at least 80% of the total premiums paid or the unexpired risk premium value, whichever is higher, provided the policy is in force.
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How to Buy Group Long Term Plan?
Here are the steps to purchase Group Long Term Plan:
Enter Basic Details
Provide your name, phone number, email, and company information in the Digit Life Group Long Term lead capture form.
Get a Call From our Team
A representative will contact you to understand your requirements and explain the policy features, benefits, and customisation options.
Customise Your Coverage & Get Quote
Customise your policy by selecting from add-ons and benefits that best suit the needs of your employees. Based on your selections, you will receive a premium quote.
Finalise the Plan & Issue Policy
The policy will be issued after payment and verification and employees are then onboarded and provided with their individual coverage details.
The Super Smooth Claims Process at Digit Life
The Super Smooth Claims Process at Digit Life
- With our hassle-free claims process, it's just a 72-hour claim settlement from Last Document Received (LDR).
- We promise a 100% paperless claims experience. No hard copies of the Death Certificate or Medical Reports asked.
- Call our Helpline Number: 18002962626 or 9960126126
- Write to us on Lifeclaims@godigit.com
How Efficiently Digit Life Insurance Settles Claims?
How Efficiently Digit Life Insurance Settles Claims?
At Digit Life Insurance, settling claims quickly and fairly is not just a goal—it’s a commitment. To ensure our customers and their families are supported when they need us most, we focus on two key things: speed and transparency.
1. End-to-End Turnaround Time (TAT)
- This is the total time taken, from the day we first get the death claim to the day we complete it.
- How is It Calculated: We subtract the date the claim was registered from the date it was closed.
- End-to-End TAT = Claim Closing Date – Claim Registration Date
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Why Does it Take 13 Days to Settle a Life Insurance Claim?
Why Does it Take 13 Days to Settle a Life Insurance Claim?
When you file a claim, you may be required to submit some documents to process the claim properly and legally:
- Claims form
- Death certificate
- Medical reports
- FIR/post-mortem report (if applicable)
- Nominee identification & bank account details
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Seamless Claim Settlements Across Digit Term Plan Variants
In FY'25, Digit life insurance claims settled increased by 719% year on year. The total amount disbursed also jumped significantly from ₹351.52 million to ₹2.88 billion, reflecting our rapid scale-up, improved operations and the growing trust placed in Digit’s life insurance offerings.
Note: Claims numbers include all variants filed under different product categories since inception.
Digit Claim Settlement for Group Long Term Plan
- From just 3 claims in FY'24 to 274 claims in FY'25, the group long term plan saw a huge jump in utilisation and awareness.
- Claim payouts surged from ₹2.82 million to ₹148.82 million.
Interesting Digit Life Stories and Milestones from FY’25
1. Record-Breaking Days
Talk about a busy day! We issued over 1.7 lakh policies on September 28, 2024. Our systems were operational even at late hours, issuing over 1,100 policies at 1:08 AM on December 7, 2024.
2. Our Growing Family
The average age for people joining the Digit Life insurance family in FY24-25 was 34 years old, a slight nudge up from 33 years previously.
3. Premium Extremes
Talk about range! We saw an annual premium as high as ₹35 lakh for our Digit Icon product, while we also issued policies for as little as ₹143 for a 2-year Digit Life Group Micro Term Insurance
4. More Women Protected
We saw a 1.2% increase in female lives covered this FY, with women now making up 49.89% of our total covered lives, up from 48.77% last year
5. Flexible Premiums
We've got options! Some folks opted for monthly premiums as low as ₹50 per month, while others chose the monthly premium category for a policy with an annual premium of ₹2.3 lakh (roughly ₹19,000/month).
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How Digit Life Uses Smart Tech to Simplify Life Insurance?
How Digit Life Uses Smart Tech to Simplify Life Insurance?
At Digit Life, we think technology should be more than just innovate as it should make things easier, safer, and more relatable. That’s why our dedicated tech team is always working to minimize hassles, reduce uncertainty, and ensure everything runs smoothly. Our innovative tools:
- Life User Declaration: Say goodbye to outdated methods! With our Life User Declaration video, our smart systems automatically verify your identity and ensure your declarations match your policy. This process is not only fast but also fully automated and secure, meeting all necessary regulations without any hassle.
- Face Matching: Our advanced Face Matching technology checks your identity with great accuracy. We use sophisticated computer vision models to compare your KYC image with your profile photo, as well as your live video images. This thorough and automated system makes sure it’s really you every time!
- Claim Document Classification: Our Claim Document Classification tool quickly sorts and understands the documents you send for your claim. Trained to handle various document types, this system instantly pulls out important information, helping us speed up the process of approving your claim. It’s all about getting your claims handled efficiently!
Tools to Simplify your Life!
Tools to Simplify your Life!
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Home Loan EMI Calculator
Calculate EMIs Instantly
Explore Other Digit Life Group Product Plans
The Digit Life Group Long Term Plan is an excellent choice for organizations looking to protect members and manage credit risks. It offers flexible coverage options that can be customized to meet different needs, and its digital features make everything easy and efficient. Plus, the wellness benefits help keep members healthier.
By choosing this plan, you are not just securing coverage; you are giving peace of mind to your organization and its members. It’s a plan designed to fit your needs and support you throughout. So, if you want a reliable and supportive solution, the Digit Life Group Long Term Plan is worth considering.
FAQs about Digit Life Group Long Term Plan
Who can avail of Digit Life Group Long Term Plan?
What types of credit facilities can be covered under Group Credit Protection?
How does Digit Life Group Long Term Plan work in case of death or disability?
Is Group Credit Protection mandatory for all members or customers?
What is the difference between GTL and GPA?
How is group credit life insurance different from individual life insurance?
Group Credit Life Insurance covers a group under a single policy, often provided by master policyholders or lenders. It's easier to qualify for and usually has lower premiums. However, coverage typically ends if you leave the group or pay off the loan.
On the other hand, Individual Life Insurance is purchased personally and tailored to your specific needs. It remains in effect regardless of job changes and offers more flexibility. However, it can be more expensive and may require detailed health assessments.
What are the employee benefits of group term life insurance?
Group term life insurance provides several benefits to the insured members, including:
- Death Benefit: Provides financial support to the employee's family in case of their death.
- Cost-Effective: More affordable than individual life insurance due to lower premiums.
- Tax Benefits: Tax benefits often include tax advantages for both employers and employees.
- Peace of Mind: Enhances employee morale and loyalty by offering financial security.
How do I enroll as an employee in the Digit Life Group Long Term Plan?
Can I customize the coverage options based on my specific needs?
What types of optional benefits are available with the Digit Life Group Long Term Plan?
Are there any waiting periods associated with the benefits of Digit Life Group Long Term Plan?
How does the wellness benefits program operate, and what does it include?
What are the eligibility criteria for coverage under the Group Long Term Plan?
Can the Master Policyholder modify the terms of the policy after it has been issued?
What are the tax implications of paying premiums?
What documents are needed for an accident hospitalization claim?
What if I miss the claim notification deadline?
What happens if a cheque bounces or premium isn’t received?
What is the Free Look Period and how can I cancel during it?
Product Disclaimer
* 1. The applicability of the wellness benefit program and its features may be amended from time to time as per the prevailing underwriting policy of Go Digit Life Insurance Limited. The list of benefits under this program and terms and conditions applicable to it are provided in Annexure I in the Product Brochure.
2. Wellness benefit is a feature of Digit Life Group Micro Term Insurance. These features are provided under the Wellness benefit program. Wellness services are extended through 3rd party Service Providers. The cost of 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 empaneled Service Providers. You can refer to the respective Service Provider’s terms and Conditions before availing any services. The offerings of the Service Providers, 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 the sale.
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