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fathima tabasum

Written By

Fathima Tabasum

ashok manwani

Reviewed By

Ashok Manwani

Digit Life Group Long Term Plan

Listen to the Audio Overview of This Article

What is Digit Life Group Long Term Plan?

What’s Great about Digit Life Group Long Term Plan?

Digit Life Group Long Term Plan stands out for its flexible, all-in-one protection tailored for organizations. It offers life cover with optional benefits like critical illness, accidental disability, and return of premium. With a fully digital, hassle-free process and customizable features, it ensures long-term financial security and peace of mind for both employers and employees.

1. Hyper Customisable 

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 

claim approved digitally
  • 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

aligned with 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

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.

Parameter Description
Plan Type Non-linked, non-participating group pure risk premium life insurance plan.
Plan Basis Group basis, providing life insurance coverage to members of a group.
Premium Payment Term Single Premium / Limited Pay / Regular Pay
Premium Payment Frequency Options available for annual, half-yearly, quarterly, or monthly premium payments.
Survival/Maturity Benefit Total premiums paid will be returned upon survival until the end of the Member Coverage Term if the Return of Premium option is chosen
Freelook Period 30 days to review and cancel the policy if not satisfied
Payout Options under Death Benefit
  • Lumpsum Sum Assured
  • Income Benefit (Income Benefit Period shall not exceed 40 years less Member Coverage Term chosen) 
Loan Facility Not available under this plan.
Surrender Provisions Unexpired Risk Premium Value (Surrender Value) payable upon surrender under specified conditions 

Features and Benefits of Digit Life Group Long Term Plan

Let's take a closer look at the features and benefits of Digit Life Group Long Term Plan that specifically address the master policyholder and insured members.

For Master Policyholder

for master policyholders

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 policyholders
Discover the benefits and features that ensure comprehensive protection and support for you and your family under the Digit Life Group Long Term Plan.
 
  • 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

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

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

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

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

Accidental Death Benefit

Additional benefit payable in case of accidental death, providing extra financial support to the beneficiaries.

Maturity Benefit

Survival Benefit or Maturity Benefit

Benefits payable upon survival or maturity of the policy, ensuring financial support at the end of the policy term.

Complimentary Wellness Benefits for Digit Life Customers

With Digit Life Insurance, you gain exclusive access to wellness perks that make living well more achievable and affordable. These benefits are part of our group long term insurance plans and aim to enhance your overall health and wellness. Some of these great benefits include:

doctor consultation

Unlimited 24×7 Teleconsultations with General Physicians

Get expert medical advice anytime, anywhere.

Mental Health Consultation & Services

Mental Health Consultation & Services

Speak to top specialists in Mental Health, Women’s Health, Diet & Nutrition, and more, at flat 50%!

diagnostics

Diagnostic Tests & Health Check-Ups

Stay ahead of health concerns with affordable screenings and lab tests.

Specialist Teleconsultations

Specialist Teleconsultations

Speak to top specialists in Mental Health, Women’s Health, Diet & Nutrition, and more, at flat 50%!

Women's Health Care Programs

Women's Health Care Programs

Pregnancy Care Programs, access to Mum Support Group, PCOS/PCOD Care Programs, Maternity Support and much more!

Physiotherapy Sessions

Physiotherapy Sessions

Stress and Pain relief covered with exclusive discounts on Physiotherapy consultation and session bookings.

Dental Consultation Offers

Dental Consultation Offers

Avail unlimited, free dental consultations and exclusive discounts on dental treatments.

Sexual Wellness

Sexual Wellness

Get flat 15% discount on Sexual Wellness Programs! 

Chronic Care Support Programs

Chronic Care Support Programs

Personalized assistance for long-term health conditions.

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
At Digit, numbers aren’t just metrics; they are milestones of real lives touched. We are proud to share that the number of families we have supported through life insurance has soared from just 600 to 15,596 – a 25x growth that reflects the deep trust people place in us. That means thousands more families received the support they needed during life’s toughest moments. It shows how more and more people are choosing Digit to stand by them in their most vulnerable moments.

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.

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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:

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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

claim approved
  • 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

Read More

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.

Product Number of Claims paid (FY 24-25) Number of Claims paid (FY 23-24) Amount of Claims paid in FY 24-25 (in Rs) Amount of Claims paid in FY 23-24 (in Rs)
Group Term Life Insurance 1,105 142 ₹1.97 billion ₹324.46 million
Group Long Term Plan 274 3 ₹148.82 million ₹2.82 million
Group Micro Term/ Finance Insurance 14,218 455 ₹758.78 million ₹24.24 million
Total 15,596 600 ₹2.88 billion ₹351.52 million

Note: Claims numbers include all variants filed under different product categories since inception.

Digit Claim Settlement for Group Long Term Plan

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).

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!

FAQs about Digit Life Group Long Term Plan

Who can avail of Digit Life Group Long Term Plan?

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Group Credit Protection is available to various entities, including master policy holders, associations, financial institutions, credit card issuers, and lending organizations, to be further issued to their borrowers. Thus, it’s a B2B2C product.

What types of credit facilities can be covered under Group Credit Protection?

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Group Credit Protection can cover different types of credit facilities, including loans, credit cards, mortgages, overdrafts, and other forms of credit extended to members or customers.

How does Digit Life Group Long Term Plan work in case of death or disability?

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In the event of death or disability of a member or customer, Group Credit Protection covers the outstanding debts or loans, relieving the individual or their family from the financial burden.

Is Group Credit Protection mandatory for all members or customers?

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Group Credit Protection is usually an optional benefit offered by the group or organization. However, certain lending institutions may require it as a condition for granting credit.

What is the difference between GTL and GPA?

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Group Term Life Insurance covers a group and pays a death benefit to beneficiaries if a member passes away during the policy term. Group Personal Accident (GPA) insurance specifically provides financial protection for accidental injuries, disabilities, or death. GTL covers death from any cause, while GPA focuses solely on accidents, offering coverage for medical expenses, disability compensation, and accidental death.

How is group credit life insurance different from individual life insurance?

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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?

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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?

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The Digit Life Group Long Term Plan is a group product offered to companies and institutions, not individuals. The insured members don’t enroll themselves directly but are covered through their employer’s policy.

Can I customize the coverage options based on my specific needs?

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The Digit Life Group Long Term Plan has set coverage options and benefits determined by the employer or institution. Individual customization, such as choosing specific optional benefits or flexible premium payments, is not available for this group plan. The plan provides a comprehensive range of benefits as defined by the group policy rather than offering personalized options for each member.

What types of optional benefits are available with the Digit Life Group Long Term Plan?

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The Digit Life Group Long Term Plan offers optional benefits like Terminal Illness Benefit, Critical Illness Benefit, and Hospitalization Cover Benefit. These add-ons provide extra coverage beyond the basic life insurance.

Are there any waiting periods associated with the benefits of Digit Life Group Long Term Plan?

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Yes, there is a waiting period for critical illness coverage under the Group Long Term Plan. You must be covered by the policy for at least 90 days and survive for 30 days after being diagnosed with a covered critical illness to qualify for the benefit.

How does the wellness benefits program operate, and what does it include?

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The wellness benefits program under the Digit Life Group Long Term Plan offers a range of services to promote health and well-being. It includes a medical hotline (Doctor on Call), wellness coaching (nutrition and fitness), assistance with diagnostic tests (Lab Services and Imaging), and home delivery of prescribed medications (Pharmacy services). These benefits are designed to support proactive health management for members.

What are the eligibility criteria for coverage under the Group Long Term Plan?

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To be eligible for coverage under the Group Long Term Plan, you need to be an employee, contract staff, or part-time staff of the subscribing company. Your age should also fall within the specific range mentioned in the Master Policy Schedule. When you become eligible, you typically have 45 days to enrol. You may be asked to provide additional information or documents during this process. It's crucial for your employer to keep paying the premiums to ensure you stay covered.

Can the Master Policyholder modify the terms of the policy after it has been issued?

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No, the Master Policyholder cannot alter the policy terms independently. The insurer must first approve any modifications and comply with the terms outlined in the Master Policy Document. The insurer holds the authority to review, revise, or change the policy terms - including benefits and premiums - but these changes require prior approval from the IRDAI.

What are the tax implications of paying premiums?

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All applicable taxes, including GST and Cess, will be charged extra, and the responsibility for payment lies with the Master Policyholder.

What documents are needed for an accident hospitalization claim?

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To file a claim for hospitalization due to an accident, you need to provide a completed Claim Form, KYC documents, medical reports, discharge summaries, and any other relevant medical documentation. These documents are necessary to process and validate your claim.

What if I miss the claim notification deadline?

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Claims must be intimated within 90 days from the date of the insured event. Delays must be justified for the claim to be considered valid.

What happens if a cheque bounces or premium isn’t received?

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The policy is considered void ab-initio and is deemed canceled if there is a dishonor of the cheque or non-receipt of the premium.

What is the Free Look Period and how can I cancel during it?

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The Freelook Period is 30 days, during which the policyholder can review the terms and conditions. If they disagree, they can return the policy for cancellation.

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