Buy Group Term Life Insurance Online

Buy Group Term Life Insurance Online
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Digit Life Group Long Term Plan

In today's fast-paced and dynamic economic landscape, financial institutions and organizations are constantly seeking innovative ways to mitigate the risks associated with credit transactions. One such solution that has gained significant popularity is the Group Credit Protection Plan that offers a robust solution to safeguard the financial stability of groups and organizations.

What is Digit Life Group Long Term Plan?

Digit Life Group Long Term Plan is a non-linked, non-participating, group pure risk premium life insurance plan that provides life insurance cover to insured members. 

In case of unfortunate events that affect the paying capability of the borrower, this plan financially protects their families with death benefit. This coverage is paid either as lumpsum benefit or in form of regular payouts or provides combination of both as per the chosen option.  

A Protection Plan that offers a range of inbuilt optional benefits like financial protection against accidental death and disability, critical Illness, multi-stage cancer conditions, terminal illness etc., to create a customised and comprehensive protection solution.

Digit Life Long Term Plan can be offered to Lender Borrower schemes as Group Credit Protection. However, it is also available for non-lender borrower groups. 

Thus, your lending is in safe hands with Digit Life Group Long Term Plan. 

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

1. Hyper Customisable 

  • Get Inbuilt Optional Benefits like Accidental Death Benefit, Terminal Illness Benefit, Critical Illness Benefit, Multistage Cancer Cover and more.  
  • Provides different options for Death Benefit Payout: Lumpsum, Regular Income or a combination of both.
  • Customise coverage as per your preference and a premium that suits your customers.
  • Choose from Single or Joint Life Cover Option
  • Option of Level, Decreasing or Flexi Coverage type. 

2. Tech Enabled, Smooth Processes 

  • Completely Digital and Paperless processes.  
  • Direct API Integration with your organisation for faster processes. 
  • Relaxed Health Underwriting through video MER (Medical Examination Report) for large loan amounts. This minimises the hassle of medical tests.  

3. Aligned with Your Business 

  • In case of favourable claims or long-term contracts, a part of the premium is refunded to the master policyholder, fostering a sense of partnership and profit sharing.  
  • Flexibility to choose your premium payment frequency, whether it's annual, half-yearly, quarterly, or monthly, enabling you to manage your cash flow efficiently. 
  • If TROP option is chosen, there is a Return of Premium to the insured when there is no claim, thus strengthening your relationship with your customers. 

4. Wellness Benefits

  • 15+ Wellness Benefits to the insured members to incentivize them for taking care of their health and maintaining healthy lifestyle through such wellness measures. 
  • These benefits include unlimited video doctor consultation, discounts on medicines, lab services facilitation, etc.
  • Wellness Benefits also include Wellness Coach to help the insured members in proactively managing their health. This includes weight management, activity and fitness, dietary plans, alcohol rehabilitation.

What is Group Credit Protection Plan?

A group credit protection plan is a financial product that provides coverage to a group of individuals who have taken loans from a financial institution or belong to a specific association. Designed to safeguard both lenders and borrowers, it mitigates the risks associated with loan defaults due to unforeseen circumstances such as such as disability, involuntary unemployment, or critical illness. 

If a covered event occurs, the plan provides financial support to pay off the outstanding loan balance. 

The primary objective of a group credit protection plan is to protect lenders from potential losses due to loan defaults, while also providing borrowers with peace of mind knowing that their loan obligations would be covered under unusual circumstances.

Benefits of Group Credit Protection Plan

Financial Security

Group Credit Protection offers peace of mind to individuals and businesses by ensuring that outstanding debts are covered in case of unforeseen circumstances. This helps maintain financial stability and mitigates the risk of default.

Enhanced Customer Confidence

Offering Group Credit Protection as an additional benefit to members or customers enhances their confidence in the group or organization. It demonstrates a commitment to their financial well-being and fosters long-term loyalty.

Risk Management

By transferring the risk of default to the insurance provider, groups can effectively manage their credit risk exposure. This allows them to focus on their core activities and pursue growth opportunities with greater confidence.

Competitive Advantage

Providing Group Credit Protection as a value-added benefit differentiates the group or organization from competitors. It positions them as a reliable and responsible partner, attracting more customers and members.

How Group Credit Protection Plans Work?

Group credit protection plans operate on the principle of pooling resources to provide financial protection against loan defaults. Here's a general overview of how these plans typically work:

Group Enrolment

A group, such as an employer, financial institution, or association, selects a group credit protection plan and enrols eligible members who have taken out loans from the institution or belong to the association.

Premium Calculation

The premium for the group credit protection plan is calculated based on various factors, including the loan amount, the number of participants, and the level of coverage chosen. The premium is often a fixed percentage of the loan amount and is incorporated into the borrower's monthly payments.

Coverage Activation

Once enrolled, participants become eligible for coverage under the plan. In the event of a covered event, such as disability or involuntary unemployment, participants can file a claim to activate the coverage.

Claim Evaluation and Payout

The insurance provider evaluates the claim to determine its validity and eligibility for coverage. If approved, the outstanding loan balance is paid off, either partially or in full, depending on the terms of the plan. This relieves the borrower from the obligation of loan repayment and protects the lender from financial loss.

Things to Consider Before Buying a Group Credit Protection Plan

Before purchasing a group credit protection plan, it is crucial to take the following factors into consideration so that you can make an informed decision and choose a plan that best aligns with your financial goals and loan obligations.

Coverage Limitations and Exclusions

 Carefully review the terms and conditions of the plan to understand the coverage limitations, exclusions, waiting periods, and any pre-existing condition clauses. Ensure that the plan aligns with your specific needs and provides adequate protection for potential risks.

Financial Stability of the Provider

Research the insurance provider's financial strength and stability. A reputable and financially secure provider ensures that claims will be paid promptly and that the plan will remain viable over the long term.

Eligibility and Participation Requirements

Understand the eligibility criteria and participation requirements set by the group credit protection plan. Ensure that you meet the necessary criteria to enrol and receive the benefits of the plan.

Premiums and Affordability

Evaluate the premium costs associated with the group credit protection plan and assess whether they fit within your budget. Consider the affordability of the premiums in relation to the benefits provided by the plan.

Group Credit Protection Plan provides a vital safety net for groups and organizations, protecting them against the risk of default on credit facilities. 

By offering comprehensive coverage and hyper customisable plans, Digit Life Group Long Term Plan ensures financial security, enhances customer confidence, and strengthens risk management practices.

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 employers, 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 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.

Disclaimer

  • This is an informative article provided on 'as is' basis for awareness purpose only and not intended as a professional advice. The content of the article is derived from various open sources across the Internet. Digit Life Insurance is not promoting or recommending any aspect in the article or its correctness. Please verify the information and your requirement before taking any decisions.
  • All the figures reflected in the article are for illustrative purposes. The premium for Coverage that one buys depends on various factors including customer requirements, eligibility, age, demography, insurance provider, product, coverage amount, term and other factors
  • 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.