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Digit Life Group Long Term Plan

In today's fast-paced world, financial institutions and organizations need smart solutions to manage the risks tied to credit transactions. The Digit Life Group Long Term Plan offers just that, providing strong support to ensure the financial stability of groups and organizations through its comprehensive Group Credit Protection Plan.

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?

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 

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, use video Medical Examination Reports (MER) to minimize the hassle of medical tests.

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

Comprehensive Wellness Benefits: Enjoy unlimited video doctor consultations, personalized 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 of Digit Life Group Long Term Plan

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

For Master Policyholder

Explore the features that make the Digit Life Group Long Term Plan a valuable addition to your organization's benefits package, enhancing support and flexibility for your workforce.

Customizable Coverage: Tailor the coverage to suit your insured members' specific needs and preferences.
Premium Payment Flexibility: Select from various premium payment frequencies - annual, half-yearly, quarterly, or monthly.
Digital Integration: Benefit from a completely digital and paperless process with direct API integration for faster and more efficient handling.
Refundable Premiums: Enjoy premium refunds in case of favourable claims or long-term contracts, fostering a partnership approach.
Joint Life Cover Option: Opt for a single or joint life cover, enhancing the plan's flexibility.
Coverage Types: Choose from level, decreasing, or flexible coverage types to match your organization's requirements.

For Insured Members

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

Life Insurance Coverage: Provides essential life insurance protection to group members.
Flexible Payout Options: For death benefits, you can choose between a lump sum, regular income, or a combination of both.
In-Built Optional Benefits: Access options such as Terminal Illness Benefits, Critical Illness Benefits, Multistage Cancer Coverage, and Accidental Death and Disability Coverage.
Health Underwriting: For large loan amounts, enjoy relaxed health underwriting through video MER, which reduces the need for extensive medical tests.
Wellness Benefits: Access over 15 wellness benefits, including unlimited video doctor consultations, personalized wellness coaching, lab services facilitation, and pharmacy home delivery.

Benefits of Digit Life Group Long Term Plan

Understanding the benefits of the Digit Life Group Long Term Plan is crucial for both the master policyholder and the insured members. Let's explore what makes this plan advantageous for each group.

Benefits 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.
Joint Life Cover Option: The policy includes an option to cover two individuals under a single sum assured, providing comprehensive protection for both.
Variety of Coverage Types: The policy offers various options for death benefits, in-built optional benefits, and coverage terms, allowing the master policyholder to choose what best suits their needs.

Benefits for Insured Members

Here are the benefits of the Digit Life Group Long Term Plan, which ensures comprehensive coverage and valuable support for their health and well-being.

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, hospitalization, accidental death, and accidental total and permanent disability.
Streamlined Health Underwriting: Although specific details about video medical examinations aren't provided, the plan indicates a simplified process for health assessments, making it easier for large loan amounts.
Comprehensive Wellness Benefits: The plan offers over 15 wellness benefits, focusing on health and well-being. These include services like unlimited video doctor consultations and wellness coaching.

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.

Coverage Type	What It Offers
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	Coverage for critical events such as: Terminal Illness Benefit Health Cover Benefit Hospitalization Cover Benefit Accidental Cover Benefit Additional Critical Illness Benefit Additional Multi-Stage Cancer Benefit






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 various coverage options, including: Level Cover: Fixed sum assured throughout the policy term. Decreasing Cover: Sum assured decreases over time, often aligned with liabilities. Flexi Cover: Flexible coverage options that can be adjusted as per the member's needs.



Accidental Death Benefit	Additional benefit payable in case of accidental death, providing extra financial support to the beneficiaries.
Survival / Maturity Benefit	Benefits payable upon survival or maturity of the policy, ensuring financial support at the end of the policy term.

What the Digit Life Group Long Term Plan Does Not Cover

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

Survival and Waiting Periods: 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.
Congenital Conditions: 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.

Additional Exclusions for Specific Diseases and Surgeries

First Two Years Exclusions: The following conditions and related surgeries are not covered during the first two years from the risk commencement date or date of revival:

Deviated Nasal Septum and Paranasal Sinus Disorders
Diseases of Tonsils and Adenoids
Surgery of Thyroid Gland (excluding malignancy)
Hernia, Hydrocele, Varicocele, Spermatocele
Piles, Fissure, Fistula-in-Ano, Rectal Prolapse
Benign Prostatic Hypertrophy
Menstrual Irregularities, Dysfunctional Uterine Bleeding
Hysterectomy (excluding malignancy)
Uterine Fibroid, Calculus Diseases
Prolapsed Intervertebral Disc
Retinopathy, Retinal Detachment
Peripheral Vascular Diseases due to Diabetes, Diabetic Foot
Renal Failure due to Diabetes
Osteoporosis, Pathological Fractures
Cataract, Joint Replacements (except due to accident)

Accidental Death Benefit (ADB) Exclusions

No ADB Benefit will be payable if the death is caused or contributed to by any infection, except infections resulting from an external visible wound accidentally sustained.

Other Exclusions

Drug Abuse: No benefit will be payable if the condition is caused by the insured member being under the influence of drugs, alcohol, narcotics, or psychotropic substances unless taken in accordance with the lawful directions and prescription of a registered independent medical practitioner.
Self-inflicted Injury: The insured member will pay no benefit for intentional self-inflicted injuries.
Criminal Acts: No benefit will be payable if the insured member is involved in criminal activities with criminal intent.
War and Civil Commotion: No benefit will be payable for conditions arising from war, invasion, act of foreign enemy, hostilities, civil war, mutiny, rebellion, revolution, insurrection, military or usurped power, riot, civil commotion, or willful participation in strikes or acts of violence.

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?

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?

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?

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?

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?

Group Term Life (GTL) 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?

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?

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?

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?

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?

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?

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?

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?

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?

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?

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?

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?

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?

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.

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.

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.