Buy Digit Life Group Micro Term Insurance

Death Benefit

Digit Life Group Micro Term Insurance offers a base death benefit that provides financial protection to the nominee in case of the insured member’s unfortunate demise during the coverage term. Before the coverage begins, members can choose between two options: 

• Term Insurance - If the insured member passes away during the coverage term, a lump sum death benefit will be paid to the nominee, provided all due premiums have been paid. This is a pure protection benefit, meaning there is no payout if the member survives the policy term and no maturity or survival benefit is included.
• Term Insurance with Return of Premium (TROP) - Death benefit will be paid if the member passes away during the term, and returns all premiums paid if the member (or both lives in case of joint cover) survives till the end of the term.

Each member under the group policy can select a different sum assured, which is fixed at the start of coverage. Once the death benefit is paid, the member’s coverage ends immediately. The payout amount depends on the type of coverage chosen:

Level Cover: The full sum assured is paid as a lump sum to the nominee upon the insured member’s death during the coverage term. 

Decreasing Cover/Flexi Cover: The payout will be the applicable sum assured as per the pre-agreed schedule chosen at the start of the member’s coverage. This ensures that the benefit amount aligns with the coverage structure selected by the member, offering flexibility based on individual financial planning needs.

Profit-Sharing Option

This plan offers a profit-sharing option wherein, in case of favourable claims experience, the master policyholder would be refunded a part of the premium depending on the formula mutually agreed upon between the master policyholder and the Company for the same.

Wellness Benefits

With your Digit Life Insurance, you also get exclusive access to a wide range of wellness perks, making taking care of yourself easier and more affordable.

• Doctor-on-Call
• Wellness Coach
• Lab Services and Imaging (For Diagnostic Services)
• Pharmacy (Home Delivery)
• Vital/Physical Activity Monitoring Services
• Reminder Notifications
• Medical Wallet
• Medical Report Aggregator
• Home Care Service
• Ambulance Arrangement Services
• Pick-up and Drop Services for Consultation
• Prioritising Appointments
• Mental wellbeing
• Physiotherapy
• Childcare/Children's activities
• Out-Patient (OPD) Services
• Fitness

Note: These services are not part of your insurance coverage. Usage is entirely optional and paid for by the user.

This option enables two individuals, such as spouses or business partners, to be covered under a single policy. Each person receives the same sum assured for the chosen benefits, provided they meet the following eligibility criteria:

• Both individuals must share a financial interest in each other’s lives (e.g., spouses, business partners).
• Premiums are payable for both individuals throughout the policy term.
• Both must meet the insurer’s age and health requirements.
• Suppose the Death Benefit is paid upon the first death. Coverage ends for both individuals.
• Critical Illness & Accident Benefits will be paid upon the first qualifying event (e.g., diagnosis or accident).
• The surviving member continues to receive any remaining applicable survivor benefits.
• The total payout is limited; it is capped at the sum assured selected at the time of policy purchase.
• If one person passes away, the death benefit is paid, and the policy terminates for both.
• If a claim is made for a critical illness or accident, coverage continues for other benefits.
• If both individuals pass away at the same time, only one death benefit is paid.

Understanding Policy Changes and Member Alterations in Group Insurance Plans

Group insurance policies are designed to offer flexible coverage to a collective of individuals, often under a master policyholder such as an employer or organization. As the group evolves, so do its insurance needs. This article outlines the key provisions related to adding or removing members from such policies, ensuring transparency and ease of administration.

Before purchasing a Plan, it is important 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 digit life group micro term insurance 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 digit life group micro term insurance 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 insurance policies are designed to offer flexible coverage to a collective of individuals, often under a master policyholder such as an employer or organisation. As the group evolves, so do its insurance needs.

Adding New Members to the Policy

Group insurance policies allow for the inclusion of new members during the policy term. Here's how the process works:

• New members may be added to the policy at any well-defined date during the year.
• Premiums for added members must be paid in advance, along with any applicable levies, taxes, duties, or surcharges.
• The master policyholder should notify the Company of new joiners—preferably within 45 days of their eligibility.
• Coverage for new members starts from the earlier of:
• The member’s date of joining, or
• The date the company is notified.
• The insurer will assess the addition request based on its current underwriting guidelines and reserves the right to accept or decline coverage.
• The insurance company may choose to stop accepting new members by giving a 30-day notice to the master policyholder.

Removing Members from the Policy

Member deletions may occur due to resignation, retirement, or other non-death-related reasons. The policy outlines two scenarios:

• Premium Paid by Master Policyholder

If a member exits the scheme during the coverage term, the insurer will refund the unexpired risk premium (surrender value) to the master policyholder. Coverage for the member will cease from the date of exit.

• Premium Paid by Individual Member

If the member has paid the premium themselves, they are entitled to continue coverage under the original terms of the policy. However, they may choose to discontinue coverage by formally notifying the insurance company.

Grace Period

A grace period gives you extra time to pay overdue premiums without losing coverage. If you pay monthly, you get 15 days. For other payment frequencies, you get 30 days. During this time, your coverage continues as usual. If a claimable event occurs:

• For premiums paid by the master policyholder, the benefit is paid upon receipt of the overdue premium.
• For premiums paid by the member, the benefit is paid after deducting the unpaid premium.

If the master policyholder collects the premium within the grace period but delays remitting it to the insurer, coverage still continues, provided the member has proof of payment.

Free Look Period

This is your chance to review the policy and cancel it if you’re not satisfied.

• At the master policy level, cancellation must be requested within 30 days of receiving the policy document. The insurer will refund the premium after deducting applicable charges. Coverage for all members will end.
• At the member level, individuals can return their Certificate of Insurance within 30 days. The insurer will refund the premium after similar deductions, and coverage for that member will stop. All free-look requests must be submitted by the master policyholder.

Lapse and Reduced Paid-Up Provisions

If premiums aren’t paid within the grace period, the policy may lapse or become reduced paid-up.

• Term Insurance options, the policy lapses and no benefits are paid until it’s revived.
• TROP (Term Return of Premium) options, if at least two years of premiums are paid, the policy becomes reduced paid-up. This means benefits are scaled down based on how many premiums were paid. You’ll still receive a portion of the sum assured and maturity benefit, calculated using a defined formula.

Surrender Provisions

If the master policyholder surrenders the policy, members can choose to continue their coverage until the end of their term. The coverage will remain under the same terms. However, no surrender value will be paid to members who opt to continue.

Reinstating Lapsed Coverage

Lapsed or reduced paid-up policies can be revived within five years from the first unpaid premium date. The insurer will collect all due premiums and any late fees. The late fee is based on a revival interest rate, which is reviewed twice a year.

The Digit Life Group Micro Term Insurance plan is a carefully structured, ultra-flexible group protection solution. It provides affordable baseline coverage, plus scalable optional benefits, ideal for microgroup members, self-help groups, or affinity networks. With smart customisation, thoughtful rider structure, and trust-building support features like TROP and wellness services, it stands out as a meaningful tool for financial security in organised group contexts.