Buy Life Group Micro Term Insurance

Buy Life Group Micro Term Insurance
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fathima tabasum

Written By

Fathima Tabasum

ashok manwani

Reviewed By

Ashok Manwani

Digit Life Group Micro Term Insurance

Listen to the Audio Overview of This Article

What is Digit Life Group Micro Term Insurance?

group of people
  • Digit Life Group Micro Term Insurance is a non-linked, non-participating, group pure risk premium micro 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 protects their families with a death benefit. This coverage is paid either as lumpsum benefit or in the form of regular payouts or provides a combination of both as per the chosen option.
  • The plan is available for not just the credit customers but also for other groups like employer- employee, non-employer – employee and affinity groups.
  • In simpler terms, it is a Group Credit Protection Plan that offers a range of inbuilt optional benefits like financial protection against accidental death and disability, critical Illness etc., to create a customised and comprehensive protection solution.

What’s Great About Digit Life Group Micro Term Insurance?

1. Customisable

customisable
  • Provides Inbuilt Optional Benefits like Accidental Death Benefit, Terminal Illness Benefit, Critical Illness Benefit.
  • 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 

smooth process
  • Capability to have 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

aligned with business
  • In case of favourable claims experience a part of the premium is refunded to the master policyholder, depending on the terms as mutually agreed.
  • 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 all the premiums received for death benefit to the insured member in case there is no death claim and member survives till the end of coverage term, thus strengthening your relationship with your customers.

4. Wellness Benefits * 

wellness benefit
  • 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 Micro Group Credit Protection Scheme? 

What is Micro Group Credit Protection Scheme? 
  • A group micro credit protection scheme is a low scale version of the group credit protection that provides coverage to a group of individuals who have borrowed from a financial institution or belong to a specific association. Digit Life Group Micro Term Insurance can be considered by specified Financial Institutions to cover its Borrowers under this scheme.
  • While safeguarding both lenders and borrowers, it also mitigates the risks associated with loan defaults due to unforeseen circumstances such as such as death, 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 scheme 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.

How Micro Group Credit Protection Scheme Works?

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, affinity groups or association, selects a plan and enrols the eligible members.

Premium Calculation

The premium for the plan is calculated based on various factors, including the loan amount, the number of participants, and the level of coverage chosen.

Coverage Activation

Once enrolled, participants become eligible for coverage under the plan. In the event of a covered event, such as death, disability, critical illness, etc., 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.

Benefits of Micro Group Credit Protection Scheme

Financial Security  

Financial Security  

It ensures a financial protection for both lenders and borrowers, assuring their outstanding credit is covered in unforeseen events, preserving their financial stability and reducing the burden on families.

Enhanced Customer Confidence 

Enhanced Customer Confidence 

By extending their services to credit protection, this plan enhances trust between borrowers and lenders. Customers feel secure knowing their financial commitments are safeguarded, increasing their confidence in borrowing from the particular lender. 

Risk Management

Risk Management

The plan mitigates risks for both borrowers and lenders by transferring the risk of default to the insurance provider. This allows them to focus on their core activities and pursue growth opportunities with greater confidence. 

Competitive Advantage

Competitive Advantage

The group or organization providing Protection Plan gain a competitive edge against their competitors. It positions them as a reliable and responsible partner, attracting more customers and members. 

Things to Consider Before Buying a Micro Group Credit Protection Scheme

Things to Consider Before Buying a Micro Group Credit Protection Scheme

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 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.

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.

[Source]

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 micro-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.

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

Read More

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 Plans

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

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

Digit Claim Settlement for Group Micro Term Insurance

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?

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 Micro Term Insurance

Who can avail of digit life group micro term insurance?

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Digit Life Group Micro Term Insurance 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 micro group credit protection? 

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Micro 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 micro term insurance work in case of death?

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In the event of death of a member or customer, Group Credit Protection covers the outstanding debts or loans, relieving the dependents of the policyholder from the financial burden.

Is micro group credit protection mandatory for all members or customers? 

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Micro 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 minimum sum assured in digit life micro term insurance?

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The Minimum Sum Assured in this plan is:

  • Death Benefit - ₹5,000 per person 
  • Inbuilt Optional Benefit - ₹5,000 per person for each benefit.

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