Buy Life Group Micro Term Insurance

• 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.

• 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.

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.

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

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!