Digit Life Group Long Term Plan
Go Digit Life Insurance
Our Verdict
Digit Life Group Long Term Plan is ideal for organizations seeking financial security for employees' families. It offers flexible payouts and critical illness coverage but is limited to group policies, excluding individual buyers.
About the Plan
The Digit Life Group Long Term Plan is a non-linked, non-participating group pure risk premium life insurance policy designed to provide financial protection to members of both employer-employee and non-employer-employee groups. In the event of an insured member's death, the plan offers flexible payout options, including lump-sum payments, regular income until retirement, income linked to the age of the insured member's children, or regular income for a specified period of up to 40 years, thereby compensating for the loss of salary. citeturn0search5 This flexibility ensures that the families of the insured members are financially supported according to their specific needs and circumstances.
About the Plan
Eligibility
• Minimum Entry Age :
As per policy terms defined by the master policyholder.
• Maximum Entry Age :
As specified in the group insurance agreement.
• Policy Term :
Varies based on employer-employee or lender-borrower schemes.
• Premium Payment Options :
Single pay, limited pay (3 months to 40 years), and regular pay (2 months to 40 years).
Eligibility
Features of the Product
Terminal Illness
If the insured member is diagnosed with a terminal illness that is expected to lead to death within six months, a lump sum sum assured is paid.
The benefit is available only once and should not exceed the death benefit amount.
Zero Cost Option
There is an option to choose Term Insurance with Return of Premium (TROP) where, if the insured survives till the policy term ends, the total premiums paid are refunded.
Total Permanent Disability Payout
In case of Total and Permanent Disability due to an accident, a lumpsum payout is provided.
The disability must occur within 180 days of the accident and meet specific medical criteria.
Inflation Protection Coverage
Members can opt for level cover, decreasing cover, or flexi cover to adjust their sum assured based on financial needs and inflation.
Premium Payment Customizations
Flexible payment options include:
Single Pay: One-time payment.
Limited Pay: 3 months – 40 years.
Regular Pay: 2 months – 40 years.
Payment frequency can be monthly, quarterly, half-yearly, or annually.
Exclusions
Pre-existing conditions not disclosed at policy inception.
Self-inflicted injuries, suicide, or attempted suicide (except under voluntary scheme provisions).
Criminal activities or unlawful acts.
Drug or alcohol abuse-related conditions.
War, terrorism, or nuclear contamination.
Participation in hazardous sports (mountaineering, bungee jumping, racing, etc.).
Exclusions
Accidental Death - If the insured member dies due to an accident, an additional lumpsum payout is made.
The accident must result in death within 180 days for the claim to be valid.
Critical Illness - Covers up to 34 specified critical illnesses, such as cancer, heart attack, and stroke.
On diagnosis, a lump sum payout is made based on the sum assured.
Add-ons
If you are a woman
Female policyholders may get lower premium rates and additional critical illness benefits covering female-specific diseases.
If you smoke
Smokers may pay higher premiums as they fall into a higher risk category.
Non-smokers benefit from lower premiums.
Note :
Suicide Clause : For compulsory coverage schemes, suicide exclusion does not apply.
For voluntary schemes, if a member dies by suicide within 12 months of policy inception or revival, the nominee will receive 80% of premiums paid or the surrender value, whichever is higher.
For joint life cover, if one insured person dies by suicide, the respective benefit will be paid to the surviving member, after which the insurance terminates for both lives.
Free look up period: Master Policy Level: The policyholder (company or lender) can cancel the master policy within 30 days of receipt, and the insurer will refund premiums after deducting risk premium, medical costs, and stamp duty.
Member Level: Individual members can return their Certificate of Insurance within 30 days, receiving a refund after deductions for risk premium and medical expenses.
Grace Period: 30 days for annual, semi-annual, and quarterly premium payments.
15 days for monthly premium payments.
If an insured event occurs during this period, the benefit is payable after deducting any unpaid premiums.
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About the Company
Go Digit General Insurance Limited, founded in 2016 and headquartered in Bengaluru, is a leading digital-first insurer offering motor, health, travel, property, and business insurance. The company simplifies insurance through technology-driven solutions, enabling quick policy issuance and claim processing. With 74 active products and a vast network of 61,972 partners, including 58,532 POSPs, Go Digit operates across 24 Indian states.
Financially, the company has shown strong growth, with a 614.94% increase in operating profit and a 121.49% rise in net profit in FY 2023-24. It has also integrated 473 active bots to enhance operational efficiency. Led by CEO Jasleen Kohli, Go Digit continues to expand its digital insurance footprint. While known for its seamless processes, some customers report claim settlement delays. Despite this, its customer-centric approach makes it a preferred insurer.