Go Digit Micro Term Insurance Plan
Go Digit Life Insurance
Our Verdict
Geared towards groups like microfinance and self-help groups, Digit Life Group Micro Term offers essential, affordable protection. While straightforward, the inclusion of critical illness and disability riders enhances its value for vulnerable segments seeking basic financial security.
About the Plan
The Digit Life Group Micro Term Insurance is an affordable and straightforward life insurance plan designed for groups, ensuring financial protection for members and their families. It offers a lump sum payout to the nominee in case of the insured member’s demise, helping ease financial burdens. This plan is ideal for microfinance groups, self-help groups, and low-income segments, providing essential life cover at affordable premiums. With flexible policy terms and seamless enrollment, it ensures comprehensive protection with minimal documentation and hassle-free claims.
About the Plan
Eligibility
• Entry Age :
18 to 65 years
• Maximum Maturity Age :
75 years
• Policy Term :
20 to 55 years
• Minimum Sum Assured :
₹25,00,000
• Premium Payment Term :
Regular Pay or Limited Pay (10 or 15 years)
• Premium Payment Frequency :
Yearly, Half-Yearly, or Monthly
• Citizenship :
Indian residents and NRIs (subject to underwriting)
Eligibility
Features of the Product
Terminal illness benefits
The Digit Life Group Micro Term Insurance may include a Terminal Illness benefit, offering an early payout if a member is diagnosed with an incurable condition with a limited life expectancy.
Premium Payment Customizations
The Digit Life Group Micro Term Insurance plan offers premium payment customization with options for Regular Pay (throughout the policy term) or Limited Pay (for a fixed duration). Premiums can be paid in yearly, half-yearly, or monthly installments, allowing flexibility based on the policyholder’s financial preferences.
Optional accidental death payout for employers
Digit Life Group Micro Term offers an optional Accidental Death Benefit rider for an extra payout upon accidental death.
Critical illness benefits
Accelerated CI Benefit – Lump sum paid on diagnosis, reducing the death benefit.
Additional CI Benefit – Separate lump sum paid without affecting the death benefit.
Policyholders can choose from three variants covering different numbers of critical illnesses:
Variant 1: Covers 14 critical illnesses.
Variant 2: Covers 20 critical illnesses.
Variant 3: Covers 34 critical illnesses.
Accelerated terminal illness benefits
Digit Insurance’s Accelerated Terminal Illness Benefit pays the death benefit early if diagnosed with a terminal illness, reducing coverage accordingly.
Exclusions
Death due to suicide within the first 12 months of policy issuance or revival.
Death or disability caused by participation in hazardous activities or extreme sports.
Injuries or death resulting from war, terrorism, or civil unrest.
Pre-existing medical conditions not disclosed at the time of policy issuance.
Death or disability due to substance abuse, alcohol, or drug overdose.
Injuries or death caused by involvement in criminal activities or illegal acts.
Claims arising from self-inflicted injuries or intentional harm.
Exclusions
Accidental Death Benefit Rider - Provides an extra lump sum payout if the insured member dies due to an accident, ensuring additional financial support for the nominee.
Critical Illness Rider - Offers a lump sum benefit if the insured is diagnosed with specified critical illnesses like cancer, heart attack, or stroke, helping manage medical expenses.
Total and Permanent Disability Rider - Pays a lump sum amount if the insured member becomes permanently disabled due to an accident or illness, ensuring financial stability.
Waiver of Premium Rider - Waives all future premiums if the insured is diagnosed with a critical illness or suffers total and permanent disability, keeping the policy active.
Add-ons
If you are a woman
The Digit Life Group Micro Term Insurance plan may offer preferential premium rates for female members, making coverage more affordable. Additionally, some variations of the plan may include enhanced benefits for female-specific critical illnesses
If you smoke
Higher premiums for smokers.
Note :
Grace period : Grace period of 15-30 days to prevent policy lapse.
Free look period : Free look-up period of 15-30 days with premium refund option.
Suicide Clause: Nominee receives 80% of premiums if suicide occurs within 12 months.
Still Confused ?
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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.