InFocus Insurance

Go Digit Life Insurance Unveils New Term Plan for Workers

Staying true to its core of Simplifying Insurance, Digit Life’s term plan will be highly customizable and affordable, doing away with traditional bottlenecks like rigid documentation and lengthy processes that self-employed individuals typically face.

SMEStreet Edit Desk

06 Jan 2025 11:44 IST

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Go Digit Life Insurance Limited (Digit Life), one of India’s fastest growing new-age digital life insurer, announced it has launched its first individual pure term life insurance plan “Digit Glow Term Life Insurance”, designed specifically to meet the evolving needs of self-employed Indians.

Staying true to its core of Simplifying Insurance, Digit Life’s term plan will be highly customizable and affordable, doing away with traditional bottlenecks like rigid documentation and lengthy processes that self-employed individuals typically face. The plan will offer comprehensive protection with coverage starting from Rs 2.25 lakh to Rs 1 crore.

With an aim to increase financial inclusion among self-employed individuals in the country, Digit Life Insurance, through its in-house built tech-enabled models, will use various unique data points and alternative credit parameters for better financial underwriting. India has an estimate of over 300 million* self-employed individuals who typically find it difficult to buy adequate term life insurance cover for themselves due to various challenges like fluctuating income, lack of income proofs, among others.

Highly Customizable and Flexible Term Plan

With an aim to bring people from lower social strata to the insurance fore, Digit Life’s coverage will start with a sum assured as low as Rs 2.25 lakh. Remaining committed to the mission of making insurance simple, the entire process—from onboarding to renewals to claims settlement—will be 100% digitally enabled, removing the need for lengthy paperwork and rigid documentation.

While the plan will provide financial protection in case of death, it will also offer optional coverages like accidental death, total and permanent disability due to an accident, and terminal illness to enhance the coverage scope. The plan will also provide flexibility in policy terms and premium payment options.

Speaking about the launch, Sabyasachi Sarkar, MD & CEO, Go Digit Life Insurance Limited, said, “Self-employed individuals, including small business owners, gig workers, and professionals like doctors and chartered accountants, are the backbone of our economy. Yet, they lack adequate life insurance coverage due to traditional underwriting challenges. With Digit Glow Term Life Insurance, we aim to bridge this gap by simplifying access and making it truly inclusive for India’s self-employed workforce.”

The term plan will also provide over 15 complimentary add-on wellness benefits, including free teleconsultations, discounts on diagnostic tests, medicine delivery, chronic care programs, therapy sessions, dental consultations, elder care programs, among others.

Digit Life Insurance since inception (till September 30, 2024) has covered 5.64 million lives and paid out ₹1.27 billion in claims. Its growth in H1FY25 stood at 488% YoY as the Company wrote ₹531.52 crore compared to ₹90.39 crore in H1FY24.

Go Digit Life Insurance Insurance