Digit ICON - A Guaranteed* Returns Savings Life Insurance Plan

While some of us prioritise financial protection over savings, others might look for savings and income options, along with coverage. Some might want guaranteed* returns, while others might have a higher risk appetite and want to maximise their returns.

There has not been a one-cut fit for all product in the life insurance market.

However, if you are looking to build a corpus through safe returns, want to plan your retirement income or a secondary guaranteed* income, the guaranteed* savings plans are a safe choice.

To address the needs of individuals with the above savings objective, we are introducing Digit ICON – A Non-Linked Non-Participating Individual Life Insurance Savings Plan.

Digit ICON is a Non-Linked, Non-Participating Individual Life Insurance Savings Plan designed to safeguard your future financial goals.

Apart from providing life coverage, this product also offers a financial shield for the future in the form of corpus building. This corpus can be accessed as a lump sum or regular income, thus ensuring peace of mind for you and your loved ones.

Digit ICON is a simple, secure and reliable choice that provides guaranteed* returns.

Let's explore the unique features that set this plan apart, providing you with comprehensive coverage and a steadfast commitment to your financial well-being. Welcome to a future secured with Digit ICON.

A non-linked non-participating plan, as the name denotes, is a type of insurance where the returns are not linked to the performance of investment funds, and policyholders do not participate in the profits of the insurance company.

Non-participating plans provide fixed benefits as specified in the policy. These plans offer stability and a guaranteed* payout.

1. Income Benefit

• A product designed to provide a steady income along with financial protection. 
  
• You receive a regular income over the chosen income period and as per the chosen frequency, provided all due premiums are paid and the life assured survives till the end of policy term.
  
• You also have the option of accumulating your income (before they are paid out) and then withdrawing it at a later stage. 
  

2. Lumpsum Benefit

3. Income + Lumpsum Benefit

• For people who want a regular guaranteed* income along with corpus building for future financial goals, not to forget, a life cover too. 
  
• You receive a regular guaranteed* income from the year that you choose and on policy completion, you receive a lumpsum as maturity benefit, provided all due premiums are paid and the life assured survives till the end of policy term.
  
• You will also have the option to receive the maturity benefit in the form of a series of guaranteed* payouts after end of the policy term under the Staggered Maturity Benefit.
  

4. Whole Life Benefit

• A financial security for the rest of your life. Well, almost!
  
• You get not just the life cover but also a regular monthly or annual income till the age of 100 years during the income period, where the income period begins in specific years after the Premium Paying Term (PPT+1st, PPT+2nd, PPT+3rd year). Under Whole Life benefit option, only limited premium payment option is available.
  
• Option to avail a one-time money back benefit, equal to 50% of total annualised premiums received by us, and this is paid 20 years after the policy commencement date or attaining the age of 75 years, whichever is later subject to survival.
  

1. Multiple Payout Options

You can choose your plan variant as per your preference of receiving your returns. Not just that, you can accumulate your income or collect your maturity benefit as income. Interesting right?

• Want to accumulate a corpus? Choose the lumpsum variant.
  
• Plan to build a second income? Choose the income variant.
• Want to save during earning years but might later decide to get the payouts as income? No problem! You can choose to get your lumpsum maturity benefit in income form by choosing the staggered maturity benefit wherein you get your payouts as regular income plus lumpsum, as chosen after the policy tenure.
• You can opt for the staggered maturity benefit either at inception of the policy or during the last policy year, but at least 6 months before the policy maturity date.
  
• Want best of both the worlds? You have the option of taking income for specific years and then get lumpsum on maturity with the income+ lumpsum variant.
  
• Want to plan your guaranteed* income payouts as gifts on special days? Choose your special date at the inception of the policy.
  

2. Customised Premium Payment

Premium payment options suited to your preferences. Choose your premium amount, payment frequency or premium payment term as per your financial availability.

• First and foremost, choose a premium amount as per your preferences.
• You can choose limited premium, single premium or regular premium payment. Under limited pay and regular pay, you have the option of paying your premium annually, quarterly, half yearly or monthly as per your choice.
  
• After the complete payment of premium for the first five years, policyholders have the option of reducing the future premiums up to 50%, subject to policy terms and conditions. In such a case, all future benefits are accordingly reduced.
  

3. Customer First Benefits

Prioritizing customers, our product offers various additional benefits to provide an extra shield of protection to the family in case of unfortunate circumstances (refer the table in the next subhead).

• Inbuilt accidental death benefit saves the family from added financial turmoil in case of accidental death. This is an additional benefit that is over and above the death benefit and will not be deducted from the death benefit. 
  
• Policy continuance benefit on death ensures that in addition to death benefit, the family continues to receive the policy benefits even in case of death of the life assured. In this case, the future premiums which are due are not taken by the insurer.
  
• Policy continuance benefit on diagnosis of critical illness is another benefit that ensures the policy continues with premiums waived off in case the life assured is diagnosed with critical illness. Additionally, it also provides financial support in the form of lumpsum, equal to 5 times of annualised premiums on diagnosis of the illness, and the future premiums which are due are not taken.
  
• Senior citizen health benefit takes extra care of the senior citizens and provides financial support in the form of earlier payment of some part of the death benefit if the life assured is diagnosed with critical illness.
  

4. Wellness Benefits

15+ Wellness Benefits to motivate you for taking care of your health and maintain a healthy lifestyle through such wellness measures.

• These benefits include unlimited video doctor consultation, discounts on medicines, lab services facilitation, etc.
  
• A Wellness Coach to help the insured members in proactively managing their health.
  
• Weight management, activity and fitness, dietary plans, alcohol rehabilitation and many other benefits available on our app.
  

Digit ICON is a customisable life insurance savings plan that lets you decide what you give, how you give, what you get and how you get.

You have the flexibility to choose how long you want to pay your premium, how you want to receive the benefits, how long you wish to receive the income and if you want to rather accumulate the income to create a future corpus.

Let’s understand these variants with help of sample illustration for each variant.

1. Lumpsum Benefit Variant

Let's take the case of Mr. Kumar, aged 35 years who is looking to create a corpus by the end of 10 years.

He chooses:

• A policy term of 10 years
• Annualized premium of Rs.1,00,000 p.a. for 5 years
• A death benefit multiple 10 times of annualized premium.

Here is how lumpsum plan variant works for him:

2. Income Benefit Variant

Mr. Sharma aged 35 years is looking for a financial solution with dual benefits: a life insurance cover plus a stream of regular guaranteed* income.

Here are his preferences that he chose under the Income Benefit Variant:

• An annualized premium of Rs.1,00,000 p.a. for 8 years.
• A policy term of 20 years.
• Start the annual guaranteed* income one year after the premium payment term (PPT+1^st policy year)
• Death benefit multiple of 10 times of annualized premium.

Let’s look at the benefits and working of Income Benefit Variant for him: 

3. Income Plus Lumpsum Benefit Variant

Mrs. Rai aged 35 years runs a small business having an irregular income.

She is looking for a financial solution that provides her these benefits:

• A life insurance cover
• A stream of regular guaranteed* payouts as a source of second income
• A guaranteed* lumpsum benefit at the end of policy term for her long-term financial goals.

She chose the following preferences under Income Plus Lumpsum Benefit Variant:

• Annualized premium of Rs.1,00,000 p.a. for 10 years
• A policy term of 30 years.
• Start the annual guaranteed* income of 30% of annualized premium from 1^st policy year.
• Death benefit multiple of 10 times of annualized premium.

Let’s look at the benefits and working of this plan.

4. Whole Life Benefit Variant

Mrs. Jain aged 50 years is looking for a retirement plan which not only provides life insurance cover to him, but also provides a stream of regular guaranteed* income for his post-retirement years.

The preferences that he chose under the whole life benefit plan:

• Annualized premium of Rs.1,00,000 p.a. for 10 years
• A policy term of 50 years.
• Start the annual guaranteed* income one year after the premium payment term (PPT+1^st ) policy year.
• Death benefit multiple of 10 times of annualized premium.

Let’s look at the benefits and working of Whole Life Benefit Variant for Mr. Jain: 

Here are some of the major features of Digit ICON Non-Linked Non-Participating Plan. Features will be applicable according to the variant chosen. 

• Variants: Digit ICON comes in four variants, Lumpsum Benefit, Income Benefit, Income+Lumpsum Benefit and Whole Life Benefit. Based on the above variants, you can receive the payout as a lumpsum, or regular income spread over a period called ‘Income Period’.  
  
• Sum Assured on Maturity: Means the amount which is guaranteed* to become payable on maturity of the Policy, in accordance with the terms and conditions of the Policy and as specified in the Policy Schedule.
  
• Maturity Benefit: Maturity Benefit is the total of sum assured on maturity and accrued special additions, if any. 
  
• Staggered Maturity Benefit: You can choose to receive the maturity benefit in staggered form, i.e., a regular stream of guaranteed* income paid over a certain period and a lumpsum amount (if opted for) at the end of such staggered maturity period. It can also be paid as increasing income, where the income payout increases at a predetermined rate as per the option chosen.
  
• Accrued Special Additions: These are the benefits accumulated in the policy during specific years and are payable on maturity or on Death or surrender, whichever is earlier.
  
• Income Benefit: The Income can be paid as level income where the amount remains same throughout the income period. The income here can also be paid as increasing income, where the payout increases at a predetermined rate as per the option chosen.   
  
• Death Benefit: On the death of life assured, the death benefit as agreed is paid to the beneficiary. 
  
• Inbuilt Additional Accidental Death Benefit: If the life assured dies in an unfortunate accident, the beneficiary receives this additional benefit equal to the sum assured on death, in addition to death benefit. This helps in taking care of the extra financial burden that an accident treatment brings along. 
  
• Optional Benefits: Optional benefits can be added to your policy with a nominal extra premium, to enhance its benefits and cover some unexpected circumstances. Some of these additional benefits are:
  
  • Policy Continuance Benefit on Death: In case of an unfortunate death of the life assured, a death benefit is paid to the nominee at the time of the death. The benefits continue and the remaining premiums are not taken by the insurer. All future survival and maturity benefits as and when applicable will be paid to the nominee.
  • Policy Continuance Benefit on Diagnosis of Critical illness: In a case where the life assured policyholder is diagnosed with critical illness, additional benefit equal to 5 times the annualized premium is paid on the admission of claim after the diagnosis.
    The policy will continue with future premiums waived off and all future benefits are paid as and when due under the policy.  In an unfortunate case when the life assured dies subsequently, the death benefit is paid, and the policy terminates.
  • Senior Citizen Health Benefit: A feature that takes extra care in the golden years and becomes active once the life assured hits the age of 60.
    In case the life assured is diagnosed with any of the listed critical illness, an accelerated Critical Illness Benefit equal to 5 times of Annualized Premium is paid immediately. This is a portion of death benefit.
    Not just that, all future guaranteed* income payouts, if any, are appreciated by 5% to increase the financial support. However, if the life assured dies subsequently, the balance amount of death benefit that was left after the payment of accelerated critical illness benefit, is paid as death benefit.
  • Family Income Option: An option that takes care of family income upon death of the life assured.
    Thus, upon death of life assured, lumpsum death benefit is paid. Additionally, 50% of the guaranteed* income, which was payable as survival benefit to the life assured, shall be paid to the beneficiary as and when due during the remaining income period or for 10 years, whichever is higher.

Claim process is as simple as it can be. 

Register a claim using any of these methods:

1. Email us at lifeclaims@godigit.com

Or

2. Call our helpline number: 9960126126

Disclaimer - This is generic information and may not specifically represent the Product feature.

The benefits of a Guaranteed* Returns Savings Plans are numerous and cater to diverse needs of investors. 

Let's have a look at some of the major benefits: 

1. Financial Protection

The primary benefit of a savings plan is to provide a financial protection, ensuring that your family is financially secure even in your absence. The death benefit offered in the event of your unfortunate death safeguards your family's financial well-being.

2. Tax Benefit

Under these plans, you may be eligible for tax benefits on the premiums paid and on the proceeds of the policy, as per prevailing tax laws.

However, these tax benefits are subject to change in tax laws. We therefore urge you to carefully analyse in consultation with your advisor the tax benefits/tax implications, if any that may arise on opting for this policy.

3. Corpus Building

Some of these plans provide the option of lumpsum payouts. Through systematic savings and the power of compounding you can build a substantial future corpus that can help you meet your financial goals. Thus, you can enjoy your golden years, go on a dream vacation or fund your child’s higher education without any financial worries.

4. Retirement Planning

The whole life variants in savings plans provide a lifetime coverage and some of them can be a source of regular, steady income. These plans have a long tenure, upto 100 years of age of the life assured. In that tenure, they provide a financial coverage, some of them provide a regular income option during certain specified period, some also provide the option of lumpsum withdrawals, and some others provide senior citizen benefits like for critical illness.

5. Disciplined Savings

With a savings plan, you commit to regular premium payments. This fosters a disciplined approach to consistent savings, thus promoting responsible financial management and in turn building wealth over time.

The ones looking for the best of both worlds: Insurance Coverage and Stable Returns, must consider opting for a guaranteed* returns savings plan. Broadly, it is suitable for the following groups of people:

1. Risk-Averse Investors

Guaranteed* returns savings plans are ideal for individuals seeking zero risk investment options. These plans provide a stable eturn, making them suitable for risk averse individuals.

2. Individuals Seeking Regular Income

For those looking for a steady income stream, either as a pension or as a second income, guaranteed* returns savings plans offer a reliable source of regular payouts. This makes them attractive to retirees or anyone looking to supplement their monthly income with a dependable source.

3. Investors with Long-Term Goals

Investors looking for long term wealth accumulation, who prioritize the security of their funds over aggressive growth, may find guaranteed* returns savings plans aligning well with their long-term financial objectives.

4. Those Looking for Goal-Oriented Savings

Those saving for specific goals, such as education expenses, may opt for guaranteed* returns plans with lumpsum payout. 

People approaching retirement can invest and later use this as a regular income source. Customised payouts on specific dates can make birthdays and anniversaries special. 

Thus, these can be an effective financial planning tool for achieving targeted milestones.

5. Investors Looking for Tax Benefits.

Guaranteed* Returns Insurance plans can be a prudent choice for investors looking for tax benefits. The premium paid towards them is tax free under section 80C and the returns received are also tax free as per section 10(10D) of Income Tax, as per the applicable limits. However, these tax benefits are governed by the prevailing income tax laws and need to be verified by an expert.

One should analyse their needs and see how the product they plan to avail meets their objective before availing the Policy. 

Disclaimer

* Guaranteed Returns are subject to policy being in-force, all the premiums being paid as and when due, and  policy terms and conditions.

1. Digit ICON is a Non- Linked Non-Participating Individual Life Insurance Savings Plan (UIN - 165N011V01)

2. Life Insurance coverage is available under this product.

3. In case of any ambiguity or disconnect between the content given above and the policy terms and conditions, the latter should prevail.

4. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.

5. Tax Benefits, if applicable depend on the Tax Regime opted by the individual and the applicable tax provision. Please consult your Tax consultant before making any decision.

6. “Digit Life Insurance” trademark belongs to Go Digit Life Insurance Limited (“the Company”). “Digit” logo is registered trademark of Go Digit Infoworks Services Private Limited and is used by the Company under sub-license from Oben Ventures LLP.

7. BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS/FRADULENT OFFERS. 

8. IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

9. Wellness benefit is a feature of Digit ICON. These features are provided under Wellness Benefit program. Wellness Services are extended through 3rd Party Service Providers. Cost for availing services shall be borne by the insured directly. Digit Life Insurance is not responsible in any manner for nature or quality of product/services or discounts provided by the empanelled Service Providers. You can refer to respective Service Provider’s terms and conditions including any discounts or complimentary access/service are subject to change from time to time. For more details, please read policy terms and conditions carefully before concluding sale.

10. The page may contain certain generic information which is provided on 'as is' basis from various open sources for awareness purpose only. Such information is not intended to extend any professional advice and user is requested to kindly verify the same as per its requirement before taking any decisions.