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 life cover. 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 life insurance plans are a safe choice.

This is besides the Insurance cover that is available under the Plan. 

Digit Icon is a non-linked, non-participating individual life insurance savings plan. Digit Icon is not linked to the market and thus remains unaffected by the volatility of the stock market, ensuring your investment is secure and stable.   
 
If you're someone who's looking for a life cover along with a safe, zero-risk investment with guaranteed returns, to either diversify your existing investment portfolio, or to secure funds for a future life goal (such as buying a house, or planning for your child's higher education), then this can be a good option for you.

A non-linked non-participating life insurance savings plan, as the name denotes, is a type of life 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.

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

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 term. Under limited pay and regular pay, you have the option of paying your premium annually, quarterly, half yearly or monthly as per your choice.

• In case you have chosen the premium payment term of more than five years, then 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 additional accidental death benefit provides enhanced financial protection to  the family 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.

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.
  

Here are some of the major features of Digit ICON . 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’ or both.  
  
• Sum Assured on Maturity: 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.
  
• 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. 

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 life insurance 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. 

5. Disciplined Savings

With a savings life insurance 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 life insurance plan. Broadly, it is suitable for the following groups of people:

1. Risk-Averse Investors

Guaranteed* returns savings life insurance plans are ideal for individuals seeking zero risk investment options. These plans provide a stable return, 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 life insurance 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 life insurance 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 savings life insurance 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 Savings Life Insurance plans can be a prudent choice for investors looking for tax benefits. The premium paid are eligible for tax benefits under section 80C and the returns received are also tax free as per section 10(10D) of Income Tax Act, 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.