Buy Life Group Micro Term Insurance

Digit Life Group Micro Term Insurance is a non-linked, non-participating, group pure risk premium micro life insurance plan that provides life insurance cover to insured members.

In case of unfortunate events that affect the paying capability of the borrower, this plan protects their families with death benefit. This coverage is paid either as lumpsum benefit or in form of regular payouts or provides combination of both as per the chosen option.

The plan is available for not just the credit customers but also for other groups like employer- employee, non-employer – employee and affinity groups.

In simpler terms, it is a Group Credit Protection Plan that offers a range of inbuilt optional benefits like financial protection against accidental death and disability, critical Illness etc., to create a customised and comprehensive protection solution.

1. Customisable

• Provides Inbuilt Optional Benefits like Accidental Death Benefit, Terminal Illness Benefit, Critical Illness Benefit.
• Provides different options for Death Benefit Payout: Lumpsum, Regular Income or a combination of both.
  
• Customise coverage as per your preference and a premium that suits your customers.
  
• Choose from Single or Joint Life Cover Option
  
• Option of Level, Decreasing or Flexi Coverage type.
  

2. Tech-Enabled, Smooth Processes  

• Capability to have completely digital and paperless processes.
• Direct API Integration with your organisation for faster processes.
• Relaxed Health Underwriting through video MER (Medical Examination Report) for large loan amounts. This minimises the hassle of medical tests.

3. Aligned with Your Business

• In case of favourable claims experience a part of the premium is refunded to the master policyholder, depending on the terms as mutually agreed.
• Flexibility to choose your premium payment frequency, whether it's annual, half-yearly, quarterly, or monthly, enabling you to manage your cash flow efficiently.
• If TROP option is chosen, there is a return of all the premiums received for death benefit to the insured member in case there is no death claim and member survives till the end of coverage term, thus strengthening your relationship with your customers.

4. Wellness Benefits * 

• 15+ Wellness Benefits to the insured members to incentivize them for taking care of their health and maintaining healthy lifestyle through such wellness measures.
• These benefits include unlimited video doctor consultation, discounts on medicines, lab services facilitation, etc.
• Wellness Benefits also include Wellness Coach to help the insured members in proactively managing their health. This includes weight management, activity and fitness, dietary plans, alcohol rehabilitation.

A group micro credit protection scheme is a low scale version of the group credit protection that provides coverage to a group of individuals who have borrowed from a financial institution or belong to a specific association. Digit Life Group Micro Term Insurance can be considered by specified Financial Institutions to cover its Borrowers under this scheme.

While safeguarding both lenders and borrowers, it also mitigates the risks associated with loan defaults due to unforeseen circumstances such as such as death, disability, involuntary unemployment, or critical illness. If a covered event occurs, the plan provides financial support to pay off the outstanding loan balance.

The primary objective of a group credit protection scheme is to protect lenders from potential losses due to loan defaults, while also providing borrowers with peace of mind knowing that their loan obligations would be covered under unusual circumstances.

Group Enrolment 

Premium Calculation 

Coverage Activation

Claim Evaluation and Payout 

Coverage Limitations and Exclusions

Financial Stability of the Provider

Eligibility and Participation Requirements 

Premiums and Affordability 

Evaluate the premium costs associated with the group credit protection plan and assess whether they fit within your budget. Consider the affordability of the premiums in relation to the benefits provided by the plan.

Digit Life Group Micro Term Insurance provides a vital safety net for groups and organizations by protecting them against the risk of default on credit facilities. By offering comprehensive coverage and hyper customisable plans, Digit Life Group Micro Term Insurance ensures financial security, enhances customer confidence, and strengthens risk management practices.

Disclaimer

* 1. The applicability of the wellness benefit program and its features may be amended from time to time as per the prevailing underwriting policy of Go Digit Life Insurance Limited. The list of benefits under this program and terms and conditions applicable to it are provided in Annexure I in the Product Brochure.

2. Wellness benefit is a feature of Digit Life Group Micro Term Insurance. These features are provided under the Wellness benefit program. Wellness services are extended through 3rd party Service 

Providers. The cost of 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 empaneled Service Providers. You can refer to the respective Service Provider’s terms and Conditions before availing any services. The offerings of the Service Providers, 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 the sale.