Buy Group Term Life Insurance Policy

What is the Most Important Asset of an Organisation?

It’s the employees who work tirelessly to contribute to the company’s success. As a responsible employer, ensuring their financial security is crucial. One meaningful way to show this commitment is offering a group term life insurance plan.

Group term insurance plays a crucial role in protecting employees and their families. It offers a vital financial safety net, ensuring that their loved ones are supported in the unfortunate event of an employee's passing.

Digit Life's Group Term Insurance offers a customizable and flexible solution to provide your employees with reliable protection.

Group Term Life Insurance is a type of insurance policy that covers a group of individuals under a single plan. Typically, employers offer this coverage to their employees, ensuring that a Sum Assured is paid to the nominee if the employee passes away during the policy term.

In a Group Term Insurance plan, the employer is the policyholder, while the employee is the life insured. Should the employee pass away during the policy period, this insurance provides financial support to their family.

Digit Group Term Life Insurance is a non-linked, non-participating pure risk plan designed to offer life coverage to insured members. In the event of an unfortunate loss, it ensures financial security for their families. This flexible and customizable plan allows both employers and employees to tailor it to their needs.

Group Formation

Group Term Life Insurance can be offered to Employer-Employee, Non-Employer-Employee, or Affinity groups. The group can be formed based on factors like department, level, or even the entire workforce.

At Digit, our Corporate Portal makes group management simple. Adding or removing members during the policy year is easy and can be done by the company.

Master Policy

Premium Payment

The employer typically pays the premium for the entire group, though employees may also contribute through salary deductions. Premiums are calculated based on factors like age, gender, and coverage.

With Digit, you can pay premiums as per your preference- Single, Monthly, Quarterly, Half-Yearly, or Annually.

Coverage and Sum Assured

Each employee covered is assigned a sum assured, which is the amount paid to the beneficiary in case of the employee's death. This sum can be fixed or based on the employee's salary.

Digit’s plan offers no medical check-up required up to the free cover limit.

Renewal

Group Term Life Insurance typically lasts one year and must be renewed annually. The premium may change based on certain factors.

Digit’s Group Term Life Plan provides options like Single Pay, One-Year Renewable Term, or Regular Pay, with the added benefit of locking your premium for up to three years with the Premium Rate Guarantee feature.

Death Benefit

In the unfortunate event of an employee's death, the sum assured is paid to the nominee or beneficiary. This financial support helps the family cope with the loss.

Digit offers payout options, either as a lump sum or in regular payments, based on preference.

Portability and Continuity

Group Term Life Insurance is linked to an employee’s association with their employer. When an employee leaves the company, the coverage under the group policy typically ends. However, some insurers offer the option to convert the group coverage into an individual policy, allowing the employee to maintain life insurance protection independently.

Group Term Life Insurance provides a cost-effective solution for employers to offer life coverage to their workforce. By pooling the group’s risk, it ensures financial protection for employees and their families in case of an unexpected event.

Digit’s Group Term Insurance allows employers to design a tailored plan with options for benefits, coverage, and sum assured. However, the policy does not offer portability, meaning coverage cannot be transferred when an employee leaves the organization.

1. Hyper Customizable

• Choose from inbuilt optional benefits like Accidental Death, Terminal Illness, and Critical Illness coverage.
• Add additional coverage such as Spouse Coverage or Voluntary Insurance to cover expenses like funeral costs, credit card bills, or child education.
• Opt for Flexible Payouts such as lump sum payout or a regular income option. The regular income benefit allows you to select how long payments continue, up to retirement, a child's specific age, or a predetermined period.

2. Tech Enabled, Smooth Processes

• Hassle-free processes with minimal online documentation
• Claims settled within 72 hours for quick support
• Global coverage for groups based in India
• 99% of cases require no medical check-up
• No "Active at Work" clause during renewals

3. Aligned with Your Business

• Opt for the regular pay option and lock in your premiums for up to 3 years, ensuring stability and predictability in your financial planning.
• In case of favorable claims or long-term contracts, part of the premium is refunded to the master policyholder, enhancing a sense of partnership and profit sharing.
• Choose from annual, half-yearly, quarterly, or monthly premium payment frequencies, making it easier to manage cash flow efficiently.

Understanding the exclusions in Digit’s Group Term Life Insurance policy is crucial to clarify what is not included in the coverage. Here are the critical exclusions to consider:

• Suicide: Claims arising from suicide are not covered if they occur within the first 12 months from the date of policy commencement or reinstatement.
• Pre-existing Conditions: Claims related to pre-existing conditions not disclosed during the application process are excluded from coverage.
• Participation in Hazardous Activities: Engaging in hazardous activities, such as racing or flying, will result in denied claims if injuries or death occur while participating in these activities.
• War and Related Events: Claims arising from war, invasion, or any conflict-related events, including hostilities or acts of foreign enemies, are not covered.
• Self-inflicted Injuries: Any claims resulting from self-inflicted injuries or attempts at self-harm are excluded from the policy.
• Substance Abuse: Claims related to injuries or conditions arising from the use of drugs, alcohol, or any form of substance abuse are not covered.
• Criminal Activities: Claims resulting from criminal or unlawful acts are excluded from coverage under this policy.
• Medical Exclusions: Any medical condition or treatment explicitly mentioned as excluded in the policy terms will not be covered.
• Waiting Period: No benefits will be payable if a covered critical illness occurs within the initial waiting period of 90 days from the start of coverage.
• Non-disclosure of Material Facts: If any information provided in the Proposal Form or related documents is found to be incorrect, misleading, or fraudulent, the insurer will not be liable under the insurance contract.

Here are the types of entities that can opt for a Group Term Life Insurance policy to enjoy its benefits:

• Employer-employee groups
• Small and medium enterprises (SMEs)
• Non-employer-employee groups
• Professional groups
• Microfinance institutions
• Banks and non-banking financial institutions
• Start-ups

1. Demonstrates Genuine Care for Employees

2. Attractive Perk Without Complex Setup

3. Scalable with Business Growth

4. Enhances Talent Acquisition and Retention

5. Provides Peace of Mind for Employees

6. Cost-Effective and Employee-Centric

Several key factors can influence the coverage and premiums of Group Term Life Insurance:

• Eligibility Criteria: The age and employment status of potential insured members are crucial in determining coverage eligibility. Policies typically outline minimum and maximum age limits and specify which types of employment (full-time, part-time, or contract) qualify for inclusion.
• Risk Sharing Options: The options for risk sharing at both the Master Policy and Member levels indicate that the group’s overall risk profile can affect coverage. Factors such as group size and the nature of occupations can influence the underwriting process and premium calculations.
• Sum Assured Flexibility: The ability to adjust the sum assured during the policy term allows coverage to be tailored to the group’s evolving needs. This flexibility accommodates changes, such as workforce growth or shifts in financial requirements.
• Health and Wellness Programs: While not always explicitly mentioned, many group insurance policies incorporate wellness benefit programs. These initiatives encourage healthy lifestyles among insured members, positively impacting the overall risk assessment and lowering premium rates.
• Premium Payment Terms: The structure of premium payments, including frequency and any applicable loading factors, affects the affordability and accessibility of insurance coverage. Timely premium payments are essential to maintain the policy’s validity.

Note- It's essential to verify the factors influencing Group Term Life Insurance at the time of purchase. Doing so will help you make informed decisions and ensure that your requirements align with the coverage criteria offered by Digit.

• With our hassle-free claims process, its just 72-hour claim settlement from Last Document Received (LDR).
• We Promise a 100% paperless claims experience. No hard copies of Death Certificate or Medical Reports asked.
• Call on our 24 x 7 Helpline.
• Write to us on Lifeclaims@godigit.com

* 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.