Ahmedabad 29 January 2025: 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 for self-employed Indians. To enable seamless customer servicing and quick onboarding of agents, Digit Life Insurance has also opened offices in Ellisbridge in Ahmedabad and Bird circle in Vadodara.
With an aim to increase financial inclusion among self-employed individuals, Digit Life, through its in-house built tech-enabled models, will use various unique data points and alternative credit parameters for better financial underwriting. As per government data, an estimate of 56.1% people in Gujarat are self-employed. 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.
Speaking about the launch, Sundeep Bharadwaj, Chief Business Officer, Go Digit Life Insurance Limited, said, “Self-employed Gujaratis, including small business owners, gig workers, and professionals, 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 Gujarat’s self-employed workforce.”
Staying true to its mission 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. With an aim to bring people from lower social strata to the insurance fore, the plan will offer comprehensive protection with coverage ranging from Rs 10 lakh to Rs 1 crore.
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. The plan will also provide flexibility in policy terms and premium payment options.
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, serving 5.5 million customers. Its growth in H1FY25 stood at 488% YoY as the Company wrote ₹531.52 crore compared to ₹90.39 crore in H1FY24.
Data Source: Periodic Labour Force Survey (PLFS) 2023–24
