Go Digit Insurance is among the newest entrants in the Indian insurance industry, and it’s made quite a name for itself through a neat digital interface, simplified processes, and a customer-friendly approach.
As of yesterday, Digit Life Insurance, the life insurance arm of Go Digit General Insurance, has officially wrapped up its first full financial year, and the numbers are already turning heads. For FY25, the company collected over ₹1,300 crore in total gross written premiums. Here’s how it breaks down:
Total GWP: ₹1,315.9 crore
Direct Gross Premium: ₹1,069.4 crore
Reinsurance Inward: ₹246.5 crore
Not bad for a first-timer in a highly competitive industry dominated by decades-old insurers.
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The New Kid on the Block: Digit Life’s Entry into the Market
Founded in 2016 by Kamesh Goyal, Digit Insurance began its journey in the general insurance sector, offering products like motor, health, travel, and property insurance. The company's mission has been to simplify insurance processes through digital innovation, making insurance more accessible and customer-friendly. Building on its success in general insurance, Digit got the green light from the IRDAI to venture into the life insurance space in 2023 with the launch of Digit Life Insurance.
The company began operations in earnest in mid-2023, and FY25 marks its first full financial year in business. And with ₹1,300+ crore in collected premium, it’s off to a pretty solid start.
(And if you’re wondering whether Digit Life might be the right fit for your term insurance needs, we can help with that. Our IRDAI-certified advisors will break it all down for you, jargon-free.)
So, What Does ₹1,300 Cr Really Mean?
To be clear, breaking the ₹1,000 crore barrier in your first full year isn’t something most insurers can claim. For comparison, many new entrants take a couple of years to reach this mark.
Of course, Digit Life is not starting from scratch. It already enjoys brand recognition thanks to Go Digit’s existing customer base and its “digital-first” image. Plus, the backing of Fairfax (a major global financial player) doesn't hurt either.
Digit Life Insurance offers a range of products, including term, credit life, guaranteed savings, combo (life + health), and group insurance offerings. However, they are working on launching endowment plans and ULIPs soon.
Digit Life Insurance Performance in FY25
In its first full fiscal year, Digit Life Insurance achieved a revenue of ₹1,315.9 crore. While ₹1,300 crore is a commendable figure for a new entrant, it's modest compared to established players.
For instance, the Life Insurance Corporation of India (LIC), the largest life insurer in the country, reported a total business volume of over ₹2,22,000 crore in FY25. The industry median revenue for life insurance companies stands at ₹3,108 crore, with an average of ₹16,265 crore. Apart from LIC, HDFC Life has an annual business volume of ₹29,631 from FY2023-24, and SBI Life has ₹38,258 crores in revenue for the same year.
Digit’s Strategy: What Might Be Working?
Digit Life Insurance is part of a new wave of life insurers that have entered the market recently. Companies like Acko, Go Digit, and CreditAccess received their life insurance licenses in 2023 and are focusing on group insurance products to drive growth.
Here’s how the segment-wise split fares:
Group Business makes up ₹655.49 crore & Individual business makes up ₹413.93 crore. In total, this comes to direct gross premiums of ₹1,069.4 crores. Here’s how the group business splits:
| Group Business Types | Premium (₹ Crores) | Lives Covered |
|---|---|---|
| Group Term Life | ₹501.94 | 51,93,511 |
| Group Credit Life | ₹116.92 | 4,56,979 |
| Group Micro Insurance | ₹29.62 | 47,790 |
| Group Others | ₹6.99 | 5,508 |
| Total | ₹655.49 | 57,03,788 |
The Big Picture: Why This Matters
LIC and a few large private players like HDFC Life, ICICI Prudential, and SBI Life have long dominated India’s life insurance industry. So, when a new player like Digit Life makes a splash with ₹1,300 crore in its first full year, it signals two things:
- There’s room for disruption, especially among digitally-savvy, younger buyers looking for transparency.
- Brand leverage matters. Digit’s existing reputation from the general insurance space clearly helped build early momentum.
Additionally, this growth occurs at a time when IRDAI and the government is promoting higher insurance penetration across both urban and rural segments through initiatives such as “Insurance for All by 2047.”
Want to Buy a Term Insurance Plan? Here Are Some of The Top Plans in 2025
If you're still evaluating term insurance options, here are a few tried-and-tested plans we often recommend, depending on your profile and budget:
| Top Term Insurance Providers in India for 2025 | Average Claim Settlement Ratio (FY 21 -24) | Average Amount Settlement Ratio (ASR) | Average Complaint Volume per 10k claims (FY 22 -24) | Best Term Insurance Plans Offered by the Insurer | Average Annual Business Income (FY 22 -24) |
|---|---|---|---|---|---|
| HDFC Life Insurance | 99.20% | 87.30% | 2 | HDFC Life Click2Protect Super | ₹27,490 |
| ICICI Prudential Life Insurance | 97.52% | 92.10% | 14.3 | ICICI Prudential iProtect Smart | ₹17,198 |
| Bajaj Allianz Life Insurance | 99.11% | 93.00% | 4.4 | Bajaj Life eTouch II | ₹10,456 |
| Axis Max Life Insurance | 99.50% | 95.50% | 7.3 | Axis Max Life Smart Term Plan Plus | ₹9,296 |
| TATA AIA Life Insurance | 98.91% | 92.70% | 3 | Tata AIA Sampoorna Raksha Promise | ₹7,599 |
We’ve reviewed each of these in detail, and if you’d like help picking the right one for your life stage and income bracket, our advisors at Ditto can guide you through the decision.
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Conclusion: Will Digit Life Stay the Course?
Well, we’ll have to wait for more detailed disclosures on claims, complaint ratios, and persistency to judge long-term viability. However, the early signs indicate a player that understands modern insurance distribution and digital-first customer service — two key ingredients that could significantly reshape this industry in the country.
Premium numbers are promising, but it's still too early; we generally need at least a 3-5 year track record before we consider any insurer to be viable. Also, Digit’s focus is purely on group insurance products, and the majority of claims have also come in on that front.
Individual term plans (ones that you and I buy) are still in the nascent stages, with plans like DIGIT GLOW, where the sum assured is restricted to 1CR only.
Note: Digit received 3 individual death claims as compared to over 15,000 group death claims. Whereas we, at Ditto Insurance, deal with individual term life plans only, and this number is way too low to derive any meaningful conclusion.
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