Should You Opt For Go Digit?
Go Digit Term Insurance entered the life insurance market in 2023 with innovative plan offerings.
However, when choosing a term insurer, longevity and claim performance are just as important as product features or pricing. Since Go Digit is still in its early years as a life insurer, it needs to be evaluated through a slightly different lens than established players.
This article breaks down whether Go Digit’s term insurance is worth considering.
Go Digit Term Insurance: Key Performance Metrics
The solvency ratio of 3.85x is significantly higher than IRDAI’s mandated minimum of 1.5. This is a good sign that indicates strong capital adequacy and the insurer’s ability to meet future liabilities.
That said, business scale remains limited, especially in the retail life insurance segment. This is mainly because a large portion of Go Digit’s life insurance operations to date has been in group insurance, with individual term insurance still in a growth phase.
What’s Missing?
At Ditto, when we assess an insurer, we typically analyze insurers based on the three-year average of the following metrics:
- Claim Settlement Ratio (CSR)
- Amount Settlement Ratio (ASR)
- Complaint Volume
- Amount Paid in Death Claims
Since Go Digit received its license only recently, it does not have enough historical data to evaluate long-term claim behaviour. For now, we’ll have to wait and see how it performs across these metrics.
Term Insurance Plans by Go Digit
Digit’s term insurance suite starts with Digit Glow Term Life Insurance, a standard pure term plan offering affordable life cover with flexible premium payment options and basic riders, including accidental and disability benefits.
Glow Plus Term Life Insurance builds on this by adding more flexibility and variants, including a Return of Premium option and features such as Smart Exit and Pay-Later.
You can opt for a policy term of 5 to 40 years.
Eligibility Criteria for Go Digit Term Insurance
- Entry Age: 18-65 years
- Maturity Age: Up to 85 years
In addition to age eligibility, Go Digit will assess your medical history, lifestyle factors, and financial suitability.
Go Digit term insurance vs Leading Insurers: Premium Comparison
Let us consider different profiles of healthy, non-smoking individuals covered for a sum assured of ₹2 crores till the age of 70.
Term Insurance Plans by Go Digit
Riders Available with Go Digit Term Insurance
Accidental Death Benefit
This rider pays an additional lump sum if the policyholder dies from an accident during the policy term. The payout is in addition to the base sum assured and usually applies if death occurs within a specified period (often 180 days) of the accident.
Accidental Total and Permanent Disability Benefit
If the insured suffers a total and permanent disability due to an accident, this rider pays a lump-sum amount (up to 100% of the base sum assured, depending on underwriting).
Inbuilt AcceleratedTerminal Illness Benefit
While not always labeled a “rider,” Go Digit’s term plans include accelerated terminal illness cover that pays out the death benefit early if the insured is diagnosed with a terminal condition (as defined in policy terms).
Documents Required for Buying Go Digit Term Insurance
The documents required for buying a Go Digit term insurance plan are the same as those of any other insurer. For more details, you can refer to the infographic:
How To Claim Go Digit Term Insurance?
The claim process for Go Digit term insurance is the same as that of any other term insurer. For more details, you can refer to this infographic:
Why Choose Ditto for Term Insurance?
At Ditto, we’ve assisted over 8,00,000 customers with choosing the right insurance policy. Why customers like Aaron below love us:
- No-Spam & No Salesmen
- Rated 4.9/5 on Google Reviews by 15,000+ happy customers
- Backed by Zerodha
- 100% Free Consultation
You can book a FREE consultation. Slots are running out, so make sure you book a call now!
Conclusion
Go Digit Life Insurance is a well-capitalised, yet young, life insurer. It offers modern, flexible term insurance products backed by a strong solvency position. While the lack of long-term retail claim data makes it hard to assess claim performance today, this is expected given its recent entry into the life insurance space.
Notably, Go Digit stands out for its high level of transparency, with detailed public disclosures and transparency reports that are rare in the industry and deserve appreciation.
Note: Go Digit is not a partner insurer of Ditto. Therefore, all the data mentioned in the above article has been taken from publicly available sources, Go Digit’s official website, and IRDAI reports.
Frequently Asked Questions
Last updated on:
