Go Digit Life Insurance reports 719% increase in claims payouts, group term category leads surge

Life Insurance Business

Go Digit Life Insurance has released its Transparency Report 2.0 for FY25, revealing a 719 percent year-on-year increase in claims pay-outs, totaling Rs 288 crore.

The Group Term Life Insurance category led the surge with pay-outs worth Rs 197 crore, followed by Rs 75.87 crore under the Group Long Term Plan and Rs 148.82 million through the Group Micro Term Insurance, the report said.

In total, Digit Life settled 15,596 claims this fiscal year, up from 602 in FY24.

The average turnaround time (TAT) for death claims has reduced from 19 days to 13 days. The report further added that once all necessary documents were submitted, the internal processing time shrank to an average of 1.89 days, down from 2 days the previous year.

Its claim settlement ratio stood at 99.53 percent.

Gross written premiums, including reinsurance inward, rose by 167 percent to Rs 1,315.9 crore, up from Rs 492.5 crore last year.

The firm also saw an increase in customer base from 2.3 million to 6.7 million, and a solvency ratio of 3.85 up from 2.07 in the year ago period.

The report also sheds some light on customer trends.

The average age of policyholders rose slightly to 34 years.

The proportion of women covered rose marginally from 48.77 percent to 49.89 percent,

The report also said, heart-related diseases emerged as a major cause of death among policyholders, with an average age of just 43, and 40 percent of such deaths occurring in individuals under 40.

Road accidents were another concern, with more than half of the fatalities involving individuals below 30, particularly those aged 23–27, the report added.