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Go Digit Life Insurance Limited has been granted a license by the Insurance Regulatory and Development Authority of India (IRDAI) to operate in the life insurance sector, bringing the total number of life insurance companies in India to 26.
As part of the development, The startup, in which both HDFC Bank and Axis Bank have bought stakes, plans to invest Rs 500-600 crore in the initial 18 months to start out its life insurance business in the Indian market.
"Insurance Regulatory and Development Authority of India (IRDAI), in its 122nd meeting held on June 02, 2023, has granted a Certificate of Registration to a new life insurer namely, Go Digit Life Insurance Limited, to carry life insurance business in India," the regulator said in a release.
Previously, Acko Life Insurance and Credit Access Life Insurance were granted permission to conduct life insurance operations on March 31. When the approvals for Acko and Credit Access were announced, the regulator mentioned that there were 20 other applications in various stages of registration.
Notably, cricketer Virat Kohli and his wife, actor Anushka Sharma, are among the investors in Go Digit.
Go Digit provides various insurance products such as motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, and more, catering to the diverse needs of customers.
The startup is one of the first non-life insurance companies in India to operate fully on the cloud and has developed application programming interface (API) integrations with several channel partners.
Go Digit General Insurance Ltd, which is supported by Canada's Fairfax Group, has resubmitted its initial public offering (IPO) papers to the Securities and Exchange Board of India (Sebi) after making some changes to its employee stock appreciation rights scheme. Sebi had previously returned the draft IPO papers to Go Digit on January 30, requesting certain updates before refiling.
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