IRDAI grants approval to Digit LI to commence life business

Mumbai, June 12 Insurance Regulatory and Development Authority of India (“IRDAI”) has granted certificate of registration (R3 license) to Go Digit Life Insurance Limited (“Digit Life Insurance”) on 9 June 2023 to commence life insurance business in India.

Oben Ventures LLP (promoted by Kamesh Goyal) and FAL Corporation (having Fairfax Financial Holdings Limited as its ultimate parent company) are the promoters of Digit Life Insurance. Fairfax Financial Holdings Limited is listed on the Toronto Stock Exchange. The Company has also executed definitive agreements with Axis Bank Limited and HDFC Bank Limited for the acquisition of 9.94% each in the equity share capital of Go Digit Life Insurance (by way of a share subscription).

The Company also announced the appointment of Srinivasan Parthasarathy as its Managing Director and Chief Executive Officer, subject to IRDAI approval.

Speaking about the approval to commence life insurance business, Srinivasan Parthasarathy, MD & CEO, Digit Life Insurance, said, “We are pleased to receive the license from the IRDAI to commence life insurance business. It marks a significant milestone in our journey to bring tech-enabled simplified life insurance products to the market.”

With the commencement of its operations, Digit Life Insurance aims to simplify life insurance by offering transparent and hassle-free experiences, catering to the diverse life insurance needs of the country. The Company will focus on simplifying the entire customer journey and look at reducing the complexity of life insurance products. It will leverage technology to digitise the entire chain—from product design to distribution to customer experience—and bring out innovative life insurance products into the market.