Go digit

According to IRDAI, this is the fourth registration granted by IRDAI in the last one year in the Life and Non-life segment. Go Digit Life is promoted by Oben Ventures LLP (promoted by Kamesh Goyal) and FAL Corporation (having Fairfax Financial Holdings Limited as its ultimate parent company). Fairfax Financial Holdings Limited is listed on the Toronto Stock Exchange. The company has also executed definitive agreements with Go Digit Life 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, Parthasarathy 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.”

Go Digit Life Insurance Ltd, backed by Canada-based Fairfax Group, has received the life insurance business licence from the Insurance Regulatory and Development Authority of India (IRDAI) on Friday (June 9). Cricketer Virat Kohli and his actor wife Anushka Sharma are among the investors in the firm. With this, Fairfax Group has become the 25th life insurer in the country. The licence to Go Digit Life Insurance is the fourth life insurance business licence issued by IRDAI this year. IRDAI, in a statement, said: “IRDAI, in its 122nd meeting held on 2 June 2023, has granted the certificate of registration to a new life insurer, namely, Go Digit Life Insurance to carry life insurance business in India." Earlier, IRDAI Chairman Debasish Panda stressed on the need for more players in the market to grow the insurance sector and increase penetration. Go Digit, which is a tie-up between Watsa’s Fairfax and insurance industry veteran Kamesh Goyal, offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, and other insurance products. Go Digit is one of the first non-life insurers in the country, which fully operates on the cloud. The company has developed application programming interface (API) integrations with several channel partners. In April this year, Go Digit General Insurance Ltd refiled its preliminary IPO papers with Sebi after making certain changes to its employee stock appreciation rights scheme. In January, ...

“The new life insurance joint venture being planned may have Fairfax holding a 40% stake in the firm initially," one of the two people said seeking anonymity. According to the two people, the proposed firm is likely to be named Go Digit Life Insurance Ltd, and will offer a range of life insurance policies. They said the company will have an initial capital of ₹700-1,000 crore. Go Digit Infoworks Services Pvt. Ltd, the holding company, is expected to hold 80% as the primary promoter of the proposed JV. Additionally, Goyal and Oben Ventures LLP may collectively hold 40%, mirroring Fairfax’s stake in the company, the first person said. “The balance 20% could be held by banks as non-promoter strategic partners," he added. In response to a query, a spokesperson for Go Digit said: “Go Digit Life Insurance has submitted an application to the Irdai (Insurance Regulatory and Development Authority of India) to conduct life insurance operations in India. As the application is under consideration by the Irdai, we are unable to comment on matters pertaining to the regulatory approval status, proposed partnerships, or the shareholding structure of the company." “Following the launch, the company may place minority stakes with certain banks to strengthen its bancassurance network. This may lead to a proportionate reduction in stakes held by the partners, including Fairfax," he added. Fairfax has been looking to ramp up its investments in India over the past few months. India-born Watsa, ...

India's insurance regulator has granted approval for Go Digit Life Insurance, which will be backed by Canadian billionaire Prem Watsa's Fairfax Financial Holdings. The new firm will become the country's 25th life insurer and is expected to start with an initial capital of INR7bn-INR10bn ($95m-$136m). Fairfax is likely to hold a 30%-40% stake in the joint venture initially, with Go Digit Infoworks owning 80% of Go Digit Life. The life insurer may also place minority stakes with certain banks to strengthen its bancassurance network. India’s life insurance sector clocked a new business premium of ₹.3.7 trillion in 2022-23. Currently, Watsa’s Fairfax, in a tie-up with insurance industry veteran Kamesh Goyal, owns Go Digit General Insurance Ltd, a general insurance company. The new life insurance joint venture is likely to have Fairfax effectively holding a 30-40 % stake initially, according to a person familiar with Go Digit’s plans. The company may start with an initial capital of ₹700 crore- ₹1,000 crore, the person said on the condition of anonymity. Go Digit Infoworks, as the holding company, will own 80% of Go Digit Life. Later, the life insurance company may place minority stakes with certain banks to strengthen its bancassurance network. This may lead to a proportionate reduction in stakes held by the partners, including Fairfax, the person added. Apart from Digit Insurance, Fairfax’s investments in India include Bengaluru International Airport, IIFL companies, National...

The Insurance Regulatory and Development Authority of India (IRDAI) has granted permission to Go Digit Life Insurance Limited, a subsidiary of Go Digit General Insurance, to commence its operations in the life insurance sector in India. The announcement was made following the 122nd meeting of the regulatory body held on 2 June 2023. Go Digit Life Insurance Limited, backed by Canada-based Fairfax Group, has been authorised to offer life insurance services in the country. With this development, the total number of insurers operating in the life insurance segment in India has increased to 26, bringing new opportunities and choices for consumers. Go Digit General Insurance is also planning to make its debut in the public market.

What’s Inside? • • • • • • • • • • • • Overview of Go Digit Health Insurance Go Digit Health Insurance is an insurance provider offering an extensive number of health plans to protect you and your precious ones in the family from diseases and medical emergencies. Go Digit supports all your Go Digit insurance company is backed by Fairfax Group, a Canada based financial services group with presence in more than 30 countries. Go Digit, which is also known as Digit Insurance, offers numerous products in the insurance sector. The Go Digit Health Plans protects the insured, his/her spouse, Children (dependent), and dependent parents in the family floater plans. The Go Digit health plans cover insured in case of hospitalization due to any emergency/accident, diseases, maternity cover, and even covers critical illnesses. Along with Health Plans, Go Digit offers a range of products in the insurance sector such as, Motor Insurance (car and bike), Travel Insurance, commercial insurance, shop insurance, home Insurance, Mobile Insurance and so on. The policies under Go Digit Health Plans are so designed that they cover you financially at the time of an emergency to protect your family and you from any sudden health issues which might harm your savings. Thus, you can carry on with the health treatment of yourself and your family members without any worry of money, thereby making sure of the good health and happiness of your family. Go Digit is a Bengaluru based company that works on the...