Go Digit Life Insurance has entered India's retirement segment with the launch of the Digit Life Pension Plan. It has introduced two annuity variants designed to cater to different retirement income needs.
The new plans, Digit Sukoon and Digit Boss, offer customers a choice between a fully guaranteed lifetime annuity and a combination of guaranteed and market-linked income. The plans are available to both individual and group customers and will also be offered through the insurer's website and mobile app.
The company said Digit Sukoon provides a 100% guaranteed annuity, while Digit Boss combines a guaranteed annuity with a variable annuity linked to the performance of the Nifty 50 Index. Under Digit Boss, customers can choose the proportion of guaranteed and variable income at inception, with guaranteed portions of 60%, 70% or 80%. The plan is designed to address retirement challenges such as longevity, inflation, rising healthcare costs, spouse income protection and legacy planning by balancing income security with the potential for higher returns.
The retirement products also offer a high degree of flexibility, allowing customers to choose between immediate and deferred annuity options, with deferment periods of up to 15 years. Policyholders can select single, limited or regular premium payment modes, as well as monthly, quarterly, half-yearly or annual income payouts. Both single-life and joint-life annuity options are available, with a waiver of premium feature for eligible joint-life policies and the return of 100% of premiums paid upon the death of the annuitant, or the second annuitant under joint-life plans.