The Indian insurance regulator Insurance Regulatory and Development Authority of India (IRDAI), granted a certificate of registration to Go Digit Life Insurance Limited on 9 June 2023  to commence the life insurance business.

The number of total life insurers in India is now 26, with this one being the fourth registration granted last year. 

Go Digit Life is promoted by Oben Ventures LLP and FAL Corporation. The company also announced the appointment of Srinivasan Parthasarathy as its Managing Director (MD) and Chief Executive Officer (CEO), subject to IRDAI approval.

Axis Bank and HDFC Bank have executed definitive agreements with the company to acquire 9.94% each in the equity share capital of Go Digit Life Insurance. 

Digit Life would offer transparent and hassle-free experiences to simplify the customer’s entire journey and reduce life insurance products’ complexity. The company cater to the diverse life insurance needs of the country.

Speaking about the approval, Parthasarathy said that it marks a significant milestone in the company’s journey and that they are pleased to receive the license from the IRDAI.