Virat Kohli-backed Go Digit gets IRDAI nod to launch life insurance business

Go Digit General Insurance Ltd, a prominent player in the general insurance segment, has received an approval from the Insurance Regulatory and Development Authority of India (IRDAI) to launch its life insurance business. This significant development marks a major expansion for the company, which has until now focused primarily on general insurance products.

Go Digit General Insurance, known for its customer-centric approach and technology-driven solutions, has been steadily gaining recognition for its success in the non-life insurance segment. The firm is backed by the Canada-based Fairfax Group.

With the IRDAI’s approval, the company will now be able to leverage its expertise and customer base to introduce innovative life insurance offerings that cater to the evolving needs of Indian consumers. Indian cricketer Virat Kohli and his wife, actress Anushka Sharma, are among the investors in the firm.

Go Digit has demonstrated a strong track record in terms of financial stability, efficient claims, customer satisfaction, and other factors that have played a crucial role in obtaining this approval.

The approval to Go Digit will be the fourth life insurance business licence issued by IRDAI this year. With this, the total number of life insurance companies operating in India has gone up to 26.

IRDAI approval ahead of Go Digit IPO

The entry of Go Digit into the life insurance sector is expected to enhance competition in the market, leading to improved product offerings and more customer-friendly services. The IRDAI approval is a significant development for Go Digit General Insurance, which is in the process of going public.

Go Digit General Insurance re-submitted preliminary initial public offering (IPO) papers with market regulator Securities and Exchange Board of India (SEBI) in April this year. This came after SEBI returned Go Digit’s draft IPO papers in January and asked the company to re-file the documents with updates.