IRDAI licences Go Digit Life Insurance to commence business

CHENNAI: Indian insurance regulator has granted certificate of registration to Go Digit Life Insurance Limited to commence life insurance business in the country.

With this the total number of life insurers have gone up to 26 in the country.

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 Axis Bank Limited and HDFC Bank Limited for the acquisition of 9.94 per cent each in the equity share capital of Go Digit Life Insurance (by way of a share subscription).

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."