Go Digit product: SAT upholds IRDAI order

“The contention of the appellant (Go Digit) is that their product was already providing cover for accidental death and, therefore, addition of death under Section 29(e) of the modified product did not partake the nature of a life insurance under Section 2(11) of the Act and that only an additional/ancillary benefit was provided to the insured in case of death,” it said.

“It must be borne in mind that Section 3(1) of the Act read with Regulation 4 of the Regulations of 2000 clearly provides that any insurer can only carry one class of business and cannot carry two classes of insurance business,” SAT said.