Axis Bank has signed a non-binding term sheet to invest Rs 49.9-Rs 69.9 crore for a 9.94% stake in Go Digit Life Insurance as part of its plan to tap into the fast-growing insurance market.

Last month, HDFC Bank announced plans to buy a 9.94% stake in Go Digit Life. 

Digit, which already has a presence in the general insurance business, is foraying into the life insurance segment with its Go Digit Life venture but has not yet received a licence for the unit.

Axis currently offers some insurance products in partnership with Max Financial.

Go Digit General Insurance, Digit's general insurance business backed by Canadian billionaire Prem Watsa's Fairfax Group, had its planned initial public offering put on hold this month.