Jupiter Money, a fintech company based in Bengaluru, has received a Direct Insurance Broker (Life & General) license from the Insurance Regulatory and Development Authority of India (IRDAI). With this approval, Jupiter can now offer life and general insurance products directly through its platform.
The license marks Jupiter’s official entry into the insurance space and further strengthens its goal to become a full-range financial service provider. The firm will now distribute insurance products in addition to its existing offerings.
Jupiter Money Insurance
Jupiter had already secured key licenses in 2023, including a Non-Banking Financial Company (NBFC) license and a Prepaid Payment Instrument (PPI) license. These licenses allowed the firm to offer credit and prepaid payment options to its users.
Now, with the addition of insurance, Jupiter plans to deliver a complete digital financial experience that combines saving, investing, borrowing, and protecting, all in one place.
Starts with Term Plans
Initially, Jupiter will roll out term life and health insurance plans in collaboration with top insurance partners. These policies will be offered digitally and managed through the Jupiter app, ensuring a smooth and hassle-free user journey from buying to claims.
In the future, the company will introduce smart, context-based insurance such as travel cover linked to card payments, mobile protection after online purchases, or small cybercrime coverage. The idea is to trigger insurance options at the right time without users needing to search or worry.
Brings Peace of Mind
Rohit Kumar Pandey, President of Jupiter Money, explained that the company wants to make insurance as easy and natural as everyday spending. He emphasized that most young Indians still avoid or delay insurance due to confusion and complex processes. Jupiter aims to change that by embedding insurance into everyday financial life.
Chinmay Jain, Director of Insurance & PPI, added that with this license, Jupiter is committed to making insurance more transparent and meaningful. According to him, awareness and simplicity are key to increasing insurance usage across India.
What is Jupiter Money
Founded in 2019 by fintech veteran Jitendra Gupta, Jupiter Money is a digital financial platform focused on helping users manage money with ease. It offers services like savings accounts, investments, credit lines, and now insurance, all via a user-friendly app.
Backed by investors like Peak XV, Matrix Partners, QED Investors, Tiger Global, and advisors from Nubank, Jupiter is known for making modern banking more intuitive and inclusive for young Indians. With this new insurance addition, it moves one step closer to its mission of full financial wellness.
