Mumbai, July 17, 2025 : Jupiter Money, one of India’s
largest and most prominent money platforms, has received approval from the
Insurance Regulatory and Development Authority of India (IRDAI) for a Direct
Insurance Broker (Life & General) license. This regulatory milestone allows
Jupiter Money to distribute insurance products directly via its platform,
marking its formal entry into the insurance space and solidifying its evolution
into a full-spectrum financial services provider.
In 2023, the company was
granted both an NBFC license and a PPI license, enabling it to scale its credit
and prepaid offerings significantly. The addition of insurance now completes
Jupiter’s ambition to offer a 360-degree financial wellness platform, with
embedded savings, lending, investing and protection; all in one unified digital
experience.
With the new license in
place, Jupiter will begin offering curated insurance products, starting with
term life and health insurance plans in partnership with top-tier insurance
providers. Over time, the platform plans to roll out contextual and embedded
insurance options tied to real-time user behavior such as travel insurance
linked to credit card transactions, micro-cover against cyber fraud , or device
protection based on e-commerce activity. All policies will be issued digitally
and managed directly through the Jupiter platform, removing friction from
discovery to claims.
Speaking on the
development, Rohit Kumar Pandey, President, Jupiter Money, said,
“Insurance is a critical layer in the financial journey, and it remains
underserved and underutilized in India especially by the younger generation.
With this move, we are not just adding products, we are embedding peace of mind
into how users save, spend and invest. Much like we have simplified banking and
credit, our aim is to make insurance invisible, intuitive and part of the
everyday money experience.”
He further added that the
platform’s insurance offering will not be a standalone utility but a deeply
integrated experience that aligns with the life stages and spending patterns of
its users. The company believes that insurance must evolve from being a
reactive, purchase-heavy category into a proactive service that’s triggered at
the right moment with the right context without requiring users to navigate
jargon-heavy journeys.
Leading product
strategy, Chinmay Jain, Director - Insurance &
PPI, added, “With our Broker license, we aim to make insurance simple,
transparent, and embedded in everyday financial life. We believe the next wave
of adoption will come not just from access, but from deep awareness - knowing
what coverage to buy, why it matters, and how it fits into everyday life.. As a
brand focused on financial wellness, Jupiter is committed to educating users on
the right coverages to protect them from life’s financial uncertainties.”
The announcement places
Jupiter Money in line with a growing cohort of fintech platforms entering the
insurance space. As the IRDAI continues to push for insurance penetration
through digital channels, Jupiter Money’s entry reinforces a broader shift in
how insurance is accessed, distributed, and consumed in the mobile-first
economy.
With a user base exceeding
three million and a strong foundation built on intelligent banking, Jupiter
Money’s foray into insurance positions follows a year of strategic expansions
for Jupiter Money, making it one of India’s most comprehensive consumer finance
ecosystems.
About Jupiter Money
Founded in 2019 by fintech
entrepreneur Jitendra Gupta, Jupiter is India’s leading money platform offering
digital-first savings, credit, investment and now insurance services. Backed by
Peak XV, Matrix Partners, QED Investors, Tiger Global and members of the Nubank
board, Jupiter is redefining how young India experiences and manages money.