The fintech platform Jupiter Money has obtained a corporate agency license from the Insurance Regulatory and Development Authority of India (Irdai), signifying its launch into the insurance distribution sector.

The license, encompassing both life and general insurance, allows Jupiter to sell policies directly via its app. The firm announced it will start with selected products like term life and health insurance in collaboration with leading insurers.

Jupiter intends to launch embedded insurance offerings linked to user actions over time, including travel insurance associated with credit card purchases, micro-covers for cyber fraud, and device protection related to ecommerce transactions. All policies will be created digitally and handled on the platform.

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This action is a component of Jupiter's larger initiative to enhance its consumer finance services. Initially introduced as a digital banking service, the firm acquired a non-banking finance company (NBFC) licence and a prepaid payment instrument (PPI) licence in 2023, enabling it to expand its lending and prepaid offerings. Now that insurance is included, Jupiter’s platform encompasses savings, credit, investing, and security.

“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 but also embedding peace of mind into how users save, spend, and invest,” says Rohit Kumar Pandey, president of Jupiter Money.

Founded in 2019 by Jitendra Gupta, Jupiter is backed by investors including Peak XV, Matrix Partners, QED Investors, and Tiger Global and has over three million users.

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The company's foray into insurance comes amid a broader push by fintech platforms to offer insurance products. In October 2024, digital banking platform Freo also received a licence from the insurance regulator, allowing it to add insurance to its existing suite of services.