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.

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Direct Insurance Broker license enables platforms to distribute digital insurance seamlessly embedded into everyday user journeys. IRDAI approval of a Direct Insurance Broker (Life & General) license authorises Jupiter Money to distribute and digitally issue curated term life and health policies via its platform, manage policy lifecycles on-platform, and implement contextual, embedded insurance tied to real-time user behaviour to integrate protection into everyday customer journeys.