Jupiter Money enters insurance distribution, gets IRDAI broker license

Jupiter Money, the digital-first personal finance platform, on Thursday said it has secured a direct insurance broker license from the Insurance Regulatory and Development Authority of India (IRDAI), marking its official entry into the insurance distribution business.

The approval enables the Mumbai startup to offer life and general insurance products directly through its app, in partnership with leading insurers. The move is part of a broader effort to become a full-stack financial services provider, following its earlier regulatory clearances in 2023 for an NBFC and a prepaid instrument license.

“Insurance is a critical layer in the financial journey, and it remains underserved and underutilised 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,” said Rohit Kumar Pandey, President at Jupiter Money, in a statement.

Jupiter plans to offer term life and health policies, with future rollouts to include embedded and contextual insurance, such as travel insurance triggered by card transactions, micro-covers for cyber fraud, and device protection linked to online shopping activity. All policies will be issued and managed digitally within the fintech’s app.

Chinmay Jain, Director of Insurance and PPI at Jupiter, said, “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.”

Founded in 2019 by fintech entrepreneur Jitendra Gupta, Jupiter has over three million users and offers digital banking, credit, investment, and now insurance services. Its investors include Peak XV, Matrix Partners, QED Investors, Tiger Global, and members of the Nubank board.