The licence, which covers both life and general insurance, enables Jupiter to distribute policies directly through its app. The company said it will begin with curated offerings such as term life and health insurance in partnership with major insurers.
Over time, Jupiter plans to introduce embedded insurance products tied to user behaviour, such as travel insurance linked to credit card transactions, cyber fraud micro-covers, and device protection tied to ecommerce activity. All policies will be issued digitally and managed on the platform.
This move is part of Jupiter’s broader effort to expand its consumer finance offerings. Originally launched as a digital banking platform, the company received a non-banking finance company (NBFC) licence and a prepaid payment instrument (PPI) licence in 2023, which allowed it to scale its lending and prepaid services. With insurance now added, Jupiter’s platform covers savings, credit, investing, and protection.
“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 but also embedding peace of mind into how users save, spend, and invest,” said 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.
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.
