Bengaluru-based Jupiter Money secures IRDAI direct insurance broker license

Bengaluru-based financial services firm Jupiter Money has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) for a Direct Insurance Broker (Life & General) license. 

Jupiter Money said the license allows it 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 firm 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, it 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, the release notes. 

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. 

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, Juptier is committed to educating users on the right coverages to protect them from life’s financial uncertainties.” 

Founded in 2019 by fintech entrepreneur Jitendra Gupta, Jupiter is backed by Peak XV, Matrix Partners, QED Investors, Tiger Global and members of the Nubank board.