The Insurance Regulatory and Development Authority of India (IRDAI) has granted the fintech platform Jupiter Money a corporate agency license. As a result, it will be able to use its app to directly distribute life and general insurance policies.
Key Highlights
- Jupiter Money receives IRDAI corporate agency licence, enabling it to distribute life, health and general insurance products.
- This regulatory approval allows Jupiter to expand beyond fintech into insurance market, diversifying revenue streams.
The company claims that through alliances with top insurers, it will first provide carefully chosen insurance products like health and term life insurance. Additionally, it intends to introduce embedded insurance products that are based on user behavior. Examples of these include cyber fraud coverage, device protection linked to e-commerce activity, and travel insurance linked to card usage.
As part of its larger plan to develop into a full-stack provider of financial services, Jupiter is now entering the insurance market. The company already has a 2023 NBFC license and a 2024 PPI license.
Also Read: India Insurtech Summit 2025 to Highlight Govt's Push to Transform $11 Trn Insurance Sector
During a $86 million Series C round in December 2021, Jupiter's last valuation was approximately $710 million. To date, QED Investors, Peak XV, and Matrix Partners have contributed more than $160 million to the cause.
Additionally, Freo obtained the corporate agent license from IIRDAI in October of last year.
