Ratan Tata and Tiger Global backed Upstox, a wealth management platform, has forayed into the insurance distribution business.
The introduction of insurance marks a significant stride towards evolving into a comprehensive wealth-building platform, per the company.
Currently, Upstox is offering term life insurance on its platform and is planning to roll out health, motor and travel insurance soon. HDFC Life is among the first insurers to partner with Upstox and feature their term insurance plans on the platform.
Kavitha Subramanian, Co-Founder, Upstox, said, “We are thrilled to expand our offerings on Upstox and foray into the insurance distribution segment. We have recognised that navigating the insurance landscape is a daunting task. With the launch of insurance on our platform, we will remain steadfast in our endeavour of helping our users manage their wealth effectively for a secure financial future. And to accomplish this, we’re delighted to have HDFC Life as our first insurance partners.”
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Suresh Badami, Deputy Managing Director, HDFC Life, said,“We are pleased to announce our partnership with Upstox. This marks another stride towards realising India’s goal of ‘Insurance for All’ by 2047. We aim to utilise our distribution and digital capabilities to extend our insurance solutions to their entire customer base and enhance the value of this partnership.”
Upstox has a user base of over 1.3 crore.
By leveraging advanced technology and industry expertise, Upstox aims to simplify the insurance process—from identifying the top plans in each category to purchasing insurance and finally making the claim process smooth.
Upstox is a one-stop-shop for a wide array of financial instruments including stocks, IPOs, F&O, commodities, currencies, fixed deposits, P2P lending, government bonds, T-Bills, NCDs, gold, insurance, etc.
Currently, the insurance penetration in India stands at just 4.2 percent with a considerable portion of the population still being dependent on traditional and agent-driven models to purchase policies.
Along with that, there is a lack of awareness, overload of choices, heavy paperwork and complex jargon involved in the process of buying insurance.