NSERatan Tata and Tiger Global backed Upstox, a wealth management platform, has forayed into the insurance distribution business.
With this launch, the company aims to revolutionise India's insurance landscape by offering its users a customised experience of purchasing insurance in line with their needs.While Upstox has traditionally been recognised for its offerings in Stocks, F&O, and Mutual Funds, the introduction of insurance marks a stride towards evolving into a comprehensive wealth-building platform.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.Currently, the insurance penetration in India stands at just 4.2% 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.Kavitha Subramanian, Co-Founder, Upstox said, "We have recognised that navigating the insurance landscape is a daunting task.
Customers are inundated with so many questions - which is the right plan, what should be the correct criteria to select a plan, how much insurance cover will be enough.
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."
NSE
Ratan Tata and Tiger Global backed Upstox, a wealth management platform, has forayed into the insurance distribution business. With this launch, the company aims to revolutionise India's insurance landscape by offering its users a customised experience of purchasing insurance in line with their needs.While Upstox has traditionally been recognised for its offerings in Stocks, F&O, and Mutual Funds, the introduction of insurance marks a stride towards evolving into a comprehensive wealth-building platform.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.Currently, the insurance penetration in India stands at just 4.2% 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.Kavitha Subramanian, Co-Founder, Upstox said, "We have recognised that navigating the insurance landscape is a daunting task. Customers are inundated with so many questions - which is the right plan, what should be the correct criteria to select a plan, how much insurance cover will be enough. 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."
