Upstox enters insurance distribution space, adds HDFC Life as its first insurance partner

financialexpress.com:

Ratan Tata-backed fintech platform Upstox has announced its foray into the insurance distribution business. HDFC Life is among the first insurers to partner with Upstox and feature its term insurance plans on the latter’s platform.

With this launch, the company aims to revolutionise India’s insurance landscape by offering its users a simplified, transparent and customised experience of purchasing insurance in line with their needs, the fintech company said in a release.

Upstox planning to roll out health, motor and travel insurance

Upstox currently offers term life Insurance on its platform and is planning to roll out health, motor and travel insurance soon. The fintech major has traditionally been known for its offerings in stocks, F&O, and mutual funds, but the introduction of insurance marks a significant stride towards evolving into a comprehensive wealth-building platform.

Today, 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 and much more, the release said.

Also Read: YOUR MONEY: Find out how much life cover you need today

“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,” the release said.

“Through its research, Upstox recognized that often users succumb to a one-size-fits-all approach; and opt for a term insurance plan without proper assessment. Upstox has thus set out to