Upstox, a leading wealth management platform in India, has announced its expansion into the insurance distribution sector. Upstox, known for its stock, F&O, and mutual fund offerings, has expanded its wealth-building platform with the introduction of Insurance. 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.
Upstox is launching a platform to revolutionize India’s insurance market by providing a simplified, transparent, and customized insurance experience. The platform currently offers Term Life Insurance and plans 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, India’s insurance penetration is only 4.2%, with many still relying on traditional and agent-driven models. Upstox aims to solve the mis-selling of insurance products by streamlining Life, Health, Motor, and Travel insurance for its customers. The company uses advanced technology and industry expertise to identify top plans, purchase insurance, and make claims smooth. Kavitha Subramanian, Co-Founder, Upstox said, “We are thrilled to expand our offerings on Upstox and foray into the insurance distribution segment.”