Upstox, one of India’s premier wealth management platforms, announced its entry into the insurance distribution business. Upstox has traditionally been recognized for its offerings in Stocks, F&O, and Mutual Funds, 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.
Upstox is launching a platform to revolutionize India’s insurance market by providing a simplified, transparent, and customized insurance experience. Currently, it offers Term Life Insurance and plans to expand to Health, Motor, and Travel Insurance. HDFC Life is among the first insurers to partner with Upstox. Kavitha Subramanian, Co-Founder, Upstox said, “We are thrilled to expand our offerings on Upstox and foray into the insurance distribution segment.”
India’s insurance penetration is only 4.2%, with many relying on traditional models. Upstox, a research firm, aims to address this issue by streamlining the Life, Health, Motor, and Travel insurance processes. The company uses advanced technology and industry expertise to identify top plans, purchase insurance, and make claims smooth.
