Upstox, in its insurance debut, names HDFC Life as its inaugural partner, showcasing term insurance plans.
Today, May 21, Upstox, a wealth management platform, unveiled its entry into the insurance distribution realm. Starting with term life insurance, the company plans to diversify its offerings to include health, motor, and travel insurance, as per its statement.
HDFC Life is appointed as the company’s inaugural insurance partner. HDFC will showcase its term insurance plans on the platform, stated Suresh Badami, HDFC Life’s deputy MD, emphasizing the endeavor to achieve India’s ‘Insurance for All’ objective by 2047 through leveraging distribution and digital capabilities to extend insurance solutions to the entire customer base and amplify the partnership’s value.
Recognized for its offerings in stocks, F&O, and mutual funds, Upstox has a diverse financial instruments portfolio including IPOs, commodities, currencies, fixed deposits, P2P lending, government bonds, T-bills, NCDs, gold, and insurance. According to Kavitha Subramanian, co-founder of Upstox, the company acknowledges the complexity of navigating the insurance landscape and aims to assist customers by addressing their queries without overwhelming them.
“Our goal is to assist customers in making informed investment decisions and empower Indians to invest wisely. We are dedicated to continually enhancing our platform to ensure it is user-friendly, secure, and efficient. With the introduction of insurance on our platform, we remain committed to helping our users effectively manage their wealth for a financially secure future,” she stated. Upstox, co-founded by Ravi Kumar, Kavitha Subramanian, and Shrini Viswanath, is among India’s leading investment and trading platforms, boasting a user base exceeding 1.3 crore and backed by Ratan Tata.
“Our aim is to guide customers in informed investment decisions and empower Indians for wise investments. We’re dedicated to enhancing our platform for user-friendliness, security, and efficiency. With insurance introduction, we’re committed to aiding users in wealth management,” she said. Upstox, co-founded by Ravi Kumar, Kavitha Subramanian, and Shrini Viswanath, is a prominent investment and trading platform in India, with over 1.3 crore users and Ratan Tata’s backing.
Upstox provides an array of financial instruments such as stocks, IPOs, F&O, commodities, currencies, fixed deposits, P2P lending, government bonds, NCDs, Gold, and insurance. The Mumbai-based company achieved a 44% YoY increase in broking revenue, surpassing Rs 1,000 crore in FY23, and declared profitability. Competing with Zerodha, Groww, and PhonePe’s Share.Market, Upstox also offers insurance products, similar to PhonePe.
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