Upstox, a wealth management platform, has entered into the insurance distribution business, the company announced today, May 21. 

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Beginning with term life insurance, the company will further expand its offering to health, motor and travel insurance, it said in a statement.

The company has appointed HDFC Life as its first insurance partner. HDFC will feature its term insurance plans on the platform.

"This marks another stride towards realising India’s goal of ‘Insurance for All’ by 2047. We aim to utilise our distribution and digital capabilities to extend our insurance solutions to their entire customer base and enhance the value of this partnership," said Suresh Badami, deputy MD, HDFC Life.

Upstox has traditionally been recognised for its offerings in stocks, F&O, and mutual funds. It has a financial instruments portfolio of IPOs, F&O, commodities, currencies, fixed deposits, P2P lending, government bonds, T-bills, NCDs, gold, insurance and much more.

"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. At Upstox, we understand these challenges, and we’re dedicated to helping our customers get answers to all of these without overwhelming them," said Kavitha Subramanian, co-founder, Upstox.

"Our aim is to help customers cut through the noise and help Indians invest right. We are constantly working towards making our platform simple, secure, fast, and intuitive. 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," she added.

Co-founded by Ravi Kumar, Kavitha Subramanian, and Shrini Viswanath, Upstox is one of the investment and trading platforms in India. The company claims to have a user base of more than 1.3 crore. It is backed by Ratan Tata.

While offering zero AMC, account opening and zero commission mutual funds and IPO investments, Upstox' rates for other trades and investments are as follows:

Equity delivery: Rs 20 per executed order or 2.5 per cent (whichever is lower)
Intraday, futures, currency, commodity: Rs 20 per executed order or 0.05 per cent (whichever is lower)
Options: Flat Rs 20 per executed order