JioFinance360 is designed to provide users with a single view of their assets and liabilities, including information related to spending, borrowing, investments, insurance and taxes.
The feature generates a Financial Health Score on a scale of 0 to 100 based on five parameters, spending, borrowing, wealth, protection and tax.
According to JFPSL, the spending assessment looks at factors such as the user’s spend-to-income ratio, emergency fund position and savings consistency. The borrowing component considers fixed monthly obligations and credit-score trends, while the wealth component assesses investment-related metrics and portfolio quality, including potential overlap between mutual funds.
The protection component evaluates life and health insurance coverage against the user’s stated requirements, while the tax component tracks filing status and identifies potential tax-saving opportunities.
The feature uses large language models along with a rule-based insight engine to generate financial insights and recommendations, the company said.
The other offering, JioFinance+, is a membership programme linked to eligible financial products available on the JioFinance marketplace. JFPSL said a portion of the commission it earns on eligible marketplace transactions will be passed on to customers as benefits.
The membership is being offered free for the first 365 days as an introductory offer. Benefits include cash valueback of up to ₹5,000 on personal loans and up to ₹1,000 on credit cards, an additional 1% JioGold on eligible lump-sum gold purchases of ₹2,500 or more, and 25% additional JioPoints on eligible platform transactions.The benefits are subject to the eligibility and terms applicable to individual transactions and products.
Surbhe S Sharma, Chief Executive Officer, Jio Finance Platform and Service, said the two offerings are intended to provide users with financial insights as well as transaction-linked benefits.
Both features are available on the JioFinance app, with JioFinance+ currently available without a membership fee during the introductory period.
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