Mahindra, Manulife Join Hands for Life Insurance in India

In a bold move signaling confidence in India’s under-penetrated insurance sector, Mahindra & Mahindra and Canada-based Manulife have agreed to form a 50:50 joint venture to launch a new life insurance company. The deal, awaiting regulatory approval, marks a significant expansion of their existing partnership in financial services.

Both firms are committing up to ₹3,600 crore each, with an initial investment of ₹1,250 crore over the first five years. Once approvals are secured, the joint venture will apply for an insurance license and begin operations targeting a diverse Indian audience.

The new insurer plans to focus on offering long-term protection and savings products, particularly in rural and semi-urban areas, where insurance penetration remains limited. Leveraging technology to streamline operations, the venture aims to create a customer-friendly and efficient insurance platform.

This initiative builds on the success of Mahindra Manulife Investment Management, their 2020 joint venture in the mutual fund segment. By entering the life insurance space, both companies aim to address the growing financial security needs of Indian households while expanding their footprint in one of the world’s fastest-growing insurance markets.