Overview
- Each partner will commit up to ₹3,600 crore (US$400 million), with about ₹1,250 crore expected from each in the first five years.
- The companies will jointly apply for a life‑insurance licence, and the timing for clearances and market launch remains undecided.
- The venture targets long‑term savings and protection products with an emphasis on rural and semi‑urban customers while serving urban markets.
- The partnership builds on their 2020 collaboration in Mahindra Manulife Investment Management.
- Kotak Investment Banking advised Mahindra, with AZB & Partners and Debevoise & Plimpton acting as legal counsel.