Mahindra and Mahindra Finance Ventures into Insurance Business with Multifaceted Approach

15 Dec 2023 , 01:50 PM

Mahindra and Mahindra Finance will enter the life, health, and general insurance business. The company has approved the supplemental business activity of soliciting and procuring insurance business as a corporate agent.

The focus will be on life, health, and general insurance for both group and individual policies. The initiation of this venture is subject to necessary approvals from the Insurance Regulatory and Development Authority of India (IRDAI) and a no-objection from the Reserve Bank of India (RBI) and other regulatory authorities.

Mahindra and Mahindra Finance plan an initial investment ranging from Rs 5 crore to Rs 10 crore for technology setup, manpower hiring, and training and certification costs.

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