Mahindra Finance's Insurance arm collaborates with BigHaat; stock soars ~3%

23 Jun 2022 , 12:04 PM

Mahindra Insurance Brokers Limited (MIBL), a subsidiary of Mahindra & Mahindra Financial Services Limited (Mahindra Finance), announced a collaboration with BigHaat, India’s leading Agri Digital Platform, today. This collaboration will provide financial solutions to India’s informal Agri workforce.

BigHaat and Mahindra Insurance Brokers will work together to promote the Government of India’s goal of increasing insurance penetration in rural India.

Under this collaboration, Mahindra Insurance Brokers Limited will provide health and auto insurance policies. BigHaat customers will be able to purchase the health insurance policy through the BigHaat website and mobile application. Available in various combinations (Self/Spouse/Children/Parents), this policy will provide a Sum Insured of up to Rs5 lakh.

In addition, as part of the insurance policy, a hospital cash of Rs1000 per day for 15 days per year will be launched.

“With 70% of India’s population being rural centric, this segment is a vastly untapped market when it comes to insurance adoption,” said Vedanarayanan Seshadri, MD & Principal Officer, MIBL.

Furthermore, unforeseen events that cause financial stress on families are most prevalent in rural and semi-urban India. Our collaboration with BigHaat will provide these families with a sense of social and financial security. MIBL is committed to increasing trust and awareness in this community in order to better meet the insurance needs of this market.”

Mahindra Finance is currently trading at Rs173.90 up by Rs4.6 or 2.72% from its previous closing of Rs169.30 on the BSE. The scrip opened at Rs171 and has touched intraday high and low of Rs174.15 and Rs169.80 respectively.