Kotak Life and Mahindra Finance Join Forces to Provide Life Insurance Solutions

On June 13, 2024, Mahindra & Mahindra Financial Services Limited (Mahindra Finance) informed in a stock exchange filing that the company partnered with Kotak Mahindra Life Insurance Company Ltd (Kotak Life). The company stated that the collaboration will benefit over 10 million Mahindra Finance customers by providing a comprehensive range of tailor-made life insurance solutions provided by Kotak Life.

These services will be offered by Mahindra Finance through its wide range of network of more than 1,400 branches spread across all states and Union Territories in India over a period of time.

The agreement between the two companies was signed by Mahesh Balasubramanian, MD of Kotak Mahindra Life Insurance Company and Raul Rebello, Managing Director and CEO of Mahindra Finance.

Commenting on this partnership, the MD of Kotak Mahindra Life Insurance Company Limited, Mahesh Balasubramanian, said, “At Kotak Life, we firmly believe that life insurance is a necessity for every Indian. We are committed to the vision of ‘Insurance for All,’ as outlined by the IRDAI.”

He further added that, through its collaboration with Mahindra Finance, the company aims to expand its outreach to untapped segments of the population. Leveraging Mahindra Finance’s extensive customer reach and its own expertise in life insurance, it now offers life insurance solutions, enhancing financial security for Mahindra Finance customers.

The Managing Director and CEO of Mahindra Finance, Raul Rebello, said, “We are delighted to enter into this strategic collaboration with Kotak Life to offer life insurance solutions to our customers. It is a significant step in our commitment to facilitate agile and efficient insurance solutions powered with personalised customer experience. Our aim is to help facilitate sustainable growth while delivering on our commitment towards being a responsible financial solution partner to Emerging India”.

About Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited is a part of the Mahindra Group. It is one of the leading non-banking finance companies in India. The company focuses on the rural and semi-urban sectors and has more than 10 million customers. Mahindra Finance is a leading vehicle and tractor financier. It offers loans to SMEs and offers fixed deposits.

On June 13, 2024, the share price of Mahindra & Mahindra Financial Services Ltd opened at ₹291.00, touching the day’s high at ₹296.50, as of 1:00 PM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.