Mahindra Group and Canada’s Manulife have incorporated their proposed life insurance joint venture, as a next step for entering the life insurance market after announcing the partnership last year.The two partners said Mahindra Manulife Insurance Limited (MMIL) has been incorporated following approval from the Ministry of Corporate Affairs.Mahindra & Mahindra (M&M), India’s largest SUV maker with diversified interests, had in November 2025 announced its entry into the life insurance business through a 50:50 joint venture with Canada-based financial services group Manulife. The venture marks the second partnership between the two groups after their asset management tie-up in 2020.Under the agreement, both partners have committed up to Rs 3,600 crore each towards the venture, with an initial investment of Rs 1,250 crore planned over the first five years. Mahindra and Manulife are expected to contribute about Rs 250 crore annually during this period. The partners had indicated they would seek regulatory approvals within months, with operations targeted to commence 15-18 months after securing the necessary licences.The life insurance business will be housed directly under M&M rather than its lending arm Mahindra Finance, aligning with prevailing industry structures for insurance ventures. Mahindra has earmarked one-third of the dividend income it receives from Mahindra Finance to support the new business.MMIL aims to build a digitally led, AI-native life insurer focused on protection and long-term savings products. The company plans to leverage Mahindra’s distribution reach and Manulife’s expertise in product innovation, underwriting and agency-led distribution to address India’s large protection gap, particularly in rural and semi-urban markets.The partners expect the business to achieve break-even around its tenth year of operations, in line with industry norms for life insurance companies, the company had said earlier. For Manulife, the venture expands its presence in one of the fastest-growing insurance markets, where low penetration levels continue to offer significant growth opportunities.