Mahindra and Manulife have announced that they have received approval from the Ministry of Corporate Affairs (MCA) for incorporation of Mahindra Manulife Insurance Limited (MMIL), a Joint Venture life insurance company.

According to the company: "MMIL aims to address India's large protection gap through a range of long-term savings and protection products, with a strong focus on rural and semi-urban markets while building leadership in protection solutions for urban customers."