Mumbai, Nov. 13 -- Mahindra & Mahindra Ltd (M&M) has signed an agreement with global insurer Manulife to form a 50:50 life insurance joint venture in India, with both partners committing capital of up to Rs3,600 crore over 10 years.

The proposed JV, which is subject to regulatory approval, aims to become the "No. 1 life insurer for rural and semi-urban India" while building a strong protection-led franchise in urban markets, the company said.

Announcing the agreement, Mahindra Group CEO and Managing Director Anish Shah said, "Mahindra brand strength, deep distribution capabilities in rural and semi-urban India and execution excellence make life insurance a logical extension towards our goal of building a comprehensive financial services...