Mahindra Insurance Brokers Limited (MIBL), a subsidiary of Mahindra & Mahindra Financial Services Limited (Mahindra Finance), today announced its partnership with BigHaat, India's leading Agri Digital Platform. This partnership will offer financial solutions to the informal Agri segment of India's workforce. Mahindra Insurance Brokers and BigHaat will together promote the Government of India's goal of higher insurance penetration in rural India.
Mahindra Insurance Brokers Limited will offer health and motor insurance policies under this partnership. The health insurance policy will be sold to BigHaat customers via the BigHaat website and mobile application. This policy will offer a Sum Insured of up to Rs 5 lakhs in various combinations (Self/Spouse/Children/Parents). Additionally, hospital cash of daily sum insured of Rs.1000 for 15 days in a year will also be launched as part of the insurance policy.
Commenting on the association, Vedanarayanan Seshadri, MD & Principal Officer, MIBL said, "With 70% of India's population being rural centric, this segment is a vastly untapped market when it comes to insurance adoption. In addition, rural and semi-urban India are the most affected by unforeseen events leading to financial stress on families. Our partnership with BigHaat will provide a sense of social and financial security to these families. MIBL is committed to building trust and awareness within this community, further meeting the insurance requirements of this market".
Sateesh Nukala, Co-founders of BigHaat India, mentioned, "Bringing insurance to the underserved population such as farmers is a huge step forward. While agri-insurance has been the preferred form of insurance, they have overlooked their own health and their tractor requirements. In this association with Mahindra Insurance Brokers, BigHaat will be delivering health insurance to over 10 million farmers who are on its platform. With this partnership, BigHaat is taking a step close to bridging the gap of low insurance penetration among the farming community. This association will help us become a one-source destination for all the needs of farmers including tractors and health insurance."
Mahindra Insurance Brokers has been able to create a strong bond with rural customers due to its presence in rural and semi-urban India and has been providing supreme customer experience over the past 18 years.
BigHaat is India's leading famer-centric Agri Digital Platform. It offers comprehensive personalized technical guidance, accessibility, and a wide range of high-quality inputs to the farmers. With the help of date, science, and technological development, BigHaat is transforming the future of millions of farmers, thereby significantly improving sustainablility and profitabiloity for them.
Shares of Mahindra & Mahindra Financial Services Limited was last trading in BSE at Rs. 171.90 as compared to the previous close of Rs. 166.05. The total number of shares traded during the day was 132853 in over 2226 trades.
The stock hit an intraday high of Rs. 173.65 and intraday low of 166.25. The net turnover during the day was Rs. 22657112.00.