Shriram Life Insurance Company Limited (SLIC) has entered into a strategic partnership with Muthoot Mercantile Ltd. (MML), a Kerala-based NBFC renowned for its gold loan services. Through this collaboration, MML will distribute Shriram Life’s comprehensive insurance products across its extensive branch network, enhancing accessibility to life insurance solutions for customers nationwide.
This alliance marks a significant step in SLIC’s mission to broaden insurance outreach, leveraging MML’s strong presence and customer base. Established in Kozhencherry, Kerala in 1949, MML became an RBI-registered NBFC in 2002. Today, it operates 307 branches across India, with 85 branches concentrated in Kerala and others located in Odisha, Maharashtra, Delhi, and Tamil Nadu.
Serving over 1.3 million customers and acquiring an average of 5,764 new clients monthly, MML primarily caters to the middle and upper-middle class segments.
R. Radhakrishnan, President of Shriram Life, said, “This collaboration allows us to deliver reliable insurance solutions to a wider audience. In Kerala, we aim to support the growing focus on financial well-being while expanding our footprint in regions where insurance awareness is gaining momentum. MML’s deep-rooted presence and loyal customer base make it an ideal partner. Together, we can strengthen our distribution network and make meaningful strides in bridging the protection gap.”
The partnership is designed to bring personal protection solutions to Kerala and other regions where MML maintains a strong customer connection.
“This initiative is designed to extend insurance solutions to a wide segment of the Muthoot Mercantile customer base. It also empowers us to deliver a diverse portfolio of high-quality life insurance products to our valued clients,” said Richi Mathew, Managing Director of Muthoot Mercantile.
