Under the agreement, both partners will commit up to Rs 3,600 crore each, with an initial investment of Rs 1,250 crore planned over the first five years. The Mahindra Group expects to deploy about Rs 250 crore a year over this period, while Manulife will contribute an equal amount. The two partners will apply for a license in 2-3 months, and operations are expected to begin within 15-18 months of regulatory approval.