Reliance Industries Chairman Mukesh Ambani is now going to enter the insurance market and is in talks with Allianz.

According to reliable reports, Reliance Industries Chairman Mukesh Ambani is all set to enter the insurance market and is in talks with Allianz SE.

According to sources, Mukesh Ambani's company Jio Financial Services Limited has started talks with German insurance company Allianz SE. Allianz and Jio Financial will together enter the general insurance and life insurance business.

This joint venture will benefit millions of people. Insurance premiums may also come down. However, it is worth mentioning here that there has been no official statement from Jio in this regard.

A Jio spokesperson has currently refused to shed any light on this development. Jio Financial is currently headed by veteran banker KV. Jio Financial has entered the asset management business in collaboration with BlackRock Inc.

The addition of insurance to its portfolio will boost Jio Financial's ambitions. This will help Jio become a major player in India's financial sector.

India's insurance penetration rate is much lower than in countries such as South Africa and Canada. This further highlights the growth potential of the sector for companies such as Jio Financial and Allianz, a financial market study says.