Reliance gets IRDA approval for health insurance business

Reliance Health Insurance will commence operations by the December quarter of 2018.

Reliance Health Insurance, a wholly owned subsidiary of Reliance Capital, announced that it has received R3 approval from IRDAI for its new health insurance business.

Anmol Ambani, Executive Director, Reliance Capital said, “The scope of health insurance in India is massive and, given the current low penetration, is expected to grow multi-fold over the next few years. Setting up a standalone health insurance company with an extremely experienced and capable leadership

will allow us to put the right kind of focus this segment requires. We are making significant investments in our technology and digital platforms which will provide a magical experience for our customers.”

Health insurance in India has been amongst the fastest growing insurance sectors growing at 20 percent annually and is expected to double to over Rs.100,000 crore by 2021.

Reliance Capital Limited, a part of the Reliance Group, is one of India’s leading private sector financial services companies. It ranks amongst the top private sector financial services and banking groups, in terms of net worth. The Company is a constituent of MSCI Global Small Cap Index. Reliance Capital has interests in asset management and mutual funds, pension funds, life, health and general insurance, commercial and home finance, stock broking, wealth management services, distribution of financial products, asset reconstruction, proprietary investments and other activities in financial services.