Mumbai : Reliance Health Insurance, a wholly owned subsidiary of Reliance Capital, has received R3 approval from Insurance regulator IRDAI for its new health insurance business. The new company will commence operations by the December quarter of 2018.
Mr. 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.