Anil Ambani-led Reliance Health Insurance, a wholly owned subsidiary of Reliance Capital, will soon start operations as Insurance Regulatory and Development Authority of India has given the final approval.
Following the approval, Reliance Health Insurance plans to commence operations by mid December 2018.
In a regulatory filing on Friday, Reliance Capital said Reliance Health Insurance "has received R3 approval from the Insurance Regulatory and Development Authority of India (Irdai) for its new health insurance business".
"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," Reliance Capital Anmol Ambani Executive Director was quoted as saying by PTI.
Health insurance in India has been one of the fastest-growing insurance sectors, growing 20 per cent annually and is likely to double to over Rs 1,00,000 crore by 2021. Meanwhile, on Friday, Reliance Capital shares were trading 1.36 per cent higher at Rs 272.70 apiece on BSE.