Reliance Capital to setup standalone health insurance firm

Mumbai: Reliance Capital said on Tuesday said that it will setup a standalone health insurance company.

According to Reliance Capital`s Executive Director Anmol Ambani, the firm has received "round 1 approval from the IRDA".

"We expect to become operational beginning early next year," Ambani said while addressing shareholders during the company`s annual general meeting held here.

"There are three factors indicating significant growth potential in retail health insurance -- Changing demographics: a younger India with higher income, higher assets, and more financially aware -- the rising cost of healthcare -- an increase in lifestyle related ailments," he added.