Reliance Capital May Launch a Separate Health Insurance Company with ManipalCigna

In an effort to revive its general insurance business, Reliance Capital may set up a separate health insurance company and collaborate it with ManipalCigna. In this JV Reliance Capital will replace the Indian Manipal group, while forming alliance with U.S. based healthcare insurer Cigna Corporation.

Read More

Policybazaar exclusive benefits
  • 30 minutes claim support*(In 120+ cities)
  • Relationship manager For every customer
  • 24*7 claims assistance In 30 mins. guaranteed*
  • Instant policy issuance No medical tests*

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Tax benefit is subject to changes in tax laws. Standard T&C Apply

Back
Find affordable plans with up to 25% Discount**
  • 1
  • 2
  • 3
  • 4

Who would you like to insure?

  • Previous step
    Continue
    By clicking on “Continue”, you agree to our Privacy Policy and Terms of use
    Previous step
    Continue

      Popular Cities

      Previous step
      Continue
      Previous step
      Continue

      Do you have an existing illness or medical history?

      This helps us find plans that cover your condition and avoid claim rejection

      Get updates on WhatsApp

      What is your existing illness?

      Select all that apply

      Previous step

      When did you recover from Covid-19?

      Some plans are available only after a certain time

      Previous step
      Advantages of
      entering a valid number
      valid-mobile-number
      You save time, money and effort,
      Our experts will help you choose the right plan in less than 20 minutes & save you upto 80% on your premium

      Currently, Reliance General is in partnership with Japan's Nippon Life and serving the Indian insurance sector.

      Mr. Sam Ghosh, CEO of Reliance Capital, said, “Both Manipal and Cigna are committed to serving the Indian Insurance market. Reliance General has earned an income worth Rs 500 crore from the premiums, and the health insurance segment has contributed 20%. We are positive that the trends of 2014-15 will continue to grow.”     

      Reliance General’s portfolio grew 10% with reported net profit worth Rs 18 crore in March 2014-15, as compared to 14% growth witnessed in previous year with Rs 27 crore revenues, and Rs 7 crore refunds paid to health insurance policyholders.   

      Post the Indian government nod to 49% FDI in the insurance sector, several multi-national insurance companies have begun to form collaboration with Indian companies. For instance, US-based Aetna and South Africa's Discovery are seeking JV with Indian insurance providers to launch their health insurance subsidiaries in the country. 

      Health insurance was earlier clubbed with general insurance, but with the amendment to the insurance Bill, the Regulatory and Development Authority (IRDAI) will soon establish new rules to operate the health insurance business in India.

      IRDAI proposes to lower the capital investment for health insurance to 100% from the current 150%. Furthermore, it will now be mandatory for insurance companies to maintain adequate funds for solvency margins. 

      Presently, five autonomous companies govern the Indian health insurance segment. Recently, South Africa-based MMI Holdings and Birla have filed their applications with IRDAI to seek permission to operate in the health insurance sector. It is a rapidly emerging sector, with recorded growth rate of 20% against 9% for other segments in 2014-15.

      Source: This news was published on June 2, 2015 in economictimes.indiatimes.com under the title: “Reliance Capital may spin off health insurance business”

      Search
      Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

      Health insurance articles

      Recent Articles
      Popular Articles
      Everything about the Activ One Plan by Aditya Birla Health Insurance

      05 Dec 2023

      In a time when increasing healthcare costs can create a
      Read more
      10 Reasons Why Your Health Insurance Claim Can Get Rejected

      01 Dec 2023

      Health insurance plans add a layer of invisible protection against
      Read more
      Knee Replacement Surgery Cost in India

      30 Nov 2023

      Knee pain has become a very common ailment in India, with over 15
      Read more
      Kidney Transplant Cost in India

      30 Nov 2023

      Kidney disease has been growing at an alarming rate in India. As
      Read more
      How Can NRIs Save Taxes on Health Insurance in India?

      24 Nov 2023

      Health insurance is an essential buy for people in India as well
      Read more
      How to Apply for Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY)?
      Ayushman Bharat Yojana is a flagship health insurance scheme launched by the Government of India to offer universal
      Read more
      Best Health Insurance Plans for Senior Citizens in 2023
      Senior citizens are the most prone to diseases. Considering the medical inflation in India, buying health insurance
      Read more
      10 Major Benefits of Ayushman Bharat Yojana
      Pradhan Mantri Jan Arogya Yojana (PM-JAY) is the second component under Ayushman Bharat Scheme. PM Narendra Modi
      Read more
      Does Health Insurance Provide Coverage for LASIK Eye Surgery?
      A vast majority of the Indian population is suffering from vision problems. For some of them, LASIK eye surgery is
      Read more
      Pre-Existing Disease (PED) Cover from Day One
      Pre-existing diseases (PED) are mostly expensive to treat as they are chronic in nature. Unfortunately, most health
      Read more

      top
      Close
      Download the Policybazaar app
      to manage all your insurance needs.
      INSTALL