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Reliance Capital said on Tuesday said that it will set up 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 in Mumbai.
"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.