Reliance General Aims: Reliance General Insurance, promoted by IndusInd International Holdings Ltd (IIHL), is charting an ambitious growth path to nearly double its health insurance portfolio within the next three to four years. The insurer aims to raise the contribution of health insurance from the current 20% to around 38% of its overall portfolio by FY29, aligning its share with the broader general insurance industry average. This strategic focus will be driven largely by strong expansion in the retail health insurance segment, which the company identifies as its biggest growth opportunity.
According to Rakesh Jain, CEO of Reliance General Insurance, the health segment will become a major growth driver in the company’s portfolio as the Indian health insurance landscape undergoes transformation, boosted by policy reforms and growing consumer awareness. “Today, the health portfolio accounts for around 37–38 per cent of the general insurance industry. We are about 20 per cent. We would like to reach the industry levels over the next three-four years,” said Jain in an interview with Business Standard.
Strategic Shift Toward Health Insurance Growth
Expanding Retail Health Portfolio
Reliance General’s retail health segment—currently its smallest business line—is poised to lead this growth journey. Historically, Reliance General had limited exposure to retail health, as the company’s former subsidiary, Reliance Health Insurance, handled that portfolio. With the business now fully integrated, Reliance General has begun aggressively building this segment, viewing it as a young but high-potential portfolio.
GST Relief Fuels Health Insurance Demand
A major catalyst behind the surge in Reliance General’s health insurance business is the removal of GST on individual health and life policies, implemented earlier in 2025. This reform has made health insurance more affordable and accessible, triggering a sharp rise in customer enquiries, conversions, and policy renewals..
Also read: How AI Could Transform Health Insurance in India
Strong Financial Position After IIHL Acquisition
Reliance General’s growth plans are being bolstered by a strengthened financial foundation following its acquisition by IndusInd International Holdings Ltd (IIHL), a part of the Hinduja Group. The insurer raised fresh capital in September 2025, in addition to the ₹200 crore infusion made during IIHL’s acquisition of Reliance Capital.
Industry Outlook and Growth Potential
Despite muted growth in the broader general insurance sector during FY25 and H1 FY26, Jain is optimistic that the momentum will rebound in H2 FY26, supported by regulatory tailwinds and product innovations. The Indian health insurance industry has been expanding rapidly due to rising healthcare costs, increasing awareness of financial protection, and government incentives promoting health coverage. With GST exemptions and digital distribution channels improving access, the retail health insurance segment is poised for double-digit growth over the next few years.
Conclusion
Reliance General Insurance’s plan to double its health insurance business in the next three to four years marks a significant strategic shift in India’s competitive insurance landscape. By leveraging policy tailwinds like GST relief, investing in retail health expansion, and strengthening its capital base post-IIHL acquisition, the company is positioning itself as a future leader in the health insurance domain.
Also read: Suzuki eVitara Review: A Compact EV That Brings Suzuki Into the Electric Era
FAQ’s
1. What is Reliance General Insurance’s goal for the next 3–4 years?
Reliance General aims to double its health insurance business, raising its share from 20% to about 38% of the overall portfolio within the next 3–4 years. The company is targeting industry-level health segment penetration, with a strong focus on expanding its retail health portfolio.
2. How has GST relief impacted the health insurance market?
The nil GST rate on individual health and life policies has made premiums more affordable, increasing customer interest and conversions. Reliance General has seen a surge in enquiries and higher uptake for larger sum insured covers, as policyholders can now get more value for their money.
3. What role does the IIHL acquisition play in Reliance General’s growth?
The acquisition by IndusInd International Holdings Ltd (IIHL) and subsequent capital infusion have strengthened Reliance General’s financial position and brand credibility. It has eliminated concerns associated with the earlier Reliance Capital crisis, restoring consumer trust and supporting expansion plans.
