(IANS) Reliance Health Insurance (RHI), an ADAG group firm, on Thursday, said that it will transfer its health insurance portfolio covering all financial assets and policyholder liabilities to Reliance General Insurance (RGI).
“This process is being undertaken in consultation with the Insurance Regulatory & Development Authority of India (IRDAI) and has been approved by the regulator,” Reliance Capital spokesperson said.
The ADAG flagship Reliance Capital is the promoter company of Reliance Health Insurance (RHI) and Reliance General Insurance (RGI).
The official spokesperson said that there will be no impact on policyholders due to the proposed transition which will begin from November 15, and customers will continue to avail the same benefits as per policy terms and conditions.
“Further, the process of amalgamation of RHI with RGI is being taken up and will be completed in due course. The decision has been taken in the best interest of policyholders and we are fully committed to servicing our customers,” the company official said.
The official claimed that RGI is one of the leading general insurance players in India with a strong customer service network. Further, it has demonstrated strong financial performance over the last few years and achieved gross direct premium of Rs 6,252 crore and profit after tax of Rs 212 crore in the financial year 2018-19.