Reliance Health Insurance

The company will be merged into Reliance General

Irdai has also asked RHICL to "ring fence" its residual assets and not dispose them of without the insurance regulator's prior written approval.

The company has already exited its mutual fund business, selling it to Nippon

Reliance Health will leverage Reliance General Insurance's existing expertise in health insurance and distribution network to have a pan-India presence on the very first day of operations

The company said health insurance in India has been amongst the fastest-growing insurance sectors