Aditya Birla Financial Services Group (ABFSG) today said its health insurance arm has received the final regulatory approval from sector watchdog Irdai and it is likely to begin operations in the last quarter of 2016.
Aditya Birla Health Insurance Ltd is a joint venture between the Aditya Birla Group and South Africa-based financial services group MMI Holdings (MMI).
Mayank Bathwal, who has been with the Aditya Birla Group for over two decades, has been appointed the chief executive of the health insurance firm, a statement by Aditya Birla Financial Services said.
"We are excited by the health insurance opportunity in India and believe that health and wellness play a key role to help people live successful lives and achieve their dreams," Aditya Birla Group Chief Executive - Financial Services, Ajay Srinivasan said.
"Given the low penetration of this category, we are confident that our differentiated products and solutions will bring relevance to our target consumers," he added.
MMI Holdings' Group CEO Nicolaas Kruger said the move "is an important milestone for MMI and we look forward to extending our health insurance solutions to the Indian market".
Noting that health insurance penetration in India stands at less than 5 per cent, Bathwal said, "This gives us tremendous room to reach out to mass India and play the role of an agent provocateur in making them realise and take active interest in managing their health thereby safeguarding their financial well-being."
Aditya Birla Financial Services Group, part of Aditya Birla Nuvo, is among the leading fund managers in India with an AUM of Rs 1.84 lakh crore as on March 31, 2016.
