Mumbai, Oct 5 (IANS): Reliance Capital Ltd. on Friday said its wholly owned Reliance Health Insurance has got the R3 approval from Insurance Regulatory Authority of India (IRDAI).

In a statement issued here, Reliance Capital said the health insurance company would start operations by the December quarter of 2018.

"The scope of health insurance in India is massive and, given the current low penetration, is expected to grow multi-fold over the next few years.

"Setting up a standalone health insurance company with an extremely experienced and capable leadership will allow us to put the right kind of focus this segment requires," Anmol Ambani, Executive Director, Reliance Capital was quoted as saying in the statement.

"We are making significant investments in our technology and digital platforms which will provide a magical experience for our customers," he added.

Health insurance in India has been amongst the fastest growing insurance sectors, growing at 20 per cent annually and is expected to double to over Rs 1,00,000 crore by 2021, the company said.