Reliance Life Insurance currently has one hybrid health product providing wealth accumulation along with health insurance.
"The company will be strengthening the portfolio in the coming months with a basket full of health insurance products total reimbursable health expenses, individual and family floater on both group and individual product platforms, long term care among others," Reliance Capital CEO Sam Ghosh said.
Elaborating further, he said the company would offer 3-5 year policies in the coming months and in the next three years it plans to have a market share of about 10 per cent.
Health insurance market was at around Rs 7,000 crore in 2008-09 and is expected to grow to Rs 41,586 crore by 2016-17.
While, health insurance policies are mostly provided by general insurance companies, life insurers contribute about five per cent to the overall health insurance business.
Reliance Life Insurance has added a new vertical that would focus developing the health segment.