Set Up a Health Insurance Business in India

The health insurance market in India is still in its formative stage, according to a report by the Insurance Foundation of India. Although health insurance products have been introduced for the past 20 years, the penetration level is barely at two percent of the population. This would imply that there is opportunity for those setting up a health insurance business in India.

Registration requirements

Identity and residence proof
Business plan
Monetary costs

Tips
1
Obtain the necessary registration documents provided by the country's Ministry of Corporate Affairs. You may need to present valid identity and residence proof. You need to get a card issued by the Indian Income Tax department. Fill out the initial application form and submit all required documents for verification and approval. In case problems arise, you can seek help from the Secretariat for Industrial Assistance.
2
Reserve the company name at the registrar of companies. Submit the application form online and wait for the reservation to get cleared. Clearance usually takes two days to process.
3
Submit the required documents to the registrar of companies and obtain the certificate of incorporation. Several forms must be filled out and registration fee must be paid. Note that some documents require stamped power of attorney, seal, and account or registration numbers.
4
. There is now a growing number of health insurance companies who provide transactions and insurance purchases online.