Why was the company renamed from Religare Health Insurance to Care Health Insurance?

The company was rebranded from Religare Health Insurance Company Limited to Care Health Insurance Limited as part of a strategic brand refresh. The new name 'Care' reflects the company's core positioning around healthcare and customer wellbeing, while also aligning with its flagship product line, Care Health Insurance.

Who are the promoters of Care Health Insurance?

Care Health Insurance Limited is a subsidiary of Religare Enterprises Limited, which is the principal promoter. Religare Enterprises is a diversified financial services group with interests in lending, capital markets, and insurance.

Is Care Health Insurance Limited listed on any stock exchange?

No, Care Health Insurance Limited is an unlisted private limited company. Its shares are available only in the unlisted or pre-IPO market at approximately ₹119 per share.

What are the key products offered by Care Health Insurance?

Care Health Insurance's flagship products include Care Supreme (comprehensive family floater), Care Classic (essential coverage), Care Senior (for senior citizens aged 61+), Care Critical Illness (for major illness coverage), and various group health insurance solutions for corporate clients.

What is a Stand-alone Health Insurer (SAHI) in India?

A Stand-alone Health Insurer (SAHI) is an insurance company licensed by IRDAI exclusively to underwrite health insurance products, as opposed to composite insurers who sell life, general, and health products. SAHIs include Star Health and Allied Insurance, Niva Bupa, Care Health Insurance, and ManipalCigna Health Insurance.

How do I buy Care Health Insurance unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for Care Health Insurance?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell Care Health Insurance shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

Care Health Insurance Unlisted Share Price | Buy Care Health Insurance Pre-IPO Shares — wisefolio

Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

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Care Health Insurance Unlisted Share Price | Buy Care Health Insurance Pre-IPO Shares — wisefolio | wisefolio

Investment Thesis

Care Health Insurance Limited (formerly Religare Health Insurance) is one of India's prominent Stand-alone Health Insurers (SAHIs), offering 23 products ranging from family floater plans to senior citizen and critical illness covers. Backed by Religare Enterprises and headquartered in New Delhi, the company operates in one of India's fastest-growing financial services segments. India's low health insurance penetration, rising post-COVID awareness, and an aging population provide multi-decade growth tailwinds. While parent governance risks and competitive pressures from Star Health and Niva Bupa are notable, the company's pure-play SAHI focus and digital capabilities make it a compelling unlisted financial services investment with strong long-term sector prospects.

Pros

One of India's leading Stand-alone Health Insurance (SAHI) companies with a focused pure-play health insurance model, contrasting with composite insurers who offer multiple lines
Backed by Religare Enterprises Limited, a diversified financial services conglomerate with established brand equity and distribution networks across India
Wide product portfolio of 23 health insurance products covering individual, family, senior citizen, critical illness, and group health plans
Stand-alone health insurers (SAHIs) have a regulatory advantage: IRDAI's focus on health insurance penetration has supported specialized health insurers over composite players
Growing health insurance awareness post-COVID-19 pandemic has significantly accelerated premium growth for Indian health insurers
Digital-first initiatives and technology investments have enhanced customer acquisition, claims processing, and policy servicing capabilities
Strong renewal rates and customer retention driven by comprehensive coverage products including Care Supreme and Care Classic

Cons

High claims ratios in health insurance can quickly erode profitability, especially during pandemic outbreaks or seasonal illnesses
Intense competition from larger composite insurers (Star Health, HDFC ERGO, Niva Bupa) who have greater capital bases and distribution reach
Parent Religare Enterprises has faced regulatory and governance challenges in the past, creating headline risk for subsidiaries
Unlisted structure limits public financial transparency; investors in unlisted shares face significant liquidity constraints
Health insurance fraud, over-utilization of cashless claims, and hospital billing inflation continue to pressure loss ratios
Reinsurance costs and regulatory capital requirements under IRDAI's solvency norms can constrain underwriting capacity

Business Segments

Retail Health Insurance (Individual & Family Floater Plans)

Senior Citizen Health Insurance

Critical Illness and Specialty Health Plans

Group Health Insurance (Corporate & SME clients)

Top-up and Super Top-up Health Plans

Revenue Model

Care Health Insurance generates revenue primarily through gross written premiums collected from individual policyholders, family floater groups, corporate group health plans, and government scheme participations. Revenue is also earned from investment income on the float generated by premium collections and reserves maintained under IRDAI solvency norms. Profitability is driven by the combined ratio — the difference between earned premiums and the sum of incurred claims and operating expenses. The company distributes products via direct channels (website, app), agency networks, bancassurance tie-ups, and insurance brokers and aggregators.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds14

Growth Plans

India's health insurance penetration is among the lowest globally — significant headroom for new policyholder acquisition

Post-COVID-19 awareness has permanently shifted consumer attitudes towards health insurance, driving sustained demand

Government's Ayushman Bharat scheme and state health schemes create opportunities for mass-market partnership

Digital health insurance distribution through aggregators (Policybazaar, etc.) and bancassurance is rapidly scaling

Recent Developments

Digital platform enhancement

Care Health Insurance invested in digital-first initiatives including a revamped mobile app, AI-powered claims processing, and online policy issuance to reduce turnaround times and improve customer experience.

2022–2023

Product portfolio expansion

The company expanded its product suite to 23 offerings, including enhanced senior citizen plans and comprehensive critical illness products, addressing the growing demand from India's aging population for specialized health coverage.

2023–2024

Frequently Asked Questions

Care Health Insurance Limited, formerly known as Religare Health Insurance Company Limited, is one of India's leading Stand-alone Health Insurance (SAHI) companies. Incorporated in 2007 and headquartered in New Delhi, it is a subsidiary of Religare Enterprises Limited. The company offers 23 health insurance products covering individual, family floater, senior citizen, critical illness, and group health segments.

About Care Health Insurance

Care Health Insurance Limited (formerly Religare Health Insurance Company Limited) is one of India's leading standalone health insurance companies, incorporated on 2 April 2007 and registered in Delhi (CIN: U66000DL2007PLC161503). The company offers comprehensive health insurance products including retail health plans, group health covers, critical illness policies, and super top-up plans to individuals, families, and corporate customers across India. Care Health Insurance operates as a subsidiary of Religare Enterprises Limited, with Union Bank of India and Corporation Bank as additional shareholders. The Religare-Care Health insurance business has been through ownership transitions — originally launched as Religare Health Insurance, the company was later rebranded to Care Health Insurance following strategic changes at the Religare Group level. The company has demonstrated exceptional growth in its premiums. Gross Written Premium (GWP) reached an all-time high of ₹7,022 crore in FY2024, and grew further to ₹8,561.99 crore in FY2025 — representing a ~22% year-on-year increase. This growth trajectory places Care Health Insurance among India's top 3-4 standalone health insurers. However, the company's profitability was impacted in FY2025 by elevated claims ratios, medical inflation, and pricing pressures leading to underwriting margin contraction. The standalone health insurance (SAHI) segment in India has been growing rapidly, driven by rising healthcare costs, post-COVID awareness of health financial risk, and government initiatives expanding insurance penetration. Care Health Insurance competes with other SAHIs including Star Health and Allied Insurance (listed), Niva Bupa (listed), and ManipalCigna in the premium health insurance market. The company's scale at ₹8,562 crore GWP positions it as a major player alongside Star Health (₹15,000+ Cr GWP).

Key Milestones

2007 — Religare Health Insurance Company Limited incorporated in New Delhi under CIN U66000DL2007PLC161503

Common questions about unlisted shares

How do I buy Care Health Insurance unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

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