@Girish Prajwal Service health notifications are stored in the Azure activity log. Given the large volume of information stored in the activity log, there is a separate user interface to make it easier to view and set up alerts on service health notifications.
The permissions required to create service health alerts are similar to the Azure Activity Logs. From my testing , the minimum permissions required to create service health are shown below.
Microsoft.Insights/ActionGroups/[Read, Write, Delete]
Microsoft.Insights/ActivityLogAlerts/[Read, Write, Delete]
To view Service Health events, users must be granted the Reader role on a subscription.