Reliance Life Insurance announced on Tuesday the launch of a new policy 'Express Life', which the the company claimed is the first 'over-the-counter' policy in the country.
The Anil Dhirubhai Ambani Group Company also announced to invest Rs 1,000-1,200 crore (Rs 10 to 12 billion) on expansion of its life insurance business in the next 2-3 years.
The company is aiming to sell one million 'Express Life' policies in this financial year.
"In the country's first retail policy initiative, customers will be offered policy document over-the-counter on completion of documentation," Reliance Life Insurance Company CEO P Nandagopal told reporters in Chandigarh on Tuesday.
With this launch, the Reliance Life Insurance has become the first life insurance player in the country to offer this novel insurance process to customers for a cover of up to Rs 10 lakh (Rs 1 million), the company said.
"It is the first of its kind initiative that would offer life insurance cover almost instantly to customers without the hassles of long waiting period, follow-ups and medical check ups," he said.
Customers between the age group of 18 to 45 years could avail the benefits of Express Life Service, he said.
Aiming to garner a market share of 10-12 per cent in next 2-3 years, the company has planned to spend between Rs 1,000-1,200 crore (Rs 10 to 12 billion) on expanding its operations, which will include hiring more agents and opening more offices.
"We have 343 offices in the country and we have sought permission from IRDA to open 400 offices more across India," he said.
The company, which has so far spent Rs 650 crore (Rs 6.5 billion) on its venture, has of workforce of 9,000 and over 1.10 lakh agents in the country.
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