Chaudhary is usually seen with his body painted in the tri-colour, waving the national flag and blowing conch shell during the cricket matches.
The insurance company will offer financial aid to Chaudhary to help him continue with his passion of loving cricket after Sachin Tendulkar retires.
"Reliance Life Insurance has signed Sudhir as part of its corporate social responsibility (CSR) to promote appreciation for sports and will offer financial aid to help him continue his passion of loving the sport," the company said in a statement.
Chaudhary who hails from Muzaffarpur in Bihar, is an ardent fan of the master blaster.
Reliance Life said it would have a four year tie-up with Chaudhary to help him secure his future and continue with his passion for the sport.
"As a company engaged in planning for people's retirement, we are concerned about this ardent fan who has let his passion take over his life.
"With this in mind, we decided to secure Sudhir's future financially and help the ultimate devotee ride his passion for cricket, even after his raison d'etre retires," Reliance Life Insurance Chief Executive Officer Anup Rau said.
Thanking the company and the people for their support, Chaudhary said: "I would continue to cheer for India after my god's (Tendulkar) retirement for as long as I live".
Sudhir left his permanent job in a dairy firm at Muzaffarpur in 2006 to pursue his passion to cheer for the Indian cricket team.
He sometimes pedals his way to cricket playing venues, as he did to Bangladesh to witness a cricket match in 2007.
He has also cycled to Lahore in 2006 to watch a match. Sudhir often stays with friends and makes ends meet only to get to the next match, the company release said.