Life Insurance has also created three proprietary channels, Life Plaza, Face-to-Face, and Career Agency, based on models of its Japanese partner Nippon Life, to focus on small towns and non-urban centres.
The company has hired over 2,000 people under its proprietary channels and is planning to increase the headcount by over 20 per cent in the next financial year.
"We will increase our workforce strength under the proprietary channels in 2014-15 and footprint in Tier II, III and IV towns through these distribution models to further boost insurance penetration in India. We expect 10 per cent business contribution from the three channels in FY 15," Rau said.
Helped by increased sales of traditional policies and better agent productivity, RLIC has posted a four-fold rise in its net profit to Rs 136 crore in the second quarter of the current financial year from a net profit of Rs 31 crore in the July-September quarter of 2012-13.