Reliance Capital which is taking the company's insurance initiative is the third company and first company to have applied for both the sectors since IRDA opened its window on August 16.

The other companies which have so far applied are ICICI-Prudential and Dabur-Allstate, for only the life sector.

RIL which had been preparing itself to enter the sector for the last four years as a part of its expansion plan in the financial sector is entering the sector all alone. The company has already established its name in the industry as a client by having the first mega risk policy in the country.

The company has a moderate capex plan for both the ventures with a total amount of Rs 500 crore in the next five years.

The non-life plan of the insurance venture puts utmost thrust on the personal line of products and medium and small corporates. The health insurance will be a major focus of the non-life venture.

The life side of the venture will focus on pension and other annuities products.

The new ventures intend to provide the best of the customer service with the support of sophisticated information technology system.

The company has already roped in professionals in the industry for ground work and is on a recruitment spree.

"A number of competent professionals from the existing non-life and Life Insurance Corporation have already joined the company in recent times," sources in the industry said. Both the companies will be having chief executives very soon.