Max Life Insurance is likely to add 145 branches and make a capital investment of Rs 250 crore over the next twelve months.
Currently, the insurance provider has a network of 50,000 agents and will add around 36,000 agents each year over the next three years.
The board of the life insurance company has approved the expansion plan at a meeting on Friday.
The company has a network of 205 branches and tie-ups with banks including Axis Bank, Yes Bank, and Lakshmi Vilas Bank.
We are heavily integrated with their business, said Max group founder Analjit Singh.
It also has an in-house sales force or customer advisory team comprising 600 executives which it intends to triple in the next three years.
In the last fiscal year, the life insurance arm sold new policies worth Rs 3,215 to individuals and commanding about 10 per cent market share in the life insurance business.