Mumbai, Oct 23 (IANS): Reliance Life Insurance Co (RLIC), part of Reliance Capital Ltd, Tuesday launched 'Life Plaza' - a first-of-its-kind sales and service initiative by any insurer in India.

RLIC plans to set up nearly 200 Life Plazas across India by the end of the current fiscal.

It will hire nearly 1,000 people under this new distribution format, with a clear focus on smaller cities and towns.

Billed as a need-based, in-branch sales platform, 'Life Plaza' aims at creating awareness about life insurance and fulfilling the needs of prospective customers through financial planning with an array of products and services.

"The main objective of our new distribution format is to generate greater awareness about life insurance in and around different locations where Life Plazas will operate and create a buzz among potential customers for life insurance products," said Malay Ghosh, president and executive director, Reliance Life Insurance.

Inspired by the distribution model's success in Japan by Nippon Life insurance company, the Life Plazas would promote need-based sales, fill service gaps and offer financial and value-added services, Ghosh added.

Apart from addressing walk-in customers, the company will invite customers to Life Plazas for presentations on the benefits of investment in financial products, importance of insurance and RLIC's range of products and services.

One of India's top private sector life insurance companies, Reliance Life Insurance has sold over one million policies in the last fiscal and has an asset under management of more than Rs.18,700 crore (as of March 2012).