Birla Sun Life Insurance is planning to approach the Insurance Regulatory Development Authority of India with its plans to sell insurance policies online.

Commenting on the inevitability of pedalling insurance online, Nani Javeri, chief executive officer, BSLI, said: "It has to happen, sooner than later. The project is at present on our drawing board and we are keenly pursuing it. We will talk to the Irda about it after firming up our plans."

Javeri also added that BSLI was not rushing ahead with its plan because of the dismal response to the online insurance selling model in certain other countries.

This lack of success can be attributed to a number of factors such as the absence of the insurance agent medium, low personal computer penetration and low awareness about the online option.

However, BSLI is not overwhelmed by these statistics and is keen on becoming the first insurance company to offer their services online, said Javeri.

As a special marketing initiative to rope in more women insurance advisors for the company, BSLI has tied up with the "sitagita.com" portal to form a new venture called Bsliflexicareers.

Prospective women insurance advisors can register online and receive their hundred hours of compulsory training online too.

This tie-up is a step towards making the company's presence felt in the Internet medium.

Bsliflexicareers will be hosted by sitagita.com, a sister concern of the Chennai-based sify.com.

Anjana Grewal, vice-president, marketing and communication of BSLI, pointed out that only five per cent of the insurance policy holders in India were women and this new venture will help them tap the large market of uninsured women as well as provide employment to women who were looking for jobs with flexible timings.

"Currently 1,485 of BSLI's 6,000 insurance advisors are women. More interestingly three out of every five successful agents are women so we know we are on the right track with this new venture," said Grewal.

BSLI, which posted a turnover of Rs 170 crore (Rs 1.7 billion) last year, is aiming at cross the Rs 4,500 crore (Rs 45 billion) mark this year.