This expansion indicates a year-on-year (YoY) increase of 70% in life adviser recruitment.
The company also announced plans to set up nearly 100 new offices across the country this year.
In FY23, Max Life added over 30,000 life advisers to boost the availability of its life insurance solutions to a wider number of clients.
Max Life deputy managing director V Viswanand said: “As part of our long-term business expansion strategy, the plan to hire more than 50,000 life advisers enables Max Life to cater to the specific needs of its diverse customer segments.
“Our strategic investments and alliances are integral to our growth strategy, and we are confident that the said focus will further strengthen our distribution efforts.”
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Offline channels of the company recorded a growth of nearly 43% YoY in the last financial year.
This growth is said to be driven by increased recruitment, a rise in activation and productivity owing to enhanced governance and the implementation of novel business approaches.
The company used the multi-channel distribution system, comprising agency and third-party distribution partners, to sell its insurance products.
Max Life Insurance Company recently collaborated with Indian private sector bank DCB Bank to deliver life insurance solutions in the country.