Chennai, Aug 19 (IANS): Life Insurance Corporation of India (LIC) has targetted mopping up of Rs.250 crore within one month in south zone with its new endowment-plus unit linked insurance policy (ULIP), said a senior official on Wednesday.
Launching the policy here, LIC south zone manager T. Sitharthan said: "We are planning to sell around 100,000 policies in one month's time and earn a premium of Rs.250 crore."
For LIC, south zone comprises Tamil Nadu, Kerala and the union territories of Puducherry and Lakshadweep.
The policy offers life cover and investment return.
According to Sitharthan, even a 90-day-old baby can be covered under the policy.
He said on the death of the policy holder, the fund value or the sum assured - whichever is higher - would be paid.
The policy also offers fund-switch options.
According to LIC officials, the overall target for south zone this fiscal is Rs.3,212 crore in premiums.