The product which was introduced at the insurance company's platinum Jubilee Celebrations covers 11 critical diseases.
The policy targets people in the age group of 21-65 years, the company said in a statement.
The company had recorded a net profit of Rs 414.41 crore for the first nine months of the current financial year, up 24 per cent from a year ago period.
Moreover, Pranab Mukherjee, the Finance Minister of India said that the time has come to look into the insurance-led financial inclusion in India as banking inclusion has almost reached an inflexion point.
United India Insurance Company collected Rs 5,872 crore premium during the first nine months of 2011-12, a rise of 27 per cent.
With the networth of Rs 4,587 croreas as on September 30, 2011, the company has more than three decades of experience in Non-life Insurance business.
It was formed by the merger of 22 companies, consequent to the nationalisation of General Insurance companies in India