The scheme, 'New India Asha Kiran', has been launched on the eve of International Women's Day.
"We have launched this product, specially designed for families with only girl children, on the occasion of International Women's Day. This product is reasonably priced as discounts are offered for insuring girl children," Chairman and Managing Director of New India Assurance G Srinivasan told reporters here.
"We hope this product receives sound response from consumers," he added.
As per the company, this floater policy gives 50 per cent discount for the girl children. In case of accident to parents, the sum insured will be placed as fixed deposit in the name of the girl children.
"Though we don't have any concrete estimate of how many families are there with only girl children, we think around 20-30 per cent families may come under this segment," Srinivasan said.
The recently piloted product for domestic workers would soon be available for retail customers, he said.
The country's largest general insurer would come up with more innovative products in the coming months. "We will soon come up with such innovative products," Srinivasan said.
The state-run insurer posted a 36 per cent rise in net profit at Rs 701 crore in the third quarter ended December 31, 2013 from Rs 517 crore in the same period last year.