CHENNAI: In a bid to make the weaker sections aware of the concept of insurance, and encourage them to apply for the same, LIC of India launched a new Micro Insurance policy called Bhagyalakshmi. At a paress meet held in the city recently, it was announced that the salient features of the plan included limited payment protection plan, 110 per cent total premium payable on maturity, policy term of seven to 15 years and premium paying term of five to 13 years. As per the policy, the minimum sum assured is `20,000 and maximum is `50,000. Premium payment can be done yearly, half yearly, quarterly and monthly. LIC South Zone is working towards an ambitious goal of 1.3 lakh Bhagyalakshmi policies for December.