An affordable and comprehensive insurance scheme to cover both life and non-life risks of the poor will be launched shortly.

Indicating this, Finance Minister P Chidambaram said, "A more universal product, which will bring in more poor people under its cover will be launched soon."

Speaking at a book release function on Wednesday night, he said India needed more innovative products and proposed setting up Financial Product Innovation Centres at the country's leading management schools.

Although Chidambaram did not elaborate on the new scheme for the poor, industry sources said a micro-insurance scheme is in the offing that could provide life and non-life cover at a low premium.

The insurance regulator recently proposed a separate norm for covering small and landless farmers, and low-income individuals. The micro-insurance product will have a minimum sum assured of Rs 10,000, which is double the present insured sum.

In a concept paper 'Need for Developing Micro-Insurance in India', IRDA said life and non-life insurers could provide these products, offering a cover of Rs 10,000-50,000 for a period of 1-7 years depending on the policies.

Term insurance with or without return of premium and Endowment Insurance could have Rs 10,000-50,000 coverage for 5-7 years, while it would be Rs 10,000-15,000 for health insurance for 1-7 years and Rs 10,000-50,000 for accidental benefit (as rider) for 1-5 years.