New India Assurance has unveiled a new combination product that includes life, accident as well as medical covers, for lower income groups.

New India Assurance Company chairman and managing director G Srinivasan was quoted by PTI as saying that the company is launching a product for the lower income population, like domestic helps, with an annual premium of INR800 ($12.8).

"This plan will offer life cover of Rs 1 lakh to the family in case of death, critical illness and other hospitalisation costs under Rs 20,000-30,000. The plan also offers accident cover," Srinivasan said.

The new product, which has been launched on a pilot basis, will be launched in the retail market in the coming days.

Supporting the idea of the new product, Irda chairman T S Vijayan said, "Combination products are the key. This is the way to go forward. However, as regulator we also have to look at it as to whether these products are is lessening the problems or not."