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A micro-insurance policy is a general or life insurance policy with a sum assured of Rs 50,000 or less. Agreeing to the suggestions of insurance companies, Irdai in a circular has done away with the practice of pre-fixing the word 'PoS' on life, general and health products sold through PoS.
Insurance regulator Irdai has allowed distribution of all micro-insurance products through point-of-sales (PoS), with an aim further increase insurance penetration in the country. Image source: Reuters