Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
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Insurance regulator IRDAI has allowed the distribution of all micro-insurance products through point-of-sales (PoS), with an aim to further increase insurance penetration in the country. The Insurance Regulatory and Development Authority of India (IRDAI) has created a special category of insurance policies called micro-insurance policies to promote insurance coverage among economically vulnerable sections of the society. 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 firms, IRDAI has done away with the practice of pre-fixing the word ‘PoS’ on life, general and health products sold through PoS.
