A micro insurance policy is a general or life insurance policy with a sum assured of ........

Indian Economy (Easy) Money and banking

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A micro-insurance policy is a general or life insurance policy with a sum assured of

Rs 25,000 or less

Rs 50,000 or less

Rs 30,000 or less

Rs 20,000 or less

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Explanation:

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 society. The IRDA Microinsurance Regulations, 2005 defines and enables micro-insurance. A micro-insurance policy is a general or life insurance policy with a sum assured of Rs 50,000 or less