The Insurance Regulatory and Development Authority of India (IRDAI) has set up a committee to review the regulatory framework on microinsurance and recommend measures to increase the demand for such products.

• The 13-member panel has been tasked with suggesting product designs with customer-friendly underwriting, including easy premium payment methods and simple claims settlement procedures.
• The committee has representatives from life, general and health insurance companies in the public and private sectors.
• Specifically intended for the protection of low-income people, with affordable insurance products, micro-insurance promises to support sustainable livelihoods of the poor.

Micro-insurance policies: a General or Life Insurance policy with a sum assured of Rs Rs 50,000 or less to promote insurance coverage among economically vulnerable sections of society. The micro-insurance is defined and enabled by IRDAI Micro-insurance Regulations, 2005.

First International Day of Multilateralism and Diplomacy for Peace observed on April 24