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Micro-insurance policies are a special category of insurance policies created to promote insurance coverage among economically vulnerable sections of society. These policies are regulated by the Insurance Regulatory Development Authority of India (IRDA).

The IRDA Micro-insurance Regulations, 2005 defines and enables micro-insurance. Micro insurance can be either a general insurance policy (which can insure health, belongings, house, tools, personal accident contract, livestock etc) or life insurance policy with a sum assured of Rs 50,000 or less. They can be on an individual or group basis.

A life micro-insurance product is a term insurance contract with or without return of premium, any endowment insurance contract or a health insurance contract. They can be with or without an accident benefit rider.

Insurers can offer composite covers or package products that include life and general insurance covers together.

Micro- insurance business is done through the following intermediaries in India:

 Non-Government Organisations

 Self-Help Groups

Micro-Finance Institutions

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