As per Insurance Regulatory and Development Authority of India (Micro Insurance) Regulations, 2015, it was mandated that all existing micro insurance products that are not in compliance to these regulations shall be withdrawn with effect from January 1, 2016.
"It is observed that since the date of notification, only a few products have been filed by the insurance companies till date," it said in an order issued to heads of all life insurance companies.
As per these (2015) regulations, there is a provision for flexible premium payout option and non selling of MI products under unit linked platform among others.
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