The Insurance Regulatory and Development Authority (IRDA) India presented the updated Micro Insurance Regulation (2015) which supersedes the current controls presented in 2005. Withdrawal of all current micro insurance items which don't meet the stipulations of the new control must be finished by January 2016.

The new direction makes various imperative changes including to the direction on item advancement, modifying the danger scope levels, allowing more elements to disperse micro insurance items and the preparation of micro insurance specialists and their predefined staff. It additionally presents an adjustment in the current consistence standards for insurance agencies which had been set up under the Rural and Social Sector Obligations (2002). Of specific note is the presentation of another item class called small scale variable life, a cross breed item classification which offers the client the advantage of precise commitment with term protection scope.

Insurance Regulatory and Development Authority (IRDA) has made an exceptional classification of protection approaches called miniaturized scale protection arrangements to advance protection scope among financially defenceless segments of society. The IRDA Micro-protection Regulations, 2005 characterizes and empowers miniaturized scale protection.

A micro-insurance policy is:
 A general or life insurance policy with a sum assured of Rs 50,000 or less

A general micro-insurance product is any:
 Health insurance contract
 Any contract covering belongings such as
 Hut
 Livestock
 Tools or instruments or
 Any personal accident contract
 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 and
 Either on an individual or group basis