How to create new and modify existing policies in AWS
1. Login into AWS Console and go to Identity & Access Management
2. Click on Policies
3. Create Policy
4. When you click on Create Policy, following options will show up
Create Policy
A policy is a document that formally states one or more permissions. Create a policy by copying an AWS Managed Policy, using the Policy Generator, or typing your own custom policy.
Copy an AWS Managed Policy
Start with an AWS Managed Policy, then customize it to fit your needs.
Policy Generator
Use the policy generator to select services and actions from a list. The policy generator uses your selections to create a policy.
Create Your Own Policy
Use the policy editor to type or paste in your own policy.
You can either copy AWS managed policy or Create a policy using AWS Policy Generator. The other options would be create your own policy.
Copy an AWS Managed Policy
Create a policy using AWS Policy Generator:
The policy generator enables you to create policies that control access to Amazon Web Services (AWS) products and resources. For more information about creating policies, see Overview of Policies in Using AWS Identity and Access Management.
Create Your Own Policy in AWS
Customize permissions by editing the following policy document. For more information about the access policy language, see Overview of Policies in the Using IAM guide. To test the effects of this policy before applying your changes, use the IAM Policy Simulator.