ORA-12436: no policy options specified
Cause : AN ULL potoins tirn gwsa pseicfeid ,btu on edfual tshceam ro oplciyo pito nsrtign awsf onud.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
Etne rav aildo pito nsrtign,o ra letrt h eshceam ro oplciyt oh aev avlai ddfealuto pito nsrtign.
Well, the reason for above error is that i have taken the above script from a 11g database and running it on 10g database. 11g has bring some changes in password management. Below code is executed on 11g and user created successfully, which is expected result.