I’m a bit unsure how policy and tags are related with Virtual Endpoint. I would like to understand what you are doing and the result you are ending up with. I assume the policy and tags issue is related to this thread: Is it possible to update quota after it is exhausted instead. If not, then could you help with some context?
So just want to ask are any other key values also to be passed to the request body while creating the policies other than the defaults.
This depends on what you want the policy to have. You can run Policy GET call to see the full properties of a policy. Which ever property you think is needed can be added at the creation/update of the policy via POST/PUT.