The maintenance policy defines how long the various versions of TYPO3 4.x are supported and at which level. The release of new 4.x versions is not covered by this policy. The general rule is the following:
Every month a decision is made whether a new maintenance release should happen for any of the supported branches or not. The decision is taken by the Release Manager and is based upon the number of bugs fixed and their importance. Security patches are also a criterion for release, of course.
The chart below shows how this applies to the current and upcoming TYPO3 versions.

Get the chart in a higher resolution (PDF)
Check out the Packages page to get all current versions of TYPO3.