PREVIOUS
✖
Bima ASBA - First in India
February 28 , 2025
8 hrs 0 min
22
0
- Bajaj Allianz Life has become the first insurer to go live with the BIMA-Application Supported by Blocked Amount (Bima-ASBA) facility.
- This initiative is in line with the IRDAI’s plan to improve policyholder convenience and ensure transparency in premium payments.
- Bima-ASBA enables policyholders to opt for the UPI’s One-Time Mandate (OTM), allowing them to authorise the blocking of a specified amount up to Rs 2 lakh in their bank account.
- The amount is only debited once the insurance company completes the under-writing process and accepts the policy proposal.
- If the application is not processed within 14 days or is declined, the blocked amount is automatically released back to the customer’s account.
- This ensures that policy buyers’ funds remain accessible and continue earning interest until policy issuance is confirmed.
- All insurers must offer the Bima-ASBA facility by March 1.
Leave a Reply
Your Comment is awaiting moderation.