News From Press Bima-ASBA will eliminate unauthorised deductions: Insurance sector players

Bima-ASBA will eliminate unauthorised deductions: Insurance sector players

Source: BS Feb 22, 2025

Irdai's decision to implement ASBA facility for insurance premium payment will benefit customers by eliminating unauthorised deductions and delayed refunds, say experts.

Insurance Regulatory and Development Authority of India (Irdai) has directed life and health insurers to provide Bima-ASBA, a facility wherein a policyholder blocks the amount towards premium in his or her bank account which gets debited only when the policy is issued.

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