News From Press How policyholders will benefit from UPI-linked Bima-ASBA facility for premium payments

How policyholders will benefit from UPI-linked Bima-ASBA facility for premium payments

Source: Moneycontrol Feb 27, 2025

Thanks to the UPI-enabled Bima Applications Supported by Blocked Amount (Bima- ASBA) facility, insurance-seekers will soon be able to buy an insurance cover without paying the premium even before their application is accepted. The facility for policyholders, mandated by an Insurance Regulatory and Development Authority of India’s (IRDAI) diktat to insurers to offer IRDAI’s UPI-enabled Bima Applications Supported by Blocked Amount (Bima - ASBA) comes into effect on March 1.

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