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Indian Economy - Understanding the basics of Indian economic system

22-Feb-25

Bajaj Allianz Life becomes first insurer to launch Bima-ASBA

Bajaj Allianz Life has announced that it will go live with the Bima-Application Supported by Blocked Amount (Bima-ASBA) facility.

The Bima-ASBA facility allows policyholders to authorise the blocking of a specified premium amount -- up to Rs 2 lakh -- in their bank account using UPI’s One-Time Mandate (OTM).
Bima-ASBA is an initiative introduced by the Insurance Regulatory and Development Authority of India (IRDAI) to streamline premium payments and enhance policyholder convenience.
This amount remains in the policyholder’s account, earning interest, until the insurer completes the underwriting process and accepts the policy proposal.
If the policy is not issued within 14 days or the proposal is declined, the blocked amount is automatically released back to the customer.

By: Brijesh Kumar

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