Irdai's implementation of Bima-ASBA for insurance premium payments will enhance transparency and security by blocking the ...

The Insurance Regulatory and Development Authority of India (IRDAI) has introduced a new payment system, Insurance-ASBA ...

This eliminates the need for upfront premium payments and ensures greater financial security and transparency, says a release ...

Bima-ASBA allows policyholders to opt for the Unified Payments Interface (UPI) One-Time Mandate (OTM) and authorise the blocking of a specified amount-up to Rs 2 lakh-in their bank account via UPI ...

Bajaj Allianz Life Insurance introduces Bima-ASBA for policyholders, offering convenience, transparency, and flexibility in ...

This feature will allow policyholders to block funds in their bank accounts for premium payments, ensuring transactions ...

IRDAI has permitted insurers to block funds in a customer’s bank account via UPI for premium payments for life and health ...

The Insurance Regulatory and Development Authority of India (IRDAI) has floated the Bima-ASBA facility to simplify insurance ...

ASBA, a facility eliminating unauthorised deductions and enhancing transparency in premium payments. Policyholders can now block funds in their bank accounts, which are debited only upon policy ...

Under this new payment method, the insurer can send a one-time mandate to block a certain amount for their insurance policy.

Irdai's Bima-ASBA facility for insurance premiums aims to eliminate unauthorized deductions, ensure timely refunds, and enhance transparency for policyholders.

Irdai's decision to implement ASBA facility for insurance premium payment will benefit customers by eliminating unauthorised ...