IRDAI launches Bima-ASBA via UPI to make insurance premium payment easier when you buy a policy

Daily Current Affairs / IRDAI launches Bima-ASBA via UPI to make insurance premium payment easier when you buy a policy

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Category : Business and economics Published on: February 22 2025

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The Insurance Regulatory and Development Authority of India (IRDAI) has launched a payment system to facilitate premium payments for life and health insurance policies, which is a new payment mechanism through UPI, allowing policyholders to block funds in their bank accounts for premium payments, thereby simplifying transactions.
Effective from March 1, 2025, Bima-ASBA ensures that the transfer of funds to insurers occurs only after the issuance of an insurance policy, enhancing payment security and convenience.