Bajaj Allianz Life, one of India’s leading private life insurers, has become the first insurer to go live with the BIMA- Application Supported by Blocked Amount facility (Bima-ASBA). This milestone aligns with the Insurance Regulatory and Development Authority of India’s (IRDAI) initiative to bring operational ease, enhance policyholder convenience, ensure greater transparency, and simplify the insurance premium payment process.
Bima-ASBA is a significant step forward in making premium payments smoother and customer friendly. Under this IRDAI initiative, policyholders can opt for UPI’s One-Time Mandate (OTM) and authorise the blocking of a specified amount (up to ₹2 lakh) in their bank account via UPI. The amount will be debited only after the insurance company completes the underwriting process and decides to accept the proposal.
