Current Affairs - Business - Discussion

Bajaj Allianz Life Insurance became the first insurer in India to introduce the Bima-ASBA facility on February 22, 2025. This new payment method allows policyholders to block up to ₹2 lakh in their bank accounts using UPI's One-Time Mandate (OTM), offering more control and transparency in premium payments. The initiative was supported by the Insurance Regulatory and Development Authority of India (IRDAI) and aims to simplify the premium payment process, ensure financial security, prevent refund delays, and allow policyholders to earn interest on blocked amounts.