Bajaj Allianz Life Insurance Company (BALIC) has launched the Bima-Application Supported by Blocked Amount (Bima-ASBA) facility, becoming the first insurer in India to implement this innovative payment method. This initiative, introduced by the Insurance Regulatory and Development Authority of India (IRDAI), is designed to improve transparency and convenience in premium payments. With Bima-ASBA, policyholders can block a designated premium amount in their bank accounts, providing enhanced financial security and control. This initiative is in line with IRDAI\u2019s broader objective of making insurance more accessible and streamlining transactions for customers.<\/p>\n\n\n\n
Bima-ASBA, which was launched on February 22, 2025, allows policyholders to authorize the blocking of a premium amount\u2014up to \u20b92 lakh\u2014directly from their bank accounts through UPI\u2019s One-Time Mandate (OTM). Unlike traditional payment methods, the blocked amount stays in the policyholder\u2019s bank account, accruing interest until the insurer completes the underwriting process and accepts the policy. If the policy is issued, the amount is debited; however, if it is rejected or not processed within 14 days, the blocked amount is automatically released back to the policyholder.<\/p>\n\n\n\n
This feature eliminates the need for upfront premium payments, ensuring that customers do not face delays or hassles in getting refunds if their policy is not approved.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bajaj Allianz Life Insurance Company (BALIC) has launched the Bima-Application Supported by Blocked Amount (Bima-ASBA) facility, becoming the first insurer in India to implement this innovative payment method. This initiative, introduced by the Insurance Regulatory and Development Authority of India (IRDAI), is designed to improve transparency and convenience in premium payments. With Bima-ASBA, policyholders can […]<\/p>\n","protected":false},"author":419,"featured_media":170476,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[5359],"tags":[2484,107],"class_list":["post-170471","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-february-2025","tag-bajaj-allianz","tag-finance-current-affairs"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/170471","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/419"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=170471"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/170471\/revisions"}],"predecessor-version":[{"id":170477,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/170471\/revisions\/170477"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/170476"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=170471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=170471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=170471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}