New Rule from March 1: Pay Insurance Premiums Using UPI Blocked Amount, Says IRDAI

Starting March 1, 2025, paying for life and health insurance premiums will become more seamless with the introduction of the Bima-ASBA facility. The Insurance Regulatory and Development Authority of India (IRDAI) has mandated that insurers offer this payment option, which allows policy buyers to block funds in their bank accounts via Unified Payments Interface (UPI) One-Time Mandate (OTM). This ensures smooth transactions without immediate debits.