Bima-ASBA: New UPI-based insurance payment system for policyholders; here’s how it works
The Insurance Regulatory and Development Authority of India (IRDAI) has introduced a new payment mechanism called Bima-ASBA (Applications Supported by Blocked Amount) via Unified Payments Interface (UPI) to simplify premium payments for life and health insurance policies. The new system allows policyholders to block funds in their bank accounts for premium payments, ensuring smooth transactions … Read more