The Insurance Regulatory and Development Authority of India (IRDAI) on February 18, 2025, notified regarding the One-time Mandate for blocking the amount towards premium through Unified Payments Interface (UPI mandate) for issuance of life and health insurance policies.
The following has been stated namely: -
• IRDAI has introduced the "Bima-ASBA" facility, enabling policyholders to authorize a one-time mandate for premium payments through the Unified Payments Interface (UPI).
• This initiative aims to streamline the premium payment process for life and health insurance policies, enhancing convenience and efficiency for policyholders.
• It states that by utilizing the UPI mandate, policyholders can ensure timely premium payments, reducing the risk of policy lapses due to missed payments.
• This move shall reflect IRDAI's commitment to leveraging digital payment solutions to improve the insurance experience for consumers.
[Notification no. - IRDAI/PP&GR/CIR/MISC/37/02/2025]
