Bajaj Allianz Life has become the first insurer in India to go live with the Bima-Application Supported by Blocked Amount (Bima-ASBA) facility. This milestone aligns with the Insurance Regulatory and Development Authority of India’s (IRDAI) initiative to enhance transparency, streamline premium payments, and improve customer convenience.
Under Bima-ASBA, policyholders can authorize a One-Time Mandate (OTM) via UPI to block a specified amount (up to ₹2 lakh) in their bank accounts. The amount is debited only after the insurer completes underwriting and accepts the policy. If the proposal is not accepted or remains pending beyond 14 days, the blocked amount is automatically released, ensuring customer funds remain secure and continue earning interest.
Tarun Chugh, MD & CEO, Bajaj Allianz Life, said, “Bima-ASBA is a game-changer for customer trust and transparency. It allows policy buyers to block funds instead of paying upfront, addressing refund concerns while reinforcing our customer-first approach.”
In Guwahati, where digital transactions are gaining traction, this initiative is expected to enhance insurance accessibility and consumer confidence. Customers can now opt for life insurance with greater financial flexibility, aligning with the growing digital payment ecosystem in the region. With this launch, Bajaj Allianz Life continues to drive digital-first innovations, simplifying the insurance journey for policyholders nationwide.
