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Bajaj Allianz Life Becomes the First Insurer to Go Live with Bima-ASBA Facility
(MENAFN- Adfactors PR) Bengaluru, February 24, 2025: Bajaj Allianz Life, one of India’s leading private life insurers, has become the first insurer to go live with the BIMA- Application Supported by Blocked Amount facility (Bima-ASBA). This milestone aligns with the Insurance Regulatory and Development Authority of Ind’a’s (IRDAI) initiative to bring operational ease, enhance policyholder convenience, ensure greater transparency, and simplify the insurance premium payment process.
Bima-ASBA is a significant step forward in making premium payments smoother and customer friendly. Under this IRDAI initiative, policyholders can opt for’UPI’s One-Time Mandate (OTM) and authorise the blocking of a specified amount (up to 2 lakh) in their bank account via UPI. The amount will be debited only after the insurance company completes the underwriting process and decides to accept the proposal. If the application is not processed within a period of 14 days or the proposal is not accepted, the blocked amount is automatically released back to the customer. This initiative ensures that the policy buyer’s funds remain in their bank account and continue to gain interest till the time the policy issuance is confirmed. Bajaj Allianz Life, in partnership with its payment partners, has successfully launched this process.
Speaking on the development, Tarun Chugh, MD & CEO, Bajaj Allianz Life, said, "In line with the vision of ‘Insurance for All by 204’,’ IRDAI is taking commendable steps toward enhancing transparency, trust, and digitization for customer convenience. These measures are designed to further benefit customers by strengthening the insurance ecosystem. We welcome Bima-ASBA as a significant step in this direction.
The life insurance industry has been working to be more agile, simplify processes and build customer trust, and Bima-ASBA will further strengthen these efforts by adding a layer of security, confidence, and flexibility for policyholders. By allowing customers to block their premium amount instead of paying upfront, it addresses concerns about refunds if a policy’isn’t issued. At Bajaj Allianz Life, our Customer First promise inspires us to innovate continuously, and Bima-ASBA aligns with this”focus”.
With this launch, Bajaj Allianz Life continues to reinforce its position as a customer-centric insurer, driving digital-first innovations for a seamless insurance journey.
Bima-ASBA is a significant step forward in making premium payments smoother and customer friendly. Under this IRDAI initiative, policyholders can opt for’UPI’s One-Time Mandate (OTM) and authorise the blocking of a specified amount (up to 2 lakh) in their bank account via UPI. The amount will be debited only after the insurance company completes the underwriting process and decides to accept the proposal. If the application is not processed within a period of 14 days or the proposal is not accepted, the blocked amount is automatically released back to the customer. This initiative ensures that the policy buyer’s funds remain in their bank account and continue to gain interest till the time the policy issuance is confirmed. Bajaj Allianz Life, in partnership with its payment partners, has successfully launched this process.
Speaking on the development, Tarun Chugh, MD & CEO, Bajaj Allianz Life, said, "In line with the vision of ‘Insurance for All by 204’,’ IRDAI is taking commendable steps toward enhancing transparency, trust, and digitization for customer convenience. These measures are designed to further benefit customers by strengthening the insurance ecosystem. We welcome Bima-ASBA as a significant step in this direction.
The life insurance industry has been working to be more agile, simplify processes and build customer trust, and Bima-ASBA will further strengthen these efforts by adding a layer of security, confidence, and flexibility for policyholders. By allowing customers to block their premium amount instead of paying upfront, it addresses concerns about refunds if a policy’isn’t issued. At Bajaj Allianz Life, our Customer First promise inspires us to innovate continuously, and Bima-ASBA aligns with this”focus”.
With this launch, Bajaj Allianz Life continues to reinforce its position as a customer-centric insurer, driving digital-first innovations for a seamless insurance journey.
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