UPI’s new rule effective March 1: You can now pay for premium via blocked amount. Check details

Insurance regulator IRDAI has allowed one time mandate for blocking the amount towards premium through unified payments interface (UPI mandate) for issuance of life and health insurance policies.

This facility — known as Bima-ASBA (applications supported by blocked amount) — transfer of money from a prospective policyholder to the insurer will take place only after the insurance policy is issued.