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Understanding IRDAI’s Bima-ASBA: New UPI-Based Payment System for Insurance Premiums

Razorpay

Starting March 1st, 2025, insurers will be required to block the premium amount in the policyholder’s account and only debit it once underwriting is successfully completed. The blocked amount is only deducted once the insurer completes underwriting and issues the policy. What are UPI One-Time Mandates?