Whalesbook
India's insurance regulator, IRDAI, mandated Bima-ASBA for blocking premium payments until policy underwriting by March 1, 2025. However, only Bajaj Allianz Life Insurance and ICICI Lombard have implemented this UPI OTM mechanism. Most insurers face delays due to complex system integrations, operational challenges, and cash flow concerns, despite the regulator's push for transparency and consumer safety.