How to Check Your Bima-ASBA Life Insurance Payment Status Online?

Where to Check Your Bima-ASBA Payment Status?

ASBA Payment Updates^[1]

Prospects will receive real-time SMS and email notifications from their bank at every stage of the ASBA process, including fund blockage, debit initiation, and unblocking, ensuring complete transparency and up-to-date payment status tracking.

General Rules and Features of Bima-ASBA

Voluntary Option:

Bima-ASBA is optional. You can choose this method or continue using traditional premium payment methods. ^[1]

Eligible Policies:

It applies to life and health insurance policies only. All insurers have been asked by IRDAI to offer Bima-ASBA as a payment option. ^[2]

Payment Method:

You can authorise the block amount via UPI or net/mobile banking. This is done by approving a UPI mandate, which reserves the premium amount in your bank account. ^[2]

14-Day Rule:

If the insurer does not issue or reject the policy within 14 calendar days, the blocked amount is automatically unblocked and returned to your account. If your policy is not accepted then, the amount is transferred back within one-working day. ^{[1] [2]}

Interest Accrual:

Since the funds remain in your account until debited, you continue earning interest during the blocked period, but do note, this is subject to your bank’s terms and conditions. ^[2]

Transparency & Refunds:

You receive SMS and email notifications about each stage, blockage, debit, and unblocking. If your proposal is rejected, no refund request is required. The block will be lifted automatically. ^[1]

Conclusion

Bima-ASBA offers a secure and efficient method for managing insurance premium payments, ensuring that funds are only debited upon policy approval. You can conveniently monitor your payment status by leveraging online platforms like insurer portals, bank apps, and UPI applications.

If an issue arises, such as a delayed refund, an unprocessed mandate, or an unclear status, contacting your insurance company or bank can help resolve it quickly. With proper tracking and awareness, Bima-ASBA makes premium payments more transparent, hassle-free, and reliable.

FAQ’s

1. Is Bima-ASBA mandatory for all insurance policies? ^[1]

   
   No, Bima-ASBA is not mandatory. Insurers offer it as an optional payment method for life and health insurance policies. Policyholders can choose to use this facility or opt for traditional payment methods.

   
   

2. What happens if my insurance proposal is rejected? ^[1]

   
   If your insurance proposal is rejected or not processed within 14 days, the blocked amount is automatically released into your bank account. If your policy is not accepted, then the amount will be transferred back to your account within one working day. This ensures that your funds are not unnecessarily held.

   
   

3. Which insurance policies are eligible for Bima-ASBA? ^[2]

   
   Currently, Bima-ASBA is applicable for life and health insurance policies. Insurers are mandated to offer this facility for these types of policies.

   
   

4. How do I set up a Bima-ASBA mandate? ^[2]

   
   During the insurance application process, select Bima-ASBA as your payment option. Provide your UPI ID and authorise the mandate to block the premium amount in your bank account. The funds will be debited only after the policy is approved.

   
   

5. What are the benefits of using Bima-ASBA? ^[2]

   
   Bima-ASBA offers several benefits, including enhanced transparency,; financial flexibility, as funds are automatically unblocked if the policy is not issued within one working day.

   
   

6. Where can I find more information about Bima-ASBA? ^[2]

   
   For detailed information, you can refer to the official IRDAI circular on Bima-ASBA.