<h1>Irdai Mandates Bima-ASBA for Insurers: Streamlined Premium Payments via UPI-OTM by March 1</h1> The Insurance Regulatory and Development Authority of India (Irdai) has directed life and health insurers to implement the Bima-ASBA facility for premium payments. This system allows policyholders to block funds in their bank accounts, with the amount being debited only upon policy issuance. Utilizing the Unified Payments Interface One Time Mandate (UPI-OTM), this mechanism ensures funds availability while deferring actual payments. Insurers must offer this facility by March 1 and collaborate with multiple banks to establish necessary systems. Bima-ASBA is currently available to individual policyholders, facilitating smoother premium transactions similar to its use in stock markets.