IRDAI Circular Enables UPI for Insurance Premiums
In February 2025, the Insurance Regulatory and Development Authority of India (IRDAI) issued a circular addressing premium payment methods for insurance policies.
The circular aimed to provide policyholders with enhanced flexibility and convenience for managing their life insurance and health insurance premium payments.
UPI One-Time Mandate for Premium Blocking
The key provision of the IRDAI circular was the enablement of the UPI one-time mandate. This allows customers to authorize future premium payments via the Unified Payments Interface (UPI) system.
This method simplifies the recurring payment process, ensuring timely premium collection and reducing the likelihood of policy lapses due to payment delays.
Important Questions from Banking Affairs
As per the provisions of Union Budget 2021-22, how many public sector banks have been lined up for disinvestment?
What is the repo rate given by the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) as on 7 April 2021?
On 25 September 2020,_________ announced that they will launch a contactless debit card-based payment facility through phones called 'Safe Pay', allowing transactions up to ₹20,000 per day.
In November 2020, India and _________ jointly launched Phase 2 of the Rupay card.
In November 2020, the Union Cabinet of India approved the merger of capital-starved Lakshmi Vilas Bank (LVB) with _______________.
