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| Scheme Name | 1-Year Return | Invest Now | Fund Category | Expense Ratio |
|---|---|---|---|---|
| Axis Nifty 50 Index Fund | +32.80% | Invest Now | Equity: Large Cap | 0.12% |
| Axis Nifty 100 Index Fund | +38.59% | Invest Now | Equity: Large Cap | 0.21% |
| Axis Nifty Next 50 Index Fund | +71.83% | Invest Now | Equity: Large Cap | 0.25% |
| Axis Nifty 500 Index Fund | — | Invest Now | Equity: Flexi Cap | 0.10% |
| Axis Nifty Midcap 50 Index Fund | +46.03% | Invest Now | Equity: Mid Cap | 0.28% |
Bima-ASBA allows policyholders to block a specified amount (up to ₹2 lakh) in their bank account via UPI’s One-Time Mandate (OTM).
The amount is debited only after the insurer completes underwriting and accepts the policy proposal.
If the application is not processed within 14 days or the proposal is rejected, the blocked amount is automatically released.
This ensures funds remain in the policyholder’s account and continue to earn interest until policy issuance.
Bajaj Allianz Life partnered with payment service providers to implement this facility. The company stated that Bima-ASBA enhances security and flexibility for customers by eliminating upfront premium payments and refund concerns.
Bajaj Allianz Life serves over 4.02 crore individual and group customers and manages assets worth ₹1.22 lakh crore as of December 31, 2024.
Mandatory rollout by March 1
As per IRDAI’s circular issued on February 18, 2025, all insurers must offer the Bima-ASBA facility by March 1, 2025.
This directive is part of the Master Circular on ‘Protection of Policyholders’ Interests’ issued on September 5, 2024.
How Bima-ASBA will work
With Bima-ASBA, money transfers will occur only when the insurer issues the policy.
Here’s how it will work:
- Insurers will create a one-time mandate via UPI to block the required amount in the prospect’s bank account.
- The premium amount will be debited only if the insurer accepts the policy proposal.
- If the insurer rejects the proposal, the blocked amount will be automatically released.
