Index fund corner
Sponsored
| Name of the scheme | 1-year back | Invest now | Fund category | expense ratio |
|---|---|---|---|---|
| Axis Nifty 50 Index Fund | +32.80% | Invest now | Equity: Big Cap | 0.12% |
| Axis Nifty 100 Index Fund | +38.59% | Invest now | Equity: Big Cap | 0.21% |
| Axis Nifty Next 50 Index Fund | +71.83% | Invest now | Equity: Big 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% |
The BIMA -SBA allows policyholders to block a specified amount (up to ₹ 2 lakh) in its bank account through UPI’s One-Time Grain (OTM).
The amount is debuted on the amount only after completing the insurer’s persistence and accepting 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 that the fund remains in the policy holder’s account and continue to earn interest until the policy is issued.
Bajaj Allianz Life participated with payment service providers to implement this facility. The company said that BIMA-Asba upfront increases safety and flexibility for customers by eliminating premium payments and refund concerns.
Bajaj Allianz Life serves more than 4.02 crore individual and group customers and manages assets of ₹ 1.22 lakh crore by 31 December 2024.
Compulsory rollout till 1 March
According to the Idardi circular issued on 18 February 2025, all insurers should offer BIMA-Asba facility by 1 March 2025.
This instruction is part of the master circular on the protection of the interests of the policyholders issued on 5 September 2024.
How Bima-SASBA will work
With BIMA-SASBA, money transfer will be only when the insurer releases the policy.
Here is how it will work:
- The insurers will create a mandate of one time through UPI to block the required amount in the Prospect Bank account.
- The premium amount will be debuted only when the insurer accepts the policy proposal.
- If the insurer rejects the proposal, the blocked amount will be released automatically.
,
