Bima-ASBA (Applications Supported by Blocked Amount), a new premium payment mechanism using the Unified Payments Interface (UPI), will be effective from March 1.
New Rules form March 1: There are a couple of changes that will come into effect from March 1, 2025. These changes are related to adding nominees in mutual funds and demat accounts, insurance and others. Here, we are going to tell you about these changes and how they will impact you.
Bima-ASBA
Bima-ASBA (Applications Supported by Blocked Amount), a new premium payment mechanism using the Unified Payments Interface (UPI), will be effective from March 1. Announced by the Insurance Regulatory and Development Authority of India (IRDAI), this feature
will allow policyholders to block funds in their bank accounts for premium payments, ensuring transactions without immediate debits. The premium amount will be debited only if the insurer accepts the policy proposal.
LPG cylinder prices
Often, the price of LPG cylinders changes on the first of every month. However, at times, it remains the same. LPG prices may increase from March 1, 2025. On February 1, 2025, the price of a 19-kg commercial gas cylinder was reduced by up to Rs 7. However, the price of a 14-kg domestic LPG cylinder did not change.
Change in ATF price
The price of aviation fuel, i.e. Air Turbine Fuel (ATF), also changes on the first of every month. The price of ATF was increased by 5.6 percent from February 1. After this, the price increased by Rs 5,078.25 per kilolitre to Rs 95,533.72 per kilolitre. Air travel is likely to become expensive when the price of ATF increases.
10 nominees in mutual fund account
From March 1, there may be a change in the rules related to adding nominees in mutual funds and demat accounts. Under the new change, an investor can add up to 10 nominees in a demat or mutual fund folio. These nominees can be seen as joint holders or different nominees can be chosen for different single accounts or folios. The new guidelines of capital market regulator SEBI can come into effect from March 1, 2025.
