Everything that changes in India in March 2025

A series of regulatory changes are set to take effect from March 1, 2025, impacting mutual funds, insurance, and other financial sectors. Here’s a breakdown of the key updates and how they may affect you:

1. Bima-ASBA: A New Premium Payment Mechanism

The Insurance Regulatory and Development Authority of India (IRDAI) has introduced Bima-ASBA (Applications Supported by Blocked Amount), a UPI-based payment system for insurance premiums. Starting March 1, 2025, policyholders can block funds in their bank accounts for premium payments, with the amount debited only upon policy acceptance by the insurer. This ensures greater financial control and transparency for customers.

2. LPG Cylinder Prices May Rise

LPG cylinder prices, which are typically revised on the first of each month, could see an increase from March 1, 2025. While the price of a 19-kg commercial cylinder was reduced by Rs 7 in February 2025, domestic 14-kg cylinder prices remained unchanged. Consumers are advised to stay updated on potential price hikes.

3. ATF Price Hike to Impact Air Travel

The price of Aviation Turbine Fuel (ATF) was increased by 5.6% in February 2025, reaching Rs 95,533.72 per kilolitre. With further adjustments expected from March 1, air travel is likely to become more expensive as airlines may pass on the increased fuel costs to passengers.

4. Up to 10 Nominees in Mutual Fund and Demat Accounts

In a significant change, investors will now be able to add up to 10 nominees in their mutual fund and demat accounts. This new rule, introduced by SEBI, allows for greater flexibility in managing investments. Investors can designate joint holders or assign different nominees for individual accounts or folios.