Cancellation and Refund Policy
Last updated on 6th December, 2022

  • If your order for acquiring a financial product(s) or service(s) (i.e.; an insurance policy) is declined by the Provider before issuance of any financial instrument or certificate, we shall refund you the payment within 7 (seven) working days after deducting applicable processing fee or payment gateway service charges.
  • If your financial product(s) or service(s) are already issued in favor of you or the insured person, as per the specific terms and conditions of the financial product(s) or service(s), you may have the right to cancel your financial product (i.e.; insurance policy) and get a refund of your payment. Such refund shall be processed as per the applicable process and procedures followed by the Provider.

Please note that all financial product(s) or service(s) listed on our platform do not support a cancellation and refund facility. Please check the specific terms and conditions of the insurance policy to understand the implication of cancellation and refund.

We strongly advice all our Platform users and customers to read the terms and conditions of the financial product(s) or service(s) (i.e.; insurance policy) carefully before acquiring them and avail the cancellation/refund facility afterwards in case the terms and conditions of the financial product do not match your personal requirements. All payments with respect to refunds as stated under this policy shall be the sole responsibility of the Provider as per the rules and regulations laid down by the regulatory authorities. You understand that Bimafy has tied up with authorized payment gateways to allow you to make online payments towards your financial product(s)/service(s) and is only acting as a mere facilitator.

Further, you must agree and acknowledge that once you submit a cancellation request, the financial product/service may be cancelled and the payment shall be refunded to you subject to deduction of:

  1. Charges pertaining to medical tests conducted
  2. Government revenues (i.e.; Value Added Tax),
  3. Administrative and service cost like stamp duty, payment gateway charges, etc. and;
  4. Charges for coverage for the period the financial product was in force. Please note, such deduction is at the sole discretion of the Provider.