Return and Refund Policy
Effective Immediately after Risk Commencement
At Truvisory Finteck, we are committed to transparent guidance and fair customer communication. Since insurance is a regulated financial product, all cancellations, returns, and refunds are processed strictly as per the applicable rules, terms, and guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI) and the respective insurer.
Insurance policies are governed by the terms of the respective insurer and applicable IRDAI regulations in India. Life insurance refunds are processed as per IRDAI guidelines, including the applicable free-look period and permitted deductions such as proportionate risk premium, medical examination expenses, and stamp duty, wherever applicable. Refunds for health, motor, travel, home, and other general insurance products are subject to insurer policy terms, policy tenure, claim status, and regulatory rules. Any cancellation or refund request submitted through Truvisory Finteck will be assisted by our team, but final approval, deductions, and timelines remain subject to the insurer’s policy terms and applicable IRDAI rules.
Life insurance refunds are processed as per applicable IRDAI guidelines and insurer policy terms. Eligible cancellation requests may be raised within the applicable free-look period of up to 30 days from receipt of the policy document. Once approved by the insurer, admissible refunds are generally processed within 15 working days, subject to required documentation and applicable deductions.
Insurance products
Insurance policies are not physical goods, so they do not follow a standard e-commerce return policy. Refunds, cancellations, and premium adjustments are governed by policy terms, insurer rules, and IRDAI regulations applicable in India.
Life insurance refunds are processed as per IRDAI guidelines and the terms of the respective insurer. During the applicable free-look period, eligible policies may be cancelled and refunds, if admissible, will be issued after deductions as permitted under IRDAI regulations.
Free-look period
For eligible life insurance policies, the policyholder may cancel the policy during the applicable free-look period if they do not agree with the terms and conditions of the policy. IRDAI-related guidance states that the refund is generally made after deducting the proportionate risk premium for the period of cover, medical examination expenses if any, and stamp duty charges.
Health and general insurance
For health, motor, travel, home, and other general insurance products, cancellation and refund eligibility depend on the insurer’s policy terms, IRDAI regulations, policy tenure, claim status, and the stage at which cancellation is requested. Public reporting on IRDAI’s 2024 reforms states that retail policyholders may cancel a policy during the term and receive refund for the unexpired policy period in eligible cases, subject to applicable conditions and where no claim has been made.
How to request cancellation
If you wish to request cancellation or refund of any insurance policy purchased through our platform, please contact us with the following details:
- Full name of policyholder
- Registered mobile number
- Policy number
- Product type
- Reason for cancellation request
- Copy of policy document, if required by insurer
After receiving your request, we will assist in forwarding or guiding the process with the concerned insurer. Final approval, refund amount, deductions, and timelines are determined by the insurer as per policy terms and IRDAI regulations.
Important conditions
- Refunds are not guaranteed for every policy or every stage of cancellation.
- Any refund, if admissible, is subject to insurer approval and applicable regulatory provisions.
- If any claim has already been made under the policy, refund eligibility may be restricted or not available, depending on the insurer’s terms and applicable rules.
- Truvisory Finteck acts as a distributor / facilitator / advisor and does not directly decide refund approval where insurer policy terms apply.
Processing timeline
Once the cancellation request is accepted by the insurer and all required documents are submitted, the refund timeline will depend on the insurer’s internal processing system and regulatory requirements. Truvisory Finteck will make reasonable efforts to assist customers in tracking the status of their request.
Contact for refund requests
For cancellation and refund assistance, please contact us through the contact details available on our website.