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Updated Sept 26, 2023

Refund Policy

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Cancellation & Refund
You understand that Bharatsure has tied up with RBI authorized payment gateways to allow you to make online payments towards your insurance premium amount and is only acting as a mere facilitator and providing its assistance to its customers for speedy refunds. However, the cancellation of the policy and/or the refund of the premium will be processed by insurer as per the rules and regulations laid down by the Insurance Regulatory and Development Authority of India (IRDAI) as follows:


Cancellation within the free-look period
The Free-look period is a 15-day period post-purchase, that most insurance companies give their customers to review the policy and cancel if required. The IRDAI has mandated a free-look period for life insurance policies and health insurance policies.
If you request a cancellation of your policy within the free-look period, you get a refund of your premium excluding:

Health check-up expenses

Stamp duty

The proportionate risk premium of the period for which you were covered

All payments with respect to refunds as stated above shall be the sole responsibility of the insurer as per the rules and regulations laid down by the IRDAI. Such deduction is at the sole discretion of the insurer. Also, please note that the free-look provision is not available for renewals.

Cancellation Beyond Free-Look Period
If you apply for cancellation of the policy beyond the free-look period then the policy cancellation will be processed as per the underwriting of the policy. Also, the amount of premium will be refunded will be equal to what has been defined in the cancellation clause of your policy wording.
If you wish to cancel a policy you have purchased from our portal, you can contact us over the phone or on email and we will assist you through the process.


Cancellation by the Insurance Company
The insurance company has the right to cancel your policy in the event of fraud, misrepresentation, non-disclosure of important facts or non-cooperation by the insured members. In such cases, the insurance company will give notice of 30-days and the premium will not be refunded.


Refund of the Premium
The premium that you pay is collected directly by the insurance company. If you claim for a refund because of an incorrect transaction or policy cancellation, you will get an amount as per the insurance company’s policy. The refunded amount will be given to you in the form of a cheque or direct transfer, as per the insurance company’s policy.

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