Cancellation & Refunds

We value transparency with our Customers

Sometimes, for different reasons, your insurance policy may not meet your expectations or requirements. Do not worry, read ahead to find out what you can do.

Benefits Circle has integrations/association with Insurance companies to offer insurance products & benefits. Thereby only acting as a mere facilitator for providing assistance to the customers. Thus the cancellation of the policy and/or the refund of the premium will be processed by insurance company as per the rules and regulations laid down by the Insurance Regulatory and Development Authority of India (IRDAI).

All refunds as stated below shall be the sole responsibility of the Insurance company. Also, please note that the free-look provision is not available for renewal premiums.

As per the Insurance Regulatory and Development Authority of India (IRDAI) rules and regulations, a Free-look period is a 15 days period post-purchase of policy, in which the insurance companies give their customers to review the policy and cancel it if required.

We encourage all our customers to read the insurance policy document carefully and avail the free look facility in case the terms and conditions of the insurance policy document do not match your insurance requirements.

You have the right to cancel your insurance policy in the Free look period. To initiate a cancellation, you need to write an application to the insurance company, whose policy you have purchased stating the reason for canceling the policy.

The policy will be canceled by the insurance company and the premium will be refunded excluding:

• Cost of the initial medical tests, if any.
• Stamp duty charges
• The proportionate risk premium of the period for which you were covered.
• Administrative charges
• Any other charges as mentioned in policy document

If you apply for cancellation of the policy beyond the free-look period then the policy cancellation will be processed as per the terms & conditions mentioned in cancellation clause of your policy document, request you to refer the same. Each insurance company may have a different refund percentage for a particular period of coverage.

You may also contact Benefits Circle Support team for any clarification/details and we will be happy to assist you.

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 regulations.