Cancellation & Refund Policy
Last Updated: November 2024
Share India Insurance Brokers Pvt. Ltd. (IRDA License: IRDA/DB692) acts as an insurance broker facilitating insurance purchases from various insurance companies. This policy outlines the cancellation and refund procedures for services and insurance products purchased through our platform.
Policy Cancellation
As an insurance broker, Share India Insurance facilitates the purchase of insurance policies from various insurance companies. The cancellation terms and conditions are governed by the respective insurance company's policy terms.
Free Look Period Cancellation
Most insurance policies offer a "Free Look Period" (typically 15-30 days from policy receipt) during which you can cancel the policy if you are not satisfied with the terms and conditions. During this period:
- You can cancel the policy without providing any reason
- The insurance company will refund the premium paid after deducting proportionate risk premium and expenses
- The refund process is handled directly by the insurance company
- Share India Insurance will assist in facilitating the cancellation process
Refund Process
Premium Refunds
Share India Insurance collects premium deposits on behalf of insurance companies. In cases where:
- Policy Not Issued: If the insurance company does not issue the policy due to underwriting reasons, the full premium amount will be refunded by the insurance company within 15-30 working days.
- Free Look Cancellation: Refunds during the free look period will be processed by the insurance company as per their terms, typically within 15-30 working days.
- Policy Cancellation: For cancellations after the free look period, refund amounts and timelines are determined by the insurance company's policy terms.
Important Note:
Share India Insurance will ensure that refunds are processed by the insurance company as per their terms. We do not have control over the refund amount or timeline, which is determined by the insurance company's underwriting and policy terms.
Brokerage Fees
Share India Insurance earns brokerage commission from insurance companies for facilitating policy sales. This commission is paid by the insurance company and does not affect the premium amount paid by you.
In case of policy cancellation during the free look period or non-issuance of policy, no brokerage fees are charged to the customer.
How to Request Cancellation
To request policy cancellation or refund, please follow these steps:
Step 1: Contact Us
Reach out to our customer support team via phone (1800 210 2022) or email (contact.ins@shareindia.co.in)
Step 2: Submit Request
Provide your policy number, reason for cancellation, and any required documents
Step 3: Processing
We will forward your request to the insurance company and assist in the process
Step 4: Refund
The insurance company will process the refund as per their terms and credit it to your account
Refund Timeline
- Policy Not Issued: 15-30 working days from notification
- Free Look Cancellation: 15-30 working days from cancellation request
- Regular Cancellation: As per insurance company's policy terms (typically 30-45 working days)
*Timelines may vary based on the insurance company and policy type
Our Assistance
Share India Insurance is committed to assisting you throughout the cancellation and refund process:
- We will help you understand the cancellation terms of your policy
- We will facilitate communication with the insurance company
- We will follow up on your refund status
- We will provide updates on the refund process
- We will ensure proper documentation and processing
Important Notes
Underwriting Discretion
Final policy issuance is subject to the insurance company's underwriting norms and discretion. Share India Insurance has no control over this decision.
Refund Authority
All refunds are processed by the respective insurance company. Share India Insurance facilitates the process but does not directly process refunds.
Our Commitment
We will ensure complete assistance and follow-up to help you receive your refund as per the insurance company's terms.
Contact Us
For any questions regarding cancellation or refunds, please contact us:
Share India Insurance Brokers Pvt. Ltd.
IRDA License: IRDA/DB692
Email: contact.ins@shareindia.co.in
Phone: 1800 210 2022 (24/7 Support)
Support Hours: Monday to Saturday, 9:00 AM - 6:00 PM