Refund and Cancellation Policy

Refund Policy

In case of a refund arising from an erroneous transaction or cancellation, the premium or amount paid towards any insurance or financial product will be refunded via cheque, NEFT, or direct credit as per the refund and cancellation policy of the respective Insurance Provider or Financial Services Company from which the product has been purchased.

GRAMeSeVA, as a digital platform, uses an RBI-authorised Payment Aggregator and Third-Party Payment Gateway (TPPG) to facilitate transactions between customers and Insurance service providers. Customers are permitted to make payments only through their bank account registered with GRAMeSeVA. No third-party bank account is permitted for making payments.

All refunds shall be credited to the same source account from which the original transaction was initiated, in accordance with RBI’s Payment Aggregator Guidelines and circulars on transaction processing and reversal timelines.

Refund Timelines as per Mode of Payment and RBI Guidelines:

Note: Actual credit to the customer’s account may vary depending on the settlement timelines of the customer’s bank, issuing entity, and intermediaries such as Payment Aggregators and UPI TPAPs (Third-Party Application Providers).

Cancellation Policy

In case of a cancellation, the premium or amount paid for an insurance or financial product will be refunded in accordance with the cancellation terms of the respective Insurance Provider or Financial Services Company.

There is no requirement to return physical policy documents to process a cancellation.

As per RBI Payment Aggregator norms, all refunds will be credited to the same account from which the payment was initiated, subject to verification and compliance checks.

Refunds on cancellation will be processed in accordance with the timelines mentioned above, based on the original mode of payment.