JAIKA INSURANCE BROKERAGE PVT. LTD. - CANCELLATION AND REFUND POLICY
At Jaika Insurance Brokerage Pvt. Ltd., we facilitate the purchase of insurance products from various
insurance companies (hereafter referred to as "The Insurance Company"). Any cancellation or refund
request for an insurance policy must be made by the terms and conditions of the respective insurance
policy, as determined by The Insurance Company, following the guidelines of the Insurance Regulatory
and Development Authority of India (IRDAI).
1. Free-Look Period Cancellation
The Insurance Companies provide a free-look period of 30 days from the date of policy issuance. During this period, if the policyholder is dissatisfied with the terms and conditions of the policy, they may cancel the policy by contacting the Insurance Company directly. Upon cancellation within the free-look period, up to 100% of the premium paid may be refunded. However, the Insurance Company may deduct:
- The premium for the number of days the policyholder was covered.
- Any administrative costs incurred, including expenses related to stamp duty and medical tests, if applicable.
2. Cancellation After Free-Look Period
After the free-look period, the policyholder may still cancel the policy, but the refund amount will be calculated based on the date of cancellation and by the refund rules of the Insurance Company:
- Cancellation within 1 month after the free-look period: The policyholder may receive up to 75% of the premium paid.
- Cancellation within 3 months after the free-look period: The policyholder may receive up to 50% of the premium paid.
- Cancellation within 6 months after the free-look period: The policyholder may receive up to 25% of the premium paid.
- Cancellation after 6 months No refund will be provided.
3. Cancellation Request Process
If the policyholder wishes to cancel their insurance policy, they must directly approach the Insurance Company with a cancellation request. The cancellation process is as follows:
- Submit a written request (offline or online) to the Insurance Company, including the policy details, reason for cancellation, and any relevant documentation.
- The Insurance Company will review the request and may attempt to address the policyholder's concerns.
- If the policyholder insists on canceling, The Insurance Company will initiate the cancellation and calculate the refund based on the applicable terms.
- The Insurance Company will send an official cancellation letter or email once the process is complete.
4. Refund Amount
Refunds will be issued by The Insurance Company after deducting the following, if applicable:
- Administrative charges.
- Costs related to medical examinations, if conducted.
- The prorated premium for the period the policyholder was covered.
Important Notes:
- Jaika Insurance Brokerage Pvt. Ltd. does not process or issue any refunds directly. All refunds are managed and processed by The Insurance Companies, strictly adhering to the IRDAI guidelines.
- Any refund or cancellation policy may vary depending on the specific terms set by The Insurance Companies and the type of insurance policy.
- Jaika can assist you throughout the cancellation and refund process. While the insurance companies manage the final decision and refund issuance, we are here to guide you at every step, ensuring a smooth and hassle-free experience. Our team can help you understand the policy terms, liaise with The Insurance Companies on your behalf, and provide any necessary support during the submission of cancellation requests. Please feel free to reach out to us if you need assistance during this process.