Refund Policy
Understanding refund procedures for insurance premium payments
Effective Date: 1st January 2024
This policy applies to all insurance premium payments made through Payman Insurance platform.
Important Disclaimer
Payman is a payment facilitator for insurance premiums. Refunds are governed by the terms and conditions of the respective insurance companies. Payman does not process refunds directly but facilitates the refund request process between customers and insurance providers.
Table of Contents
1. Introduction & Scope
This Refund Policy outlines the terms and conditions governing refunds for insurance premium payments made through the Insurance by Payman platform, operated by Swacpay Solutions Private Limited.
Important Note
Payman acts as a payment facilitator between customers and insurance companies. We do not issue insurance policies, set premium rates, or determine refund eligibility. All refund decisions are made by the respective insurance companies based on their policy terms.
This policy applies to all insurance premium transactions processed through our platform, including payments for Life, Health, Motor, Home, Travel, and General Insurance policies.
2. Refund Eligibility
Refunds for insurance premium payments are subject to the approval of the respective insurance company. The following scenarios may be eligible for refund consideration:
Duplicate Payments
If the same premium is paid twice for the same policy within a short timeframe.
Technical Errors
Payment processing errors on our platform or banking system that result in incorrect amounts being charged.
Policy Cancellation
If the insurance company cancels the policy shortly after premium payment (subject to their cancellation terms).
Premium Overpayment
When the paid premium amount exceeds the actual premium due as per the insurance company's records.
Verification Required
All refund requests must be verified with the insurance company. Payman will facilitate communication and documentation transfer but cannot guarantee refund approval.
3. Non-Refundable Scenarios
The following scenarios are typically not eligible for refunds:
Change of Mind
If you decide you no longer want the insurance policy after payment.
Premium Paid to Insurer
Once the premium amount has been successfully transferred to the insurance company.
Policy Inception
If the insurance policy has already commenced and coverage has been provided.
Standard Premiums
Regular premium payments for active insurance policies as per policy schedule.
Important Consideration
Even if a scenario appears in the "Refundable" section above, final approval rests with the insurance company. Each insurance provider has its own refund policies and procedures that supersede this general policy.
4. Refund Request Process
To request a refund for an insurance premium payment, follow these steps:
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1
Contact Your Insurance Company First
Before contacting Payman, reach out to your insurance company's customer service to understand their refund policy and initiate the refund request with them.
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2
Gather Required Documentation
Collect your policy documents, payment receipt, transaction ID, and any communication from the insurance company regarding the refund.
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3
Contact Payman Support
Email our support team at support@paymanfintech.in with subject line "Refund Request" and include all relevant documents and information.
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4
Payman Facilitates Communication
We will forward your request to the insurance company and maintain communication between both parties.
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5
Insurance Company Decision
The insurance company will review your request and make a determination based on their policy terms.
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6
Refund Processing
If approved, the insurance company will process the refund according to their procedures.
Important Timeline
Refund requests must be submitted within 30 days of the payment transaction date. Requests submitted after this period may not be considered by insurance companies.
5. Refund Processing Time
Refund processing times vary depending on the insurance company and payment method used. Below are estimated timeframes:
Business Days
Typical processing time from insurance company approval to refund initiation
Credit/Debit Card Refunds
Typically processed within 5-10 business days after insurance company approval. The refund will appear on your card statement within 1-2 billing cycles.
Net Banking/UPI Refunds
Usually processed within 3-7 business days. The refund is credited directly to your bank account.
Note: These are estimated timeframes. Actual processing times may vary based on the insurance company's internal processes and banking procedures.
6. Refund Methods
Refunds are typically processed using the same payment method used for the original transaction:
Credit/Debit Cards
Refunded to the same card used for payment
Net Banking
Credited to the same bank account
UPI
Refunded to the same UPI ID/VPA
Payment Method Changes
If the original payment method is no longer available (e.g., card expired, account closed), the insurance company may issue the refund via bank transfer after additional verification. Additional documentation may be required in such cases.
7. Insurance Company Policies
Each insurance company has its own refund policy that governs premium refunds. Payman does not control or influence these policies. Key considerations include:
Policy-Specific Terms
Refund eligibility, processing fees (if any), and timelines are determined by each insurance company's policy terms and conditions.
Processing Fees
Some insurance companies may deduct processing or administrative fees from refunds. These fees vary by company and policy type.
Regulatory Compliance
All refunds are processed in compliance with IRDAI (Insurance Regulatory and Development Authority of India) regulations and guidelines.
We strongly recommend reviewing your insurance policy documents or contacting your insurance provider directly to understand their specific refund policies and procedures.
8. Contact Information
For refund-related inquiries or assistance with the refund request process, please contact us:
Email for Refund Queries
Please include "Refund Request" in the subject line and provide your transaction ID, policy number, and insurance company name.
Phone Support
+91 9390001009
Available Monday to Friday, 9:00 AM to 6:00 PM IST. Please have your transaction details ready when calling.
Registered Address
SWACPAY SOLUTIONS PRIVATE LIMITED
#8-3-231/C/166/1, SRI KRISHNA NAGAR, YOUSUFGUDA
HYDERABAD, TELANGANA, 500045
Before Contacting Us
For faster resolution, please contact your insurance company first and obtain their reference number for your refund request. This will help us facilitate the process more efficiently.