Terms & Conditions
Insurance Premium Payment Facilitation
Effective Date: 1st January 2024
Last Updated: 1st January 2024
Welcome to Insurance by Payman, operated by Payman Fintech Solutions Private Limited. By accessing or using this website, you agree to be bound by the following Terms & Conditions.
Table of Contents
1. Nature of Services
Insurance by Payman provides a technology platform solely for facilitating insurance premium payments for existing insurance policies issued by IRDAI-registered insurance companies.
What Payman Does NOT Do:
- Does not sell insurance policies
- Does not issue or underwrite insurance
- Does not provide insurance advice
- Is not an insurance company, broker, corporate agent, or web aggregator
2. Role of Payman
Payman's role is strictly limited to payment facilitation.
Important: All matters related to policy coverage, benefits, claims, renewals, cancellations, and refunds are governed exclusively by the respective insurance company.
3. User Responsibility
Users must ensure that all details entered, including policy number, insurer name, and customer details, are accurate.
Important Notice
Payman shall not be responsible for failures arising from incorrect information provided by the user.
4. Payments
- Payments are processed through RBI-authorized payment gateways and BBPS infrastructure
- Payman does not store card, UPI, or banking credentials
- Successful payment confirmation does not constitute policy issuance or renewal unless confirmed by the insurer
Security Note
All payment transactions are processed through secure, RBI-compliant channels. We do not have access to or store your complete payment credentials.
5. Payment Confirmation
Payman provides payment acknowledgment only. Final policy status and premium credit confirmation are subject to insurer processing.
Users should verify policy status directly with their insurance company after making premium payments through our platform.
6. Limitation of Liability
Payman shall not be liable for:
- Insurer system downtime
- Delayed or failed policy updates
- Claim disputes
- Policy cancellation or rejection by insurer
Legal Limitation
As a payment facilitator, Payman's liability is limited to the successful processing of premium payments to the designated insurance company. All insurance-related matters are between the policyholder and the insurance company.
7. Prohibited Use
Any misuse of the platform for fraudulent or unlawful activity may result in suspension and reporting to appropriate authorities.
Payman reserves the right to suspend or terminate accounts involved in suspicious or unauthorized activities without prior notice.
8. Governing Law
These Terms & Conditions shall be governed by the laws of India, with courts at Hyderabad, Telangana, having exclusive jurisdiction.
Mandatory Disclosure
Payman is not an insurance company or broker. Insurance policies are issued by IRDAI-registered insurers. Payman only facilitates insurance premium payments.
Acceptance of Terms
By using the Insurance by Payman platform, you acknowledge that you have read, understood, and agree to be bound by these Terms & Conditions. If you do not agree to these terms, please do not use our services.