Refund / Cancellation Policy

Effective: Immediately

Last updated: Dec 2025

Bharat Finserv is committed to transparent, fair and timely handling of cancellation and refund requests. This policy explains your rights and the procedures we follow for refunds and cancellations for insurance products and for any paid services offered directly by Bharat Finserv.

In accordance with IRDAI regulations, most insurance policies issued in India carry a Free Look Period:

Duration: 15 days from the date you receive the insurance policy documents (some policies — e.g., online or specific products — may offer a longer period; check the insurer’s policy document).

Right: During this period you may cancel the policy if its terms, benefits, or exclusions are not acceptable to you.

How to cancel within Free Look:

Send a written request or the insurer’s cancellation form to the insurer (some insurers accept the request via portal/email).

Copy Bharat Finserv at bharatfinservinfo@gmail.com for our records and assistance.

Provide policy number, date of receipt of documents, reason for cancellation, and contact details.

Refund during Free Look:

If you cancel during the Free Look Period and there has been no claim, the insurer will refund the premium after deducting:

Pro-rata premium for the period of risk (if any), and

Applicable administrative charges as per the insurer’s policy, and

Any statutory or third-party charges (if applicable).

Bharat Finserv is not the insurer — refunds are issued by the insurer and subject to the insurer’s verification and timelines.

If you request cancellation after the Free Look Period:

Cancellation and refund (if any) are governed by the insurer’s policy wording and terms.

Typically, the insurer may allow cancellation with partial refund after deducting: pro-rata premium for the period of cover, administrative charges, and cost of medical tests or endorsements (if any).

Refunds are processed by the insurer subject to no claim having been made under the policy.

Note: If a claim has been intimated or paid, most insurers will refuse refund or cancellation except as permitted by their policy terms.

Common grounds on which a policyholder may request cancellation include:

Policy terms, exclusions, or coverage not meeting expectations

Incorrect product sold due to mismatch in disclosure (supported by proof)

Duplicate purchase of similar cover

For dissatisfaction, we recommend contacting the insurer first. If you need help, Bharat Finserv will assist you in communicating your issue to the insurer.

Intimate the insurer in writing (email/physical form) — follow the insurer’s prescribed cancellation form if provided.

Provide supporting documents (policy copy, proof of identity, bank details for refund).

Inform Bharat Finserv by emailing bharatfinservinfo@gmail.com so we may follow up.

Insurer verification & processing — insurer may take up to the time specified in their policy (typically 7–30 working days).

Refund settlement — insurer transfers refund to the policyholder’s bank account or issues cheque as per their process. Bharat Finserv will assist in tracking but does not control insurer timelines.

Refunds may be subject to deductions which commonly include (but are not limited to):

Pro-rata premium for the period of risk

Administrative / processing fees charged by the insurer

Medical examination / diagnostic charges borne by the insurer

Stamp duty (non-refundable in some cases)

Any taxes or statutory levies

Exact deductions depend on the insurer’s terms and the product.

Free Look: 15 days from receipt of policy documents.

No claim condition: Cancellation/refund normally permitted only if no claims have been made.

Pre-existing conditions & waiting periods: If you cancel after policy issuance and later re-apply, waiting periods may apply afresh with insurers.

Group health policies: Terms may differ — please check group policy clauses before requesting cancellation.

For any paid service (e.g., paid advisory, document drafting, premium subscription) provided directly by Bharat Finserv:

Cancellation before service start: Full refund will be issued if cancellation is received in writing before any service delivery or work has begun, unless a non-refundable retainer is expressly agreed.

Partial service delivered: Refunds will be pro-rated to reflect the work completed; administrative charges may apply.

No refunds for completed services delivered as per scope or where digital goods have been delivered and accepted.

Timeframe for refunds: Refunds for Bharat Finserv-direct payments will be processed within 7–14 working days after verification and approval.

All commercial terms for paid services are confirmed in the invoice/engagement letter.

For payment gateway, UPI, NEFT/RTGS/IMPS or net-banking transactions, settlement timelines depend on banks and payment gateways. Refunds or reversals may take 1–7 business days for UPI/IMPS; bank transfers may take longer.

Bharat Finserv is not responsible for delays caused by banks or payment processors, but we will assist in escalation.

9. No Claims and Fraudulent Activity

Refunds will be denied if the policy or service is involved in a fraudulent claim or misrepresentation.

If the insurer suspects fraud, they may withhold refund and notify regulatory authorities.

10. Dispute Resolution

If you disagree with an insurer’s refund decision:

First escalate to the insurer’s grievance officer (insurer contact details usually in the policy).

If unresolved, escalate to Bharat Finserv at bharatfinservinfo@gmail.com — we will assist in liaison.

Further escalation to IRDAI or consumer courts may be pursued as per regulatory pathways.

For all cancellation and refund assistance, contact:

Bharat Finserv — Customer Support

📞 +91 8299533212

Office: 101, Sainath Apartment, Jaitpura, Varanasi – 221001

Please include in your email: policy or service reference number, name, contact number, and a brief reason for cancellation.

This policy supplements, and does not replace, the terms of the insurer or the commercial agreement for paid services. The insurer’s policy wording and statutory regulations will prevail for insurance refunds.

Bharat Finserv will assist and facilitate but cannot guarantee insurer refund amounts or timelines.