Policy on Refund for Insurance Business Policy

Last updated on: 16th June 2025

Introduction
OnEMI Technology Solutions Private Limited is a company (‘herein after referred as the Company’), incorporated under the provisions of the Companies Act, 2013, Corporate Identification Number (CIN) U72900MH2016PTC282573 and having its registered office at 10th Floor, Tower 4, Equinox Park, LBS Marg, Kurla West Mumbai 400070 Maharashtra India ("OnEMI” / “Company”) and also holds a Composite Corporate Agency license, Registration No. CA0644, granted by the Insurance Regulatory and Development Authority of India (IRDAI) To carry on the business of retail and institutional distribution of the schemes of Insurance.
Objective
This policy outlines the terms and procedures for the cancellation of insurance policies and the corresponding refund of premiums, in compliance with the IRDAI guidelines.
Scope
This policy applies to all insurance products offered by the Company , including:
• Life Insurance
• Health Insurance
• General Insurance
Cancellation & Refund Terms and Conditions
(a) Free look period Cancellation and Refund
As per the IRDAI rules and regulations, you have the right to cancel your insurance policy within 15 days or 30 days (in case of online) from the date of receipt of insurance policy (referred to as “Free look period”) and refund of your premium amount shall be processed as per the applicable process and procedures followed by the insurer.

This Free look facility can be availed only for Life and Health insurance policies, subject to certain other terms and conditions specified by IRDAI. We encourage all our customers to read the insurance policy document carefully and avail the free look facility in case the terms and conditions of the insurance policy document don’t match your insurance requirements.

(b)Policy Adjustments:

If you make changes to your policy that result in a lower premium, such as reducing the coverage limit or removing a policy rider, you may be eligible for a refund for the difference in premium. This refund is generally calculated on a pro-rata basis, depending on the time remaining on the policy.

(C) Cancellation by the Insurer:

Insurer reserves the right to cancel a policy due to non- submission of additional information required for policy underrating or issuance, Non-disclosure or misrepresentation of material facts, Non-payment of premium (after grace period). Refunds (if any) will be made on a pro-rata basis after deducting applicable charges.

(d) Cancellation After Free-Look Period

Cancellation of the policy after the expiry of the Free-Look Period shall be permitted in accordance with the terms and conditions specified in the insurance policy document.

Refund Procedure

• Policyholders must submit a written request for cancellation and refund to OnEMI or Insurer, along with any necessary documentation as may be required to process the request

• Refunds will be processed in accordance with the turnaround time defined by the Insurer.

• Refunds will be issued via the original mode of payment used by the policyholder, unless otherwise agreed upon in writing.

Review of the Policy
The policy shall be reviewed annually and any changes made in the policy shall be referred to the Board of Directors of OnEMI for approval.
Omnibus Clause
All extant & future Master Circulars/Directions/Guidelines/Guidance Notes issued by IRDAI from time to time would be the directing force for the policy of the Company and will super cede the contents of this Policy.