Refund & Cancellation Policy
Free-look, cancellation and premium refunds
1. Who processes refunds
All premium payments made while buying or renewing a policy through this platform go directly to the insurer through the insurer's payment gateway. Assan One Insurance Broker Pvt. Ltd. does not hold your premium, so all refunds — free-look, cancellation, endorsement or failed-transaction — are processed and paid by the insurer to your registered bank account or original payment method. We follow up with the insurer on your behalf at no charge.
2. Free-look cancellation
Life and health policies carry a free-look period of 30 days from receipt of the policy document (as per current IRDAI regulations). If you disagree with any term, return the policy within the free-look period; the insurer refunds the premium after deducting proportionate risk premium for the cover period, medical examination costs and stamp duty, as permitted by regulation.
3. Mid-term cancellation
Policies may be cancellable mid-term per their terms — refunds are typically on a short-period or pro-rata scale set by the insurer, and motor third-party liability has restrictions on cancellation (cover is mandatory by law). No refund is payable where a claim has been made during the policy period, unless the product terms say otherwise.
4. Failed or duplicate transactions
If money is debited but no policy is issued (payment-gateway failure or duplicate debit), the insurer's gateway auto-reverses the amount, generally within 5–7 working days. If a reversal does not reach you in that window, write to communications@assanone.com with the transaction reference and we will chase it with the insurer until it is closed.
5. Our services
Assan One charges policyholders no fee for solicitation, comparison, placement, claims assistance or this platform — there is therefore no Assan One service fee to refund. For any dispute about a refund, use our Grievance Redressal channel; unresolved matters can be escalated to Bima Bharosa (bimabharosa.irdai.gov.in) or the Insurance Ombudsman.
Insurance is the subject matter of solicitation. Assan One Insurance Broker Pvt. Ltd. is a licensed direct broker; we do not underwrite risk. All premiums and acceptance are subject to insurer underwriting.