Policy on Refund for Insurance Business

Last updated on: 16th June 2025

Introduction

OnEMI Technology Solutions Limited is a company (hereinafter referred as the Company), incorporated under the provisions of the Companies Act, 2013, with Corporate Identification Number (CIN) U72900MH2016PTC282573. The Company has its registered office at 10th Floor, Tower 4, Equinox Park, LBS Marg, Kurla West Mumbai 400070 Maharashtra India.

OnEMI 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

1. Free Look Period Cancellation and Refund

As per the IRDAI rules and regulations, you have the right to cancel your insurance policy within the free look period from the date of receipt of insurance policy:

15 days for regular policies
30 days for policies purchased online

Refund of your premium amount shall be processed as per the applicable process and procedures followed by the insurer.

Important Notes:

This free look facility can be availed only for Life and Health insurance policies
Subject to certain other terms and conditions specified by IRDAI
Customers are encouraged to read the insurance policy document carefully
Avail the free look facility if the terms and conditions of the insurance policy document don't match your insurance requirements

2. Policy Adjustments

If you make changes to your policy that result in a lower premium, you may be eligible for a refund for the difference in premium. Examples include:

Reducing the coverage limit
Removing a policy rider

This refund is generally calculated on a pro-rata basis, depending on the time remaining on the policy.

3. Cancellation by the Insurer

The insurer reserves the right to cancel a policy due to:

Non-submission of additional information required for policy underwriting 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.

4. 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 follow these steps for cancellation and refund:

Submit a written request for cancellation and refund to OnEMI or the Insurer
Provide necessary documentation as may be required to process the request
Refund processing will be completed in accordance with the turnaround time defined by the Insurer
Refund method: 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 and future Master Circulars, Directions, Guidelines, and Guidance Notes issued by IRDAI from time to time would be the directing force for the policy of the Company and will supersede the contents of this Policy.

Contact Information

OnEMI Technology Solutions Limited

Email: [email protected]
Phone: 080 44745884 / 080 62816309
Address: 10th Floor, Tower 4, Equinox Park, LBS Marg, Kurla West, Mumbai, Maharashtra 400070, India
Corporate Identification Number (CIN): U72900MH2016PTC282573
Insurance License: Composite Corporate Agency License, Registration No. CA0644 (IRDAI)