Refund Policy
At BTW IMF, we are committed to ensuring a transparent and hassle-free experience for all our clients. In the event of a transaction error, policy cancellation, or failure in policy issuance, a refund may be initiated subject to the guidelines of the respective insurance company. Refund eligibility typically includes situations such as technical failures during the transaction process, duplicate premium payments, or cancellation of a policy during the eligible refund period. Clients may also qualify for a refund if the insurance company declines to issue the policy after payment has been made.
All refunds are processed either through direct credit to the customer’s registered bank account or by cheque, depending on the insurer’s procedures and the original payment method used. The standard processing time for refunds may range from 7 to 15 working days, though it may vary depending on the insurance company’s internal systems and verification processes.
It is important to understand that the refund process is governed by the policies of the insurance provider. BTW Financial Services & IMF Pvt Ltd acts only as a facilitator and has no control over the amount, timeline, or approval of refunds. Therefore, any dispute or query regarding the refund should be addressed directly with the concerned insurance company, though our team will provide assistance wherever possible.
To initiate a refund request, the customer is required to contact our support team and provide relevant details such as the policy number, transaction ID, name of the insurer, and a clear explanation of the issue. Documentation supporting the claim, such as payment receipts and identification, may be required. It is advisable to submit the refund request within the time frame specified by the insurer to avoid delays or rejection.
Cancellation Policy
We recognize that there may be circumstances where a customer chooses to cancel their insurance policy, and we aim to make the cancellation process as smooth as possible. Most insurance policies offer a free-look period, typically ranging between 15 to 30 days from the date of policy issuance. During this period, customers may cancel their policy and receive a refund of the premium paid, subject to deductions such as medical examination costs, stamp duty charges, or administrative fees as applicable.
In cases where the cancellation request is made after the expiry of the free-look period, the eligibility for a refund and the amount refunded are entirely determined by the rules and terms outlined by the respective insurance company. Some insurance policies may not offer any refund once the policy has commenced, especially in cases of short-term or travel-specific plans. Customers are strongly encouraged to read the policy document carefully before proceeding with cancellation.
To cancel an insurance policy, the customer must submit a written request to our support team or directly to the insurance company. This request should be accompanied by relevant documents, which may include the original policy document, a valid government-issued ID, and bank account details for the refund. Once the cancellation request is received and verified, the insurance company will initiate the refund as per their guidelines.
Refunds upon policy cancellation are processed by the insurance company via direct bank transfer or cheque, generally within 10 to 15 business days after the cancellation has been approved. The actual amount refunded may vary depending on the policy terms and the charges applicable at the time of cancellation.
Disclaimer
All cancellations and refunds are subject to the terms, conditions, and underwriting guidelines of the respective insurance company. BTW IMF does not guarantee refund approval or processing timelines and cannot be held responsible for delays or rejections by the insurer. We act solely as a service intermediary and are committed to assisting our clients in navigating the process. Customers are encouraged to consult with our insurance advisors for clarification before purchasing or cancelling a policy, to ensure they make informed and confident decisions.