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Return & Cancellation Policy – Money Bugs Insurance Brokerage

1. Policy Overview

Money Bugs is committed to providing transparent and customer-friendly services for insurance products. Since insurance policies are financial contracts regulated by IRDAI (Insurance Regulatory and Development Authority of India), cancellations and refunds are subject to insurer-specific guidelines.

2. Cancellation & Refund Guidelines

  • Before Policy Issuance: If a policy application is canceled before the policy is issued, a full refund of the premium (if paid) will be processed, subject to deductions (if any) by the insurer.
  • After Policy Issuance:
    • Free Look Period (Life & Health Insurance): As per IRDAI regulations, life and health insurance policies come with a 15 to 30-day free look period (depending on the policy type and mode of purchase). During this period, the policyholder can cancel the policy and receive a refund after deducting applicable charges (such as medical tests, stamp duty, etc.).
    • General Insurance (Motor, Home, Travel, etc.): Cancellations are allowed before the policy start date or within the insurer’s cancellation period. Refunds are subject to deductions for risk coverage (if the policy has commenced) and administrative charges.

3. Non-Refundable Cases

  • Policies canceled outside the free look period (unless permitted by the insurer).
  • Claims already raised against the policy.
  • Short-term travel insurance once the policy period has begun.
  • Any policies where cancellation is restricted by regulatory guidelines.

4. How to Request a Cancellation & Refund

  • Contact our support team via email at [your email] or call us at [your contact number].
  • Provide policy details, proof of purchase, and a valid reason for cancellation.
  • Refunds (if applicable) will be processed as per the insurer’s policy within 7–15 working days.

5. Changes to the Return Policy

Money Bugs reserves the right to update this policy as per regulatory changes or business requirements. Any modifications will be reflected on our website.