Refund & Cancellation Policy

1. Overview

Onsurity is a licensed insurance intermediary regulated by the Insurance Regulatory and Development Authority of India (IRDAI). Because insurance products are underwritten by third-party insurers, refund eligibility is governed by IRDAI regulations and the terms of the specific policy — not solely by Onsurity.

As a general principle, insurance premiums paid are non-refundable once a policy is issued and the risk has commenced. The exceptions listed below are the only circumstances in which a refund or partial refund may be processed.

2. Free-Look Period (15 days)

Under IRDAI guidelines, every new insurance policy carries a 15-day free-look period from the date of policy issuance. During this window you may review the policy document and cancel if the terms are not acceptable to you.

Free-look cancellations must be requested by writing to refunds@onsurity.com within 15 calendar days of receiving your policy document.

3. Pro-Rated Refunds on Mid-Term Cancellation

If an employer cancels a group health insurance policy before it completes its full term, the insurer may offer a pro-rated refund of the unused premium — subject to the following conditions:

• No claims have been made against the policy during the active period. If any claim has been settled or is pending, the insurer may decline to refund the unused premium.
• The refund amount is calculated on a short-rate or pro-rata basis at the insurer's discretion, as specified in your policy schedule.
• Onsurity will facilitate the cancellation request and liaise with the insurer, but the final refund decision rests with the underwriting insurer.

Note: Refund timelines for insurer-processed refunds are typically 30–60 business days and are outside Onsurity's direct control.

4. Platform & Service Fees

Fees charged by Onsurity for platform access, onboarding, or administration services are non-refundable once a policy has been issued, regardless of whether the policy is subsequently cancelled.

This includes, but is not limited to, subscription fees, setup fees, and any add-on service charges. If you have a dispute about a specific charge, please contact us before the policy is issued — we are happy to clarify charges at any time prior to issuance.

5. No-Claims Bonus

If no claims are made during a policy year, some insurers on the Onsurity platform offer a no-claim bonus (NCB) at renewal — typically in the form of an enhanced sum insured or a discount on the renewal premium.

The no-claims bonus is not a cash refund. It is applied automatically at renewal and is governed by the insurer's product terms. Eligibility and quantum of NCB vary by insurer and product — your policy schedule will specify the applicable benefit.

6. Technical Errors & Duplicate Payments

The following situations qualify for a full refund within 7 business days:

Refunds are processed to the original payment instrument (card, UPI, net banking, or mandate).

7. How to Request a Refund

Send an email to refunds@onsurity.com with the following details:

1. Your registered email address and company name
2. Policy number (found in your policy document or Onsurity dashboard)
3. Reason for the refund request
4. Supporting documents (payment receipt, bank statement extract, or policy schedule as relevant)
5. Bank account details for NEFT transfer (if different from the original payment instrument)

8. IRDAI Grievance Escalation

If your refund request is not resolved to your satisfaction, you have the right to escalate to the IRDAI Consumer Affairs Department:

We recommend raising a complaint with Onsurity first — most issues are resolved within 5 business days without requiring formal escalation.

Need help with a refund?

Our team responds within one business day. Raise your request and we will sort it out.

Mon – Sat, 9 AM – 7 PM IST  ·  Policy queries: support@onsurity.com