Cancellations & Refunds

Policy Total operates as a Point of Sales Person (POSP). Once an insurance policy is issued, the premium is remitted directly to the respective Insurance Company. Policy Total does not hold customer funds and therefore cannot directly process cancellations or issue refunds.

All cancellation and refund decisions are strictly governed by the underwriting guidelines of the specific Insurance Company and the regulations set forth by the Insurance Regulatory and Development Authority of India (IRDAI).

Please note that cancellations are generally not permitted after a Motor Insurance policy (Car, Two-Wheeler, or Commercial Vehicle) has been issued.

Under IRDAI guidelines, a motor policy can only be canceled post-issuance under highly specific circumstances, such as:

• The vehicle has been sold or ownership has been legally transferred.
• There is verifiable proof of "Double Insurance" (the same vehicle is insured twice for the same period).
• The vehicle has been declared a Total Loss.

In these rare valid scenarios, the cancellation is subject to a pro-rata deduction of the premium by the insurer, and third-party premium components are often strictly non-refundable.

The IRDAI-mandated "Free-Look Period" (typically 15 to 30 days from the date of receipt of the policy document) allows a policyholder to review the terms and conditions of their policy and cancel it if they disagree with the terms.

Important Exception: The Free-Look period is only applicable to relevant policies such as Life Insurance and certain Health Insurance policies with a term of one year or more. There is no Free-Look period for Motor Insurance policies.

To initiate a cancellation, the customer must email the Insurance Company directly using their registered email address.

You must provide the insurer with your Policy Number, the reason for cancellation, and any required supporting documentation (such as proof of a new policy, sale deed, or canceled cheque for refund processing). Policy Total can assist by providing you with the correct customer support email address for your insurer, but we cannot legally send the cancellation request on your behalf.

If the insurance company approves your cancellation request, the refund will be processed directly by them. Refunds are typically credited back to the original mode of payment or to a verified bank account via NEFT/RTGS.

The turnaround time (TAT) for refunds is entirely dependent on the specific Insurance Company's internal processes, usually taking between 7 to 14 working days from the date of approval.