Last Updated: 30 September 2025

This policy outlines the terms for cancellation and refunds for insurance policies purchased through LifeDeal ( lifedeal.co.in ). As an intermediary, LifeDeal facilitates the purchase of policies, and the refund process is governed by the rules of the respective insurance company and regulations set by the Insurance Regulatory and Development Authority of India (IRDAI).

Policy Cancellation

You may cancel your insurance policy by contacting either LifeDeal's customer support or the insurance company directly. The cancellation process and any applicable charges will be as per the terms and conditions of your specific policy document.

Free-Look Period

• As per IRDAI regulations, most insurance policies come with a "free-look period" of 15 days from the date of receipt of the policy documents. For policies purchased online, this period is generally 30 days.
• During the free-look period, you have the right to review the policy terms.
• If you disagree with any of the terms or conditions, you may cancel the policy by stating the reasons for your objection.
• You are entitled to a refund of the premium paid, subject to certain deductions.

Refund Process and Deductions

• If you cancel your policy within the free-look period, the refund will be processed by the insurance company. The following deductions may be made from the premium you paid
• Charges for the medical examination (if any).
• Pro-rata risk premium for the number of days the policy was in force.
• Stamp duty charges.
• The final refundable amount will be determined by the insurance provider. LifeDeal does not hold any premium amount and is not directly responsible for the refund; however, we will provide full assistance in coordinating with the insurer on your behalf.

Cancellation After the Free-Look Period

• If you choose to cancel your policy after the free-look period has expired:
• General Insurance (Car, Bike, Health, etc.): Refunds will be made on a pro-rata basis as per the terms of the specific policy. Many policies may have a minimum non-refundable amount or specific cancellation charges.
• Life Insurance: The refund or surrender value will depend entirely on the policy's terms, the type of plan, and how long the policy has been in force.

How to Initiate a Cancellation/Refund Request

• Contact Us: Get in touch with our customer support team with your policy details.
• Submit Documents: You may be required to submit a formal cancellation request and other relevant documents as requested by the insurer.
• Follow-up: We will assist you by coordinating with the insurance company to ensure your request is processed in a timely manner.

The refund is typically processed within 7-10 working days by the insurer after they have received and approved the cancellation request.