Refund Policy

Labdhi Insurance Brokers earns brokerage from the insurer. Clients are not charged any separate fee for placement of standard retail insurance policies. Where a written advisory / risk-management fee is agreed for specialised work, the refund terms applicable to that engagement are set out in the engagement letter and the present policy does not apply.

All life and health insurance policies, and certain long-term general insurance policies, come with a free look period as mandated by IRDAI. During this period the policyholder may review the terms and conditions of the policy and, if not agreeable, return the policy stating the reasons for objection. The free look period is 30 days from the date of receipt of the policy document, whether the policy is sourced electronically or otherwise, in accordance with the IRDAI (Protection of Policyholders\u2019 Interests and Allied Matters of Insurers) Regulations, 2024.

On cancellation within the free look period, the insurer shall refund the premium paid, after deducting proportionate risk premium for the period on cover, stamp duty charges, and expenses incurred on medical examination (if any). Refunds are processed directly by the insurance company to the original mode of payment, typically within 7 working days of receipt of the cancellation request.

Cancellation after the free look period is governed by the cancellation clause of the respective policy. The refund amount, if any, will be calculated by the insurer on the short-period scale or pro-rata basis as specified in the policy wordings. Labdhi will assist clients in filing, tracking and resolving such cancellation requests.

If a premium has been paid in error (duplicate payment, payment to wrong policy, or payment to a policy that was not issued), the client should inform us within 7 days of payment. Refunds for such payments are processed by the insurer subject to verification.

All refunds are processed by the respective insurance company. Labdhi will follow up with the insurer on the client\u2019s behalf and provide regular updates until the refund is credited. Standard refund timelines are 7\u201315 working days depending on the insurer and payment mode.

For any refund related queries, please write to contactus@labdhiinsurance.in or call us on +91 97022 77180. Unresolved grievances may be escalated to our Principal Officer at the same address.