BankPay Insurance

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Refund & Cancellation Policy

Understanding refunds for insurance premium payments on BankPay Insurance

Please read this policy carefully before making a payment. Given the nature of insurance premium payments through BBPS, refund eligibility is limited. This policy explains when refunds apply and how to request them.

1

Nature of Insurance Premium Payments

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Insurance premium payments made through BankPay Insurance are processed via BBPS and forwarded directly to the respective insurance company. Once a payment is successfully processed and confirmed via BBPS, it constitutes a premium payment to your insurer.

BankPay Insurance is a payment facilitator — we do not hold premium funds. Successfully processed payments cannot be reversed by us.

2

When Refunds Are Applicable

Refunds are considered in the following situations:

  • Failed Transaction — Amount Debited: Payment deducted from your account but the transaction status shows as failed or pending after 48 hours
  • Duplicate Payment: The same premium was charged twice for the same policy and period
  • Technical Error: A system or gateway error resulted in an incorrect charge
  • Payment Not Credited to Insurer: Confirmed via BBPS records that payment was not forwarded to the insurer
3

When Refunds Are NOT Applicable

🚫

Refunds will not be processed in the following cases:

  • Payment successfully processed and confirmed via BBPS to the insurer
  • User entered incorrect policy details leading to payment failure
  • Change of mind after successful payment
  • Policy cancellation or lapse — contact your insurer directly for policy-related refunds
  • Convenience fees / service charges (non-refundable once transaction is processed)

📞 For Policy-Related Refunds

If you believe a refund is owed due to a policy cancellation, excess premium, or insurer error, please contact your insurance company directly. BankPay Insurance cannot process insurer-initiated refunds.

4

Refund Process

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Step 1: Raise Request

Contact us at support@bankpayinsurance.in with your transaction ID and BBPS reference number

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Step 2: Investigation

We verify with BBPS records and payment gateway within 5–7 business days

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Step 3: Refund

Approved refunds processed to original payment method within 7–10 business days

5

Refund Timelines

  • Auto-reversal (failed transaction): 3–7 business days (handled by payment gateway/bank)
  • Approved refund after investigation: 7–10 business days from approval date
  • UPI / Net Banking: Typically faster than card refunds
  • Credit Card: May appear in next billing cycle
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Tip

Always save your BBPS reference number and transaction ID after each payment. These are required to process any refund request.

🏛️

BBPS Dispute Resolution

As a BBPS-enabled platform, all transactions are subject to the dispute resolution framework of the Bharat Bill Payment System. If you are not satisfied with our resolution, you may escalate your complaint through the BBPS grievance mechanism via your bank or the NPCI Bharat BillPay portal.

Need Help?

For any refund queries, please contact our support team with your transaction details

📧
support@bankpayinsurance.in
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Mon–Sat, 9 AM – 6 PM IST