Terms & Conditions

(Insurance Premium Payment Facilitation)

Welcome to Insurance by BankPay, operated by Swacpay Solutions Private Limited. By accessing or using this website, you agree to be bound by the following Terms & Conditions.

1. Nature of Services

Insurance by BankPay provides a technology platform solely for facilitating insurance premium payments for existing insurance policies issued by IRDAI-registered insurance companies.

• Does not sell insurance policies
• Does not issue or underwrite insurance
• Does not provide insurance advice
• Is not an insurance company, broker, corporate agent, or web aggregator

2. Role of BankPay

BankPay’s role is strictly limited to payment facilitation.

All matters related to policy coverage, benefits, claims, renewals, cancellations, and refunds are governed exclusively by the respective insurance company.

3. User Responsibility

Users must ensure that all details entered, including policy number, insurer name, and customer details, are accurate.

BankPay shall not be responsible for failures arising from incorrect information provided by the user.

4. Payments

• Payments are processed through RBI-authorized payment gateways and BBPS infrastructure
• BankPay does not store card, UPI, or banking credentials
• Successful payment confirmation does not constitute policy issuance or renewal unless confirmed by the insurer

5. Payment Confirmation

BankPay provides payment acknowledgment only. Final policy status and premium credit confirmation are subject to insurer processing.

6. Limitation of Liability

BankPay shall not be liable for:

• Insurer system downtime
• Delayed or failed policy updates
• Claim disputes
• Policy cancellation or rejection by insurer

7. Prohibited Use

Any misuse of the platform for fraudulent or unlawful activity may result in suspension and reporting to appropriate authorities.

8. Governing Law

These Terms & Conditions shall be governed by the laws of India, with courts at Hyderabad, Telangana, having exclusive jurisdiction.