Legal

Refund & Cancellation Policy

Effective date: 1 January 2025  |  MoneyWave Solutions Pvt. Ltd.

MWSPay Insurance facilitates premium collection for authorised agents and operations teams. As a technology intermediary, refunds and cancellations are ultimately governed by the respective insurer's policy and the capabilities of the payment gateway. MWSPay coordinates these processes on your behalf.

When Refunds May Occur

• Duplicate payments: If the same premium is paid twice due to a technical error, the duplicate transaction will be reviewed and refunded once verified.
• Payment gateway failure: If your payment was debited but the transaction did not reach the insurer successfully, the amount will be refunded after investigation.
• Insurer rejection: If an insurer rejects or adjusts a premium after a successful payment, any authorised reversal will be processed via the payment gateway.
• Technical error: If a confirmed error on MWSPay's or the gateway's side caused an incorrect deduction, the amount will be refunded after review.

Refund Processing Timeline

• Refund requests are acknowledged within 48 hours of receipt.
• Investigation and approval: typically within 3–7 business days.
• Once approved, the refund is initiated to the original payment method within 2 business days.
• Credit to your bank or card account: 5–10 business days depending on your bank and payment processor.

How to Request a Refund

Contact our support team with the following details:

• Policy number and insurer name
• Transaction reference / payment ID
• Date and amount of the transaction
• Reason for the refund request
• Any screenshots or error messages received