Cancellation & Refund Policy

1. Role of Guavasure and Digit

Guavasure acts only as the Master Policyholder facilitating enrollment under a group insurance arrangement.

Digit is the insurer, solely responsible for:

• Acceptance or rejection of cancellation requests
• Determination of refund eligibility and amount
• Processing and remitting refunds directly to customers

Guavasure does not collect premiums, does not hold customer funds, and does not issue refunds.

2. Policy Cancellation by Customer

A customer may request cancellation of their insurance cover by submitting a cancellation request through Guavasure's support channels or as otherwise communicated on the website.

Upon receiving a cancellation request:

• Guavasure will forward the request along with relevant policy details to Digit.
• Digit will review the request strictly in accordance with:
  • The policy terms and conditions
  • Applicable IRDAI regulations
• Digit will communicate its decision (approval or rejection) and the final refundable amount, if any, to Guavasure.

3. Premium Refund Process

If a cancellation request is approved:

• The refund amount, if applicable, will be calculated by Digit as per:
  • Policy terms
  • Period of risk already covered
  • Applicable deductions (if any)
• Digit will remit the final refund amount directly to the customer or their nominee via electronic transfer to the registered bank account.

Guavasure does not handle, process, or intermediate refund payments.

4. Important Refund Conditions

• Refunds are not automatic and are subject to Digit's approval.
• Refund eligibility and amount depend entirely on:
  • Policy duration completed
  • Claim status
  • Policy conditions defined by Digit
• If a claim has already been made, refunds may be restricted or unavailable as per policy terms.
• Any incorrect bank details or customer information provided during enrollment may delay refund processing.

5. Timelines

• Cancellation requests are processed by Digit within timelines prescribed under applicable IRDAI (Protection of Policyholders' Interests) Regulations.
• Refunds, once approved, are remitted directly by Digit within the regulatory turnaround time.

6. Grievances and Disputes

All grievances, disputes, or complaints related to:

• Cancellation decisions
• Refund amounts
• Delays in refund

shall be handled by Digit, in accordance with its grievance redressal mechanism.

Guavasure may assist in coordination but shall not be responsible for the final outcome.

7. Governing Framework

This Cancellation & Refund Policy is governed by:

• The insurance policy issued by Digit
• IRDAI Group Insurance Guidelines
• IRDAI (Protection of Policyholders' Interests) Regulations
• Other applicable laws and regulations in force in India