Insurance Premium Refund Policy
Introduction
This policy explains the terms and conditions under which [Insurance Company Name] will refund insurance premiums to our policyholders. Our commitment is to be transparent and fair in handling all return requests while adhering to regulatory guidelines.
Eligibility for Returns
- Cancellation During the Free Period: Policy holders are entitled to a full refund of the premiums paid, less administration fees, if they cancel the policy during the free period as defined in the individual policy documents.
- Policy Downgrade: If policy holders choose to downgrade their policy, the premium difference will be refunded on a pro-rata basis.
- Policy Cancellation: After the free period, policy holders can cancel their policy but are not entitled to a full refund. The refund amount will be calculated on a pro-rata basis, minus administration fees.
- Policy Cancellation: After the free period, policy holders can cancel their policy but are not entitled to a full refund. The refund amount will be calculated on a pro-rata basis, minus administration fees.
Refund Amount
The refund amount will be calculated based on:
- The time that has passed since the policy start date.
- Administrative costs.
- Any claims made during the policy period.
Procedure for Requesting a Return
- Initiating a Request: Policy holders must submit a written return request, either via email or through the customer portal.
- Documentation: Supporting documents, such as proof of multiple payments, must be submitted with the request.
- Review and Approval: Return requests will be reviewed by our team, and approval or denial will be communicated within 15 business days.
- Payment: Approved returns will be processed within 30 business days and credited to the same account from which the original payment was made.
Exception
In some cases, such as regulatory changes or extraordinary circumstances, exceptions may be made to this policy at the discretion of [Insurance Company Name].
Contact Information
For questions regarding this returns policy, please contact our customer service team at hello@bangjamin.com
Please note that legal advice should be obtained from professional legal experts when formulating or implementing policies of this nature in Indonesia.
