Last Updated: September 5, 2025
At shanatram.com, we value the trust of our clients. This Refund & Cancellation Policy explains how refunds and cancellations are handled for insurance, mutual fund, and advisory services provided through our platform.
1. Insurance Policies
- Life Insurance (LIC of India) & General Insurance (ICICI Lombard):
- Once a policy is issued, premium payments are non-refundable except as provided under the IRDAI “free-look period” rules.
- Free-look period: Within 15 days (30 days for online policies) of receiving the policy document, you may request cancellation and refund, subject to deductions (stamp duty, medical expenses, risk premium, etc.) as per insurer’s rules.
- Beyond the free-look period, no cancellation or refund is permitted unless specified by the insurance company.
2. Mutual Funds (Future Services)
- Mutual fund investments are subject to SEBI and AMFI guidelines.
- Once a purchase transaction is processed, refunds are not possible.
- Units may be redeemed or switched as per the rules of the respective Asset Management Company (AMC).
- Any refund in case of a failed transaction will be credited back to the original payment method by the AMC/RTA (Registrar & Transfer Agent).
3. Advisory/Service Fees
- Any advisory or consultation fees (if charged by us directly) are non-refundable once the service is delivered.
- If a payment is made by mistake (e.g., duplicate payment), please contact us immediately. After verification, we will initiate a refund to the original payment method within 7–10 working days.
4. Payment Gateway (Razorpay)
- All online payments are processed securely through Razorpay.
- In case of transaction failure, if the amount is debited from your account but not confirmed by us, the payment will be auto-refunded by Razorpay within 5–7 business days.
- We are not responsible for delays caused by the payment provider or bank.
5. How to Request a Refund or Cancellation
To request a cancellation or refund, please contact us at:
📧 Email: ubs.shanat@gmail.com
🌐 Website: www.shanatram.com
Include your name, contact details, policy number/transaction reference, and reason for refund/cancellation.
6. Exceptions
- We do not refund payments that are correctly processed against services/policies availed.
- We are not liable for delays or failures caused by force majeure events (system failures, network outages, natural calamities, etc.).
7. Governing Law
This policy follows the applicable laws of India. Any disputes will fall under the jurisdiction of courts in Raipur, Chhattisgarh.