This Cancellation and Refund Policy explains how cancellations and refunds work for transactions facilitated through the Platform operated by Finzip Private Limited (“Finzip”, “we”, “us” or “our”). It should be read together with our Terms and Conditions.
1. No fees charged by Finzip
Finzip is an AMFI-registered mutual fund distributor (ARN-189270) and an IRDAI-registered Corporate Agent (Composite) (CA0985). Finzip does not charge customers any platform, subscription, advisory or transaction fee. We are remunerated by AMCs (trail commission) and by insurers (commission/remuneration). Accordingly, there is no fee paid to Finzip that is subject to cancellation or refund. Cancellations and refunds for the underlying products are governed by the respective AMC or insurer, as set out below.
2. Mutual funds
(a) Cancellation of orders. A purchase, SIP or redemption instruction can be cancelled only before it is processed by the AMC/RTA and subject to applicable cut-off timings under SEBI regulations. Once an order is processed and units are allotted or redeemed, it cannot be cancelled.
(b) Redemptions and exit. To exit an investment after processing, you may redeem your units at the applicable Net Asset Value (NAV), subject to any exit load and lock-in period specified in the scheme documents (for example, ELSS schemes carry a statutory lock-in). Redemption proceeds are paid by the AMC directly to your registered bank account.
(c) Refunds of failed transactions. If an amount is debited but units are not allotted (for example, due to a failed, rejected or incomplete transaction), the refund is processed by the AMC, RTA, payment gateway or bank to the source account in accordance with their timelines.
(d) SIP cancellation. You may cancel or pause a SIP through the Platform or the AMC, subject to the notice period required to stop the next instalment.
3. Insurance
(a) Free-look cancellation. For life and health insurance policies, you have a free-look period of 30 days from the date of receipt of the policy document (as prescribed by the IRDAI (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024) to review the policy and, if not satisfied, cancel it. The insurer will refund the premium after deducting the proportionate risk premium for the period of cover, expenses on any medical examination, and stamp duty, as applicable.
(b) Cancellation after free-look. Cancellation after the free-look period is governed by the terms of the policy. Any refund (such as surrender value or short-period premium) is determined and paid by the insurer in accordance with the policy terms.
(c) Processing of refunds. Premiums are paid to, and refunds are processed by, the insurer to your registered or source account.
4. Contact
Finzip Private Limited, CEOL, II Floor, City Corporation Commercial Complex, Mallikatte, Kadri, Mangaluru, Dakshina Kannada, Karnataka – 575002. Email: contact@finzip.in. Phone: +91 80953 69399.
