Terms and Conditions

Last Updated 27th September 2024

Introduction

Finzoomers Services Private Limited (hereinafter referred to as "Finzoomers"/ “We”/’Us”) is a company incorporated under the Companies Act, 2013, bearing CIN: U74990HR2020PTC086201 having registered office at 624-625, Level 6, Suncity Success Towers Sector 65, Gurugram, Haryana, 122005 and is registered with IRDAI as Corporate Agent (Composite) having registration number CA0744.

These Terms constitute the agreement between you ("User," "Your," or "You") and Finzoomers Services Private Limited ("INDmoney"/"we"/"us"/"our"). This document governs the access and utilization of Insurance Services ("Services") offered by Finzoomers Services Private Limited on INDmoney Platform

    Definitions:

    1. "User," "You," or "Your": Any natural or legal person who uses our platform.
    2. "Platform": Our website, mobile application, or any other digital interface through which we offer our services.
    3. "Insurer": Insurance companies whose products we offer on our platform.
    4. Proposal / Member Consent Form– The insurance application form and its contents which is required by an Insurance Company from an insurance proposer to underwrite/issue and insurance policy/cover
    5. "Policy": The insurance contract between the user and the insurer.
    6. "KYC": Know Your Customer, a process required to verify the identity of our users.
    7. Entire Agreement: These Terms including terms imposed by mobile application stores like Apple’s iTunes, Android’s etc. together with policies (without limitation) as available either at Platform or entered separately by Finzoomers with You, as applicable, and all other notices, rules, guidelines with respect to Your use of Platform, constitutes the entire agreement (“Agreement”) between Finzoomers and You.

    Agreement to Terms

    By registering, accessing, browsing, or using the INDmoney app for any purpose, you agree to be bound by INDmoney(s) General Terms and Conditions, Privacy Policy and the conditions as detailed hereinunder along with any service-specific terms applicable to various products (collectively, the "T&Cs"). These T&Cs also include any additional or modified service-specific terms that may apply to Finzoomers' services, or any future services offered by Finzoomers.

    You acknowledge and agree that Your usage (defined below) of the Platform is strictly regulated and governed by the terms and conditions of this Agreement.

    PLEASE READ THESE TERMS OF USE CAREFULLY BEFORE USING OR REGISTERING ON THE PLATFORM, ACCESSING ANY MATERIAL, INFORMATION OR SERVICES, POSTING ANY ADVERTISMENT/INFORMATION AT OR THROUGH THE PLATFORM. IF YOU DO NOT AGREE WITH THESE TERMS OF USE, PLEASE DO NOT USE THE PLATFORM.

    Insurance Product specific Terms and Conditions

    Each Insurance Company (also referred as ‘Insurer’) shall have their own terms and conditions along with terms and conditions associated with specific policy selected and/or chosen by the user and the same shall be available as part of their respective Policy Wordings. The policy terms and conditions shall be annexed to the policy document and related documents at the time of policy issuance by the Insurer which shall govern the insurance policy.

    By purchasing an insurance policy from us, you confirm that you have read and understood the terms provided by the respective insurance company and acknowledge that these terms are a contractual arrangement between you and the Insurer, excluding Finzoomers. Accordingly, Finzoomers are not responsible or liable for performance or enforcement of any of your benefits or rights under the contract of insurance with the Insurer. Any disputes arising in relation to the contract of insurance are between you and the Insure

    Terms of Service

    Purchasing insurance is not a pre-condition for availing other services offered by us or is in no manner linked to availing of any other facility/ services/ products from us. Insurance contracts are based on the principle of 'uberrima fides' (Doctrine of utmost good faith). You are obliged to disclose all relevant information related to the insurance cover. Non-disclosure may lead to cancellation of the proposal, insurance cover, or rejection of claims.

    We reserve the right to refuse service, terminate accounts, or remove or edit content at our sole discretion.

    Additional terms and conditions will apply basis the products you choose to purchase. Please read these product specific additional terms and conditions carefully. You understand and agrees that the information provided about insurance products on INDMoney app is solely based on the information provided by the Insurer. Finzoomers does not provide any representation/guarantee/warranty, of any kind, about such information nor shall be held liable for any loss and/or damage caused, directly or indirectly, to User by relying on such information. You may purchase Insurer's insurance policies at your sole discretion and purely on a voluntary basis.

    Finzoomers shall provide selected health, life and motor insurance policies, identified by it at its sole discretion from time to time, through INDmoney platform.

    The Content, Products, and Services on this platform related to insurance are published on best efforts basis, however, they may include inaccuracies or errors, Including Pricing errors. We do not guarantee the accuracy of information and disclaim all liability for any errors or other inaccuracies relating to the information and description of the content, products, and services. We expressly reserve the right to correct any pricing errors on the site and/or on pending reservations made under an incorrect price at any time without notice.

    The content/marketing and other materials on the product are provided by the Insurer and we claim no rights on such content and product. You understand that we are only an intermediary and displays such content only or any materials to You to explain the product features to You as part of Insurance solicitation

    We take no responsibility and assume no liability for the insurance contents provided and displayed in the App that is provided solely by the Insurer. Any User, who avails of the Services after visiting Our Platform, does so solely at his own discretion, risk and responsibility. We do not make any recommendations nor gives any warranty (implied or express), guarantee or otherwise with respect to the quality, functionality, fitness for a particular purpose. All such information, software, products, and services are provided on "AS IS" basis and "as available" basis, unless otherwise specified in writing without warranty of any kind.

    We hereby urge our Users to go through Insurance product brochures carefully before making any purchase and avail the facility of Free Look Cancellation in case the terms and conditions of the purchased insurance policy document don’t match your insurance requirements. You hereby understand that product brochures/ specific policy related scheme documents are only a summary of the features. The actual benefits available are as described in the policy and will be subject to the policy Terms and Conditions.

    Insurance is a subject matter of solicitation and by merely enquiring or submitting a Proposal / Member Consent Form may not entitle You to an insurance cover as insurance offered is subject to underwriting rules and Insurer’s Policies. You understand that Insurance Companies may define their own internal citation for their respective insurance policy, which shall be governed by the Insurer’s underwriting guidelines and policy terms and conditions.

    You can reach out to the respective insurance company or Finzoomers in case of any further query. insurancesupport@indmoney.com

    User Obligations

    1. Representation: You represent that you are of legal age to form a binding contract and will only use the app for legitimate purchases for yourself or for another person for whom you are legally authorized to act and will inform such other persons about the Terms of Service and/or Privacy Policy that apply to the purchase you have made on their behalf including all rules and restrictions applicable thereto. You agree to provide true, accurate, current, and complete information about yourself as prompted by the app. Misrepresentation of identity, age, details, or affiliation is prohibited and may result in account suspension or termination. In scenario where Finzoomers have reasonable grounds to suspect that such information is untrue, inaccurate, not current, or incomplete, we possess the right to suspend or terminate your account and refuse any and all current or future use of the App (or any portion thereof).
    2. You understand that as per IRDAI guidelines and regulations, no proposal shall be accepted unless nomination is obtained. agree that if you purchase any insurance policies through our platform, the nominee for such policy shall be Your legal heirs (if stated therein, and if not stated, the same shall be read to mean that no nominees are listed), and You will contact the respective insurer who has issued you the policy to make any updates to the nominees. Finzoomers and its Group Entities shall not be responsible for any change required to be made in the list of nominees to Your insurance policies.
    3. You understand that post your purchase Insurance policy through INDmoney platform, the respective insurance company may seek medical information from any doctor / hospital who / which at any time has attended to You, or from any past or present employer concerning anything which affects Your physical / mental health, and seeking information from any other insurer to whom an application for insurance has been made for the purpose of underwriting the insurance proposal and / or claim settlement. You also authorise the respective insurance partners to share information pertaining to You, including Your medical records, for the sole purpose of underwriting the insurance proposal and / or claim settlement and with any governmental and / or regulatory authority. The respective insurance partner may also contact You regarding any insurance you have availed / applied for, and for any servicing / claims settlement or other similar activities.
    4. You understand and accept that we may utilize services of third parties to collect information regarding you, your KYC documents, your vehicle, your income, your credit score, Pollution Under Control Certificate (PUC) no. etc. and you give consent to us to share your information / data with such third parties. Finzoomers disclaims any liability / responsibility for the actions, products, services and content of such third parties/their portal(s).
    5. The license to use this platform does not include downloading or copying of information for the benefit of another individual, vendor or any other third party.
    6. For buying motor insurance products, you confirm that you have a valid Pollution Under Control certificate for the vehicle and undertake to renew it during the policy period.

    Eligibility

    1. The user must be of legal age, i.e. 18 years. This service is not available for minors.
    2. This service is not available to any user who has been either blacklisted by the Government authorities or whose account has been suspended or remove from the system of INDmoney platform
    3. Users may not have more than one active account.
    4. users are prohibited from selling, trading, or otherwise transferring their accounts to another party.

    Communication

    By accessing or using the platform, furnishing Your personal / contact details, You hereby agree and consent that You are interested in availing insurance products for which You have submitted the required information/details and receive communication in regards with the same. You further agree to be contacted electronically or through any other medium, to understand your interest in the Service(s) (like assisting in selecting right cover; renewals, reminders and for other servicing purposes.) regardless of whether your number is registered in the National Do Not Call Registry (NDNC) or www.nccptrai.gov.in.

    You agree that all agreements, notices, disclosures and other communications that we provide to you electronically satisfy any legal requirement that such communications be in writing

    You also agree to receive promotional materials and special offers from us. You can opt out of such communications by writing toinsurancesupport@indmoney.com

    Issuance of Policy

    The Insurer issues the policy upon completion of KYC, receipt of full premium, and submission of required details/documents. Subject to evaluation of the proposal by the insurer, the proposal terms may change, and customers may be asked to pay an extra premium amount

    You understand that in case you provide any false/wrong/misleading information or documents, Finzoomers shall not forward the Proposal Form to the Insurer and any false information may result in immediate policy cancellation. Tax rebate figures are based on current tax rates and subject to change

    You agree and acknowledge that we are only assisting in collecting the premium on behalf of the insurer chosen by you to avail the insurance product. The acceptance of the deposit as premium and final issuance of the insurance policy is subject to the underwriting norms and discretion of the Insurer on which we have no control, and that product information is solely based on the information received from the insurers

    We may share your personal and transactional information with our holding company, regulatory authorities, and other third parties as necessary for (i)Providing the services mentioned herein; (ii) Ensuring smooth execution of your requests; (iii)Customizing offers/products/services; (iv)Ensuring compliance with legal and regulatory obligation.

    You understand and agrees that Finzoomers and/or its associate companies can contact you for verifying details, offering support and information on suitable products, assisting in closing a sale, renewal reminders, claim assistance etc.

    Insurance Solicitation

    Any insurance policies solicited by us are issued by the Insurer. Finzoomers does not underwrite the risk or act as an Insurer at any time. For detailed risk factors, terms, conditions, and exclusions, please read the relevant product brochure carefully

    Proposal Form

    1. You hereby declare, on your behalf and on behalf of all persons proposed to be insured, that the statements, answers and/ or particulars as provided by you are true and complete in all respects to the best of your knowledge and that you are authorized to propose on behalf of these other persons
    2. You understand that the information provided by you shall form the basis of the insurance policy, and is subject to the Board approved underwriting policy of the insurer and that the policy will come into force only after full payment of the premium chargeable
    3. You further declare that you will notify in writing to the respective insurance company about any change occurring in the occupation or general health of the life to be insured/proposer after the proposal has been submitted but before communication of the risk acceptance by the insurance company
    4. You authorize Finzoomers/insurance company to share information pertaining to your proposal including the medical records of the insured/ proposer for the sole purpose of underwriting the proposal and/or claims settlement.
    5. You consent to and authorize any of insurance company’s authorized representatives not being direct employees of the company to seek medical information required for the purpose of policy issuance or claim settlement under this policy from any hospital/medical practitioner that you or any person proposed to be insured/insured has attended or may attend in future concerning any disease or illness or injury.
    6. "KYC": Know Your Customer, a process required to verify the identity of our users.
    7. You also authorize Finzoomers to share information relating to you with government/ regulatory authorities and agencies for the purposes of verification of identity or for prevention, detection, or investigation, including of cyber incidents, prosecution, and punishment of offences, or as required under any law.

    Collection of Premium

    Finzoomers (INDmoney) only collects or assists in collecting the premium amount on behalf of the Insurer. The final issuance of the policy is subject to the Insurer’s underwriting norms and at sole discretion of the respective insurance company whose policy you have chosen to purchase.

    You agree to ensure that any payment of insurance premium is remitted only through legally permitted mode of payment and subject to arrangements made by the insurers for collection of the same.

    Non-receipt of renewal premium(s), owing to any reason whatsoever, may result in your policy to lapse, subject to the terms and conditions of your policy contract.

    Compliance with Section 41 of the Insurance Act

    You understand and hereby agrees that:

    1. No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a Policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurers.
    2. Any person making default in complying with the provision of this section shall be liable for a penalty which may extend to ten lakh rupees

    Customer Due Diligence/KYC Requirements

    You must comply with KYC requirements as mandated by the Insurer or applicable laws and you agree to provide the relevant documents and or information to us and/or Insurer, as required Our Company may obtain sufficient information to establish, to its satisfaction or the insurance company, the identity of each new customer, and the purpose of the intended nature of insurance relationship between you and the insurance company(ies). Payments towards insurance premiums must be made from your bank account. Enhanced due diligence may be required for payments from third- party accounts. You further agree and acknowledge that, in line with the requirements and obligations under the PMLA Act and rules, all refunds shall be processed by the insurance company(ies) through us to the bank account which was used to remit payment of insurance premium

    Free look Cancellation and Refund Policy

    You may cancel the policy during the proposal stage or after the issuance during the free look period i.e. 30 days from the date of issuance of policy by contacting the respective insurer or us. you understand that once you place a cancellation request within the Free look period, the policy gets cancelled and entire premium is refunded to you subject to deduction of (i) charges pertaining to medical tests conducted (ii) administrative and service cost like stamp duty etc. and; (iii) Charges for mortality for the period the policy was in force. Please note such deduction is at the sole discretion of the insurer and Finzoomers is just acting as an intermediary and will not be responsible in any manner in connection with the refund of premium. Refunds are subject to the Insurer’s terms and conditions and IRDAI regulations.

    Refunds, whole or part thereof, are initiated by the specific Insurer subject to their discretion, and Finzoomers have no role to play in determining the amount of refund or cannot be held liable in case of any delays.

    In case of a refund due to an erroneous transaction, the premium paid for an insurance product will be refunded by the Insurer as per their respective refund policies. For more details on our refund policy please visit: https://www.indmoney.com/page/refund-cancellation-policy

    Chargeback

    You may dispute a transaction carried out through the App and file a Chargeback with Your issuing bank for the reversal of that transaction. Chargeback allows transactions to be reversed by You under specified circumstances. However, honoring a chargeback is subject to review and investigation by us or by insurance company.

    Grievance Resolution

    For any grievances or issues related to the services provided by Finzoomers, you can reach out to us via email atinsurancesupport@indmoney.com. We are committed to addressing and resolving your grievances in a timely manner. If your grievance pertains to the insurance policy or claims, it will be directed to the respective Insurer for resolution. For more information, please visit:https://www.indmoney.com/grievance-redressal-policy?isFinzoomers=1

    Disclaimer of Online Availability

    There are no guarantees regarding the online availability of any material, information, links, or content presented on the app pages of Finzoomers. The information/content, link etc may be unavailable for online access at any time

    Disclaimers

    For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale. STANDARD TERMS AND CONDITIONS APPLY.

    Users are hereby informed that their information submitted on the app may be shared with insurers. Product information is solely based on the information received from the insurers

    The cover amount suggested to you on the platform is generated by INDmoney's algorithm, which is based on the data and information provided by you or made available by you on our platform. It is the user's responsibility to ensure that the data remains updated at all times; otherwise, Finzoomers will not be liable in any manner.

    The number of garages may differ for each insurance company. Please refer to the respective insurer's website for details. All savings, offers, and discounts are provided by the respective insurance companies. The premium may vary as per the chosen plan. Tax benefits are subject to changes in tax laws. We do not endorse any specific insurance company or product.

    Miscellaneous

    For information on buying insurance, standard claim procedures, documentation, general alerts, and FAQs, please visit the IRDAI customer education website: http://www.policyholder.gov.in. IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premium. If you receive any such phone calls, then, please be cautious and do not fall for such trap

    Modification of Terms

    Finzoomers reserves the right to change or modify any provision related to the services or these Terms at its sole discretion which also include, changing of the extent and scope of the Services and/or include any other category, service, facility, or feature within the term ‘Service’, at the sole discretion of the Application. Any changes will be effective immediately upon posting and may be notified via the application. Your continued use of INDmoney signifies acceptance of the changes. If you do not agree with any such changes, your sole and exclusive remedy is to terminate your use of INDmoney.

    If you have any questions or need further assistance, please contact us at insurancesupport@indmoney.com.