Payment and Refund Policy

Last updated: 23 September 2026

Scope of the Policy and Covered Services

This Payment and Refund Policy applies to all insurance finance products and related services offered through variabzo. It covers premium payments for life insurance, general insurance, takaful products, investment-linked policies, and financing arrangements connected to insurance contracts. The policy explains how payments are processed, when contracts are formed, and the conditions under which refunds may be issued. It does not cover third-party services or products purchased outside our platform.

Prices, Currencies, Taxes and Additional Charges

All prices are quoted in Malaysian Ringgit (MYR) unless otherwise stated. Premium amounts are determined by the insurer and may include applicable taxes such as sales and service tax (SST) where required by Malaysian law. Additional charges such as stamp duty, administrative fees or financing interest may apply and will be disclosed before payment confirmation. Currency conversion fees may be charged by your bank if you pay in a currency other than MYR.

Accepted Payment Methods, Authorisation and Security

We accept payments via major Malaysian banks, credit and debit cards, online banking transfers, e-wallets and direct debit arrangements. All transactions are processed through secure payment gateways compliant with Payment Card Industry Data Security Standards. Payment authorisation occurs immediately upon submission and funds are held until the insurer confirms the policy. We do not store card details on our servers.

Order Confirmation and Contract Formation

Upon successful payment, you will receive an electronic confirmation email containing policy details and a unique reference number. A binding contract is formed only when the insurer issues the policy document or coverage confirmation. Until that point, the payment is treated as an application deposit and may be refunded if the application is declined.

Cancellation Rights and Applicable Periods

Under the Consumer Protection Act 1999 and guidelines from Bank Negara Malaysia, you generally have a cooling-off period of at least fifteen days from the date of policy issuance to cancel without penalty, subject to the specific terms of your insurance contract. Certain products such as single-premium policies or those with immediate risk coverage may have shorter or no cooling-off rights.

Refund Eligibility, Exclusions and Non-Refundable Items

Refunds are available during the cooling-off period or when coverage is declined by the insurer. Premiums paid for periods already covered, policy administration fees already incurred, and any claims paid are non-refundable. Promotional discounts or bundled services may also be excluded from refund calculations.

Step-by-Step Procedure to Request a Refund

To request a refund, submit a written request via the contact form on our Contacts page or email [email protected]. Include your policy number, full name, contact details, bank account information for refund transfer, and reason for cancellation. Requests must be received within the applicable cooling-off or cancellation window.

Inspection, Approval, Rejection and Notification

Our team reviews each request within ten business days. You will be notified by email whether the refund is approved, partially approved or rejected, together with the calculated amount and any supporting explanation. If additional documents are required, you will be informed and given a reasonable deadline to provide them.

Refund Method, Processing Time and Receipt of Funds

Approved refunds are returned to the original payment method or to a nominated Malaysian bank account. Processing typically takes five to fifteen business days after approval, although credit card refunds may appear on your statement within one to two billing cycles. We will provide a reference number for tracking.

Special Rules for Digital Content, Subscriptions and Promotional Offers

Digital policy documents and online account access are considered delivered upon issuance and are generally non-refundable after the cooling-off period. Subscription renewals follow the same cancellation rules as initial policies. Promotional offers are refundable only on a pro-rata basis after deducting any applied discounts.

Failed Payments, Duplicate Charges, Chargebacks and Suspected Fraud

If a payment fails due to insufficient funds or technical issues, you will be notified and given the opportunity to retry. Duplicate charges will be investigated and refunded within seven business days. Chargeback requests are handled according to card network rules and may result in policy suspension. Suspected fraudulent transactions are reported to the relevant authorities and may lead to immediate account restrictions.

Mandatory Consumer Rights in Malaysia

Nothing in this policy excludes or limits your rights under the Consumer Protection Act 1999, the Financial Services Act 2013, or Bank Negara Malaysia consumer protection guidelines. These statutory rights take precedence over any conflicting terms in this policy.

Contact Route, Policy Changes and Last-Updated Date

For questions about payments or refunds, please use the contact form on our Contacts page or reach [email protected] or 1-300-22-5542. We may update this policy from time to time. The current version is dated 23 September 2026 and replaces all previous versions. Continued use of our services after changes constitutes acceptance of the updated policy.