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We’re all ears! For any queries, call us on 02269821111 (Mon to Sun, 10AM - 7PM)

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Insurance: Terms and Conditions

1. INTRODUCTION

  • 1.1.The insurance policy is offered by Acko General Insurance Limited having its registered office at: 2nd Floor, #36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102 (“Acko”) to the Customers (defined below) of LazyPay Private Limited having its registered office at: Jai Villa Dev Shakti CHS Ltd, 6 Tilak Road, Santacruz West, Mumbai – 400 054 (“LPL”).
  • 1.2.The insurance policy is a contract between Acko and the Customers. For the purpose of these terms and conditions, the term “Customer(s)” means a person who availed or wish to avail loan(s)/financing facility(ies) from the partner lenders of LPL (list of such partner lenders are available on the Platform) through the mobile application named “LazyPay” and/or website: https://lazypay.in (collectively referred to as the “Platform”).
  • 1.3.Customer(s) participation in the insurance policy is entirely voluntary and is not linked to availment of any other facility or service from LPL and/or its partner lenders.
  • 1.4.The Customer, hereby expressly, irrevocably and unconditionally confirms, accepts and agrees to be bound by these terms and conditions (“Terms and Conditions”).

2. REGISTRATION REQUIREMENT

  • 2.1.The option to purchase the insurance policy or products offered by Acko either through the Platform or on the website of Acko is only available to persons who are competent to enter into legally binding contracts under the Indian Contract Act, 1872 and by continuing the Customer confirms that the Customer meets this requirement.
  • 2.2.The Customer acknowledges that the insurance policy is a contract between Acko and the Customers and in this regard, the Customer will be required to fill up the forms/applications issued by Acko, by furnishing true and correct particulars and accepting the terms and conditions of the Acko in relation to the insurance policy.
  • 2.3.Acko and/or LPL may require the Customer to submit to them or they may capture, certain information relating to the Customer which may include but may not be limited to the Customer’s name, mobile number, e-mail address, date of birth, permanent account number (“PAN”), or any other identity and address proof as may be deemed necessary by them for conducting any Know-Your-Customer (“KYC”) checks or in order to provide the insurance policy/products, access to Platform/ website of Acko and/or services relating thereto including any personal information/ data and sensitive personal data/ information relating to any transactions concluded by the Customer utilizing the services or products offered by Acko or LPL (“Personal Information”), for the Customer to: (a) obtain registration of and access to the Platform or website of Acko and to use the same, and (b) avail the insurance products and/or other services or products.
  • 2.4.The Customer may be required to register on the Platform and/or on the Acko website (that is: https://www.acko.com) in connection with making an application for purchase of the insurance policy/products.
  • 2.5.Issue of the insurance policy/products upon an application being made by the Customer will be solely at the discretion of Acko and the Customer shall have no claims against Acko and/or LPL in this regard.

3. PERSONAL INFORMATION

  • 3.1.The Personal Information, that is: (a) provided by the Customer to LPL, or (b) collected by LPL from any third party, including the partner lenders of LPL, on the basis of any consent given by the Customer, at the time of registration on the Platform or subsequently, shall be collected, stored and used by LPL in accordance with the privacy policy available at https://lazypay.in/privacy-policy, and the Customer hereby confirms acceptance of the terms and conditions of the aforesaid privacy policy after having read and understood the same.
  • 3.2.The Customer shall ensure that the Personal Information provided by the Customer to LPL upon registration and at all other times will be true, accurate, current and complete.
  • 3.3.The Customer shall, at all times, have the option to not provide any Personal Information or other information about the Customer or otherwise withdraw consent in respect of the Personal Information or other information provided by the Customer, by communicating the same to LPL on privacy@payufin.com. Upon withdrawal of consent by the Customer, LPL will be absolved of any obligations towards any services offered by LPL to the Customer and the access to the Platform. The Customer confirms that upon the Customer withdrawing consent in relation to the Personal Information, LPL will not be able to provide to the Customer certain or all services and/or the access to the Platform.

4. RIGHTS OF LPL AND ACKO

  • 4.1.The Customer understands that the information submitted by the Customer shall form the basis for the issue of the insurance policy/ products and grant of access to the Platform or the website of Acko and if at any stage of processing the Customer’s application or subsequently, it comes to the knowledge of LPL and/or Acko that the Customer has provided any incorrect or incomplete information or fake or fabricated documents, those will be treated by LPL and/or Acko as having been manipulated by the Customer and LPL and/or Acko shall have the right to forthwith: (a) reject the Customer’s application and (b) cancel or revoke the insurance products and access to the Platform or the website of Acko. Neither LPL and/or Acko nor their employees or representatives or agents or service providers shall be responsible or liable in any manner whatsoever to the Customer for such rejection or cancellation or revocation or any delay in notifying the Customer of such rejection or cancellation or revocation. The Customer hereby indemnifies and undertakes to indemnify and hold harmless LPL and Acko and their employees, representatives, agents and service providers from and against all losses threatened and/or suffered as a result of any of the foregoing.
  • 4.2.The Customer acknowledges that LPL and/or Acko reserve their right at any time, to take steps deemed necessary by them to ensure compliance with any relevant KYC requirements and the Customer shall extend its full cooperation in this regard.

5. AUTHORIZATION, CONSENT AND CONFIRMATIONS

  • 5.1.The Customer authorizes LPL to make any inquiries relating to any information submitted by the Customer at the time of registering for the Platform as LPL may consider necessary. The Customer further authorizes LPL to procure the Customer’s PAN or copy of PAN card and other documents relating to identity proof, address proof, etc. from time to time and exchange, part with or share all such information relating to the Customer with Acko as may be required and the Customer shall not hold LPL liable for use or sharing of such information with the Acko. The Customer confirms that there are no criminal or insolvency proceedings against the Customer and the Customer has not been classified as a willful defaulter in the records of any financial institution or Reserve Bank of India.
  • 5.2.The Customer understands that LPL will be procuring Customer’s Personal Information (including sensitive personal information) from other sources or agents including, but not limited to, through any online service platforms or any of its affiliates or group companies, and the Customer has no objection to such procurement and the Customer hereby provides express consent for the same. iculars and accepting the terms and conditions of the Acko in relation to the insurance policy.
  • 5.3.The Customer also authorizes LPL and/or Acko to request for supplemental information or documentation, at any time, in order to verify that the information provided by the Customer is accurate and complete and is in conformity with KYC requirements as per applicable law.
  • 5.4.The Customer authorizes and consents to partner lenders of LPL to share Customer’s Personal Information with LPL and Acko.
  • 5.5.The Customer unconditionally and irrevocably authorizes and grants his/her no-objection to LPL and its partner lenders to make claim to Acko under the insurance policy purchased by the Customer from Acko in case the Customer defaults in repayment of any loan(s)/ financing facility(ies) availed by the Customer from the partner lenders of LPL through the Platform and utilize the proceeds received from Acko under the insurance policy towards repayment of the outstanding dues of the Customer.
  • 5.6.The Customer unconditionally and irrevocably authorizes: (a) LPL to obtain/ receive the copy of the certificate of insurance from Acko in relation to the insurance policy purchased by the Customer from Acko and (b) Acko to share the copy of the certificate of insurance in relation to the insurance policy purchased by the Customer from Acko.

6. ACKNOWLEDGMENT OF THE CUSTOMER

The Customer irrevocably and unconditionally confirms, undertakes and acknowledges that by proceeding to buy the policy:

  • ( A )the Customer has consented to LPL for sharing his/her basic Personal Information (including sensitive personal information) with Acko and vice-versa.
  • ( B )all other terms and conditions mentioned in the policy wordings shall be applicable on the Customer. For details, kindly refer to Policy wordings available at: https://lazypay.in/acko_tnc.pdf.
  • ( C ) one-time premium will be deducted from the loan(s)/financing facility(ies) availed by the Customer from the partner lenders of LPL through the Platform.
  • ( D ) the Customer acknowledges and confirms that in case of default by the Customer under the loan(s)/ financing facility(ies) availed by the Customer from the partner lenders of LPL through the Platform, Acko will honor the repayment obligation for and on behalf of Customer to the partner lender in accordance with the terms and conditions of the insurance policy and the certificate of insurance issued by Acko to such Customer.
  • ( E ) in case of any dispute with respect to the name of the insured, the name of the insured person shall be the name as submitted by the insured person to LPL on the Platform or the website of Acko.
  • ( F ) the insurance policy is a contract between Acko and the Customer and LPL is only acting as a group administrator.
  • ( G ) Acko shall be solely responsible for issuing the insurance product information/material/brochures to the Customer. Further if the Customer requires any additional information or clarification on the insurance policy/product being offered to the Customer by Acko, the Customer has to reach out to Acko for providing such information and clarification to the Customer. Customer confirms and acknowledges that LPL shall not be liable or responsible, in any manner whatsoever, for any claims or disputes that the Customer may have with the Acko and/or its authorized persons selling or marketing any insurance products on the Platform or website of Acko and such claims or disputes of the Customer shall lie exclusively against Acko and/or its authorized persons and not against LPL.

7. OTHER TERMS AND CONDITIONS

  • 7.1.The Customer declares that the Customer has not made any payment to any person in cash, bearer cheques or by any other mode along with or in connection with applying for the insurance policy/ products and/or for accessing the Platform or the website of Acko.
  • 7.2.The Customer confirms that the Customer would like to know through telephonic calls, or SMS or WhatsApp messages on Customer’s mobile number(s) provided to LPL, or through any other communication mode, transactional information, various service related offers or schemes or promotional schemes or any other promotional schemes which may be provided by LPL or any of its affiliates or group companies or business partners and hereby authorizes LPL, any of its affiliates, group companies or business partners and their employees, agents, or associates to contact the Customer for any of the aforesaid purposes. The Customer confirms that laws in relation to unsolicited communications as laid down by Telecom Regulatory Authority of India or any entry in the “National Do Not Call Registry” will not be applicable for any of the aforesaid communications or calls and any such claims that the Customer may have are hereby irrevocably and unconditionally waived.
  • 7.3.The Customer acknowledges that these Terms and Conditions constitute a legally binding agreement between the Customer and LPL.
  • 7.4.The Customer understands that these Terms and Conditions are in addition to any terms and conditions of the Acko and/or of any requirements specified under applicable laws.

8. GOVERNING LAW AND JURISDICTION

  • 8.1.These Terms and Conditions shall be governed by, and construed in accordance with, the laws of India.
  • 8.2.For any disputes arising out of or relating to these Terms and Conditions shall be subject to the exclusive jurisdiction of courts at Delhi, India.

Disclaimer

The insurance products are offered, sold and marketed by Acko General Insurance Limited having its registered office at: 2nd Floor, #36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102 (“Acko”) Policy Name: ACKO GROUP HEALTH INSURANCE POLICY; Policy Number: GMC086700100LAZYPAY . For more details on risk factors, terms, conditions and exclusions, please read the terms & conditions/policy wording carefully before concluding a sale. Insurance is underwritten by Acko.

LazyPay Private Limited (“LPL”) having its registered office at: Jai Villa Dev Shakti CHS Ltd, 6 Tilak Road, Santacruz West, Mumbai – 400 054 is only a Group Administrator of Acko.

Enrolment by Customer for any insurance products offered by Acko is purely voluntary, and is not linked to availment of any other facility or services from LPL or its partner lenders.

If there are any offers and products of Acko that LPL has displayed on the Platform, please note that such offers on any products or services will be at the sole discretion of Acko and on terms as may be agreed between the Customer and Acko without any involvement of LPL. Accordingly, LPL does not warrantee or make any representation, express or implied, with respect to the fairness, correctness, accuracy, adequacy, appropriateness or suitability of any products or services that you may avail or purchase from Acko. These Terms and Conditions are provided by LPL for information purposes only and is not an offer to sell, or a solicitation of an offer to buy, nor to persuade you to enter into any agreement or contract with Acko. Any potential transactions that may be related to the purchase of insurance policy or products from Acko must be made by you based on your independent due diligence and enquiry. Neither LPL nor any of its affiliates or group companies shall have any liability whatsoever to any person on account of: (a) the use of information provided herein and (b) any loss, claim or shortfall resulting from products and/or services availed by any person.