At Laxmi Paanchajanya Chit Fund Private Limited, we are committed to ensuring clarity and transparency in all transactions. This Refund and Cancellation Policy outlines the conditions under which subscribers may request a refund or cancellation, and how such requests will be processed in compliance with the Chit Funds Act, 1982.
1. Cancellation Policy
Before Chit Commencement
If a subscriber requests cancellation before the chit group begins, the subscription can be cancelled after deducting applicable administrative charges.
Approved refunds will be processed within 7 to 10 working days.
After Chit Commencement
Once the chit group has started, cancellation of subscription is not permitted. Subscribers who wish to exit mid-way may be considered for removal under the applicable provisions of the Chit Funds Act. Refunds, if any, will be issued according to the terms for removed subscribers.
2. Refund Policy
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Duplicate or Excess Payment
If a subscriber makes a duplicate or excess payment, the excess amount will be either refunded or adjusted against future instalments upon verification. -
Cancellation by Laxmi Paanchajanya Chit Fund Private Limited
In the rare event of cancellation of a chit group by the company for administrative or operational reasons, all payments made by the subscriber will be refunded in full. -
Refund for Removed Subscribers (Non-Prized)
A non-prized subscriber removed from the group due to non-payment or breach of contract is eligible to receive only the amount actually paid, excluding any dividends. A deduction of 5% of the chit value will be applied as penalty.
This amount will be paid at the end of the chit tenure or earlier if the vacancy is filled by a substitute subscriber.
3. Non-Refundable Scenarios
- Subscriptions after receiving the prize amount
- Late payment charges, penalties, or administrative fees
- Membership or registration charges once the subscription is active
- Missed communications or non-receipt of reminders will not be accepted as grounds for refund or cancellation
4. Refund and Cancellation Request Process
Email us at lpjchits@gmail.com or visit our office in person.
Provide the following details:
- Full Name
- Subscriber ID or Chit Number
- Date and Amount of Payment
- Reason for Refund or Cancellation
- UPI ID or Bank Account Details (if applicable)
After verification, eligible refunds will be processed within 7 to 10 working days to the original mode of payment.
5. Disclaimer
All refund and cancellation decisions are subject to the sole discretion of Laxmi Paanchajanya Chit Fund Private Limited and governed by the applicable provisions of the Chit Funds Act, 1982.
The company reserves the right to update or revise this policy at any time without prior notice.
Contact Information
Laxmi Paanchajanya Chit Fund Private Limited
20/448/B, Opp. Nirmal Talkies,
Adoni, Kurnool District, Andhra Pradesh – 518301
Phone: +91-8500457013, +91-8512220494
Email: lpjchits@gmail.com
Office Hours: Monday to Saturday, 10:00 AM to 6:00 PM