These most important terms of the product (“MITP”) set out a brief summary of the terms governing the various products available to the customers (“Customers”) of Nikunj Health Technologies Private Limited (“AyushPay”) on its website (https://www.AyushPay.com/) and the mobile application under the name of ‘AyushPay’ (together the “Portal”). By accessing the Portal or using the services provided by AyushPay in any manner whatsoever, the Customer agrees to be bound by these terms and the: (1) AyushPay terms of service; and (2) AyushPay privacy policy (collectively the “Terms”). If the Customer does not agree with these terms, the Customer should not access the Portal. The headings contained in these terms are for reference purposes only. The Customer should print a copy of these terms for their records.
By agreeing to sign-up to the Portal, the Customer also hereby gives consent for availing the (i) OPD and other healthcare facilities by third party (ii) credit provided by financing partners (“Financing Partners”) for healthcare expenses (“Credit Facility”) ((i) and (ii) together the “Services”). The most important terms and conditions of the Services are set out here in.
1. The Services
By clicking on the ‘Accept & Continue’ button below, the Customer is hereby
applying for the Card and/or the Credit Facility and is further agreeing to be bound by
the Terms and the terms and conditions of the Bank and/or the Financing Partners. It
is clarified that these MITP will only be applicable to the Customer to the extent the
Customer is using a particular Service. So, if the Customer is using Services in
relation to the Card only, the specific clauses relating to the Credit Facility only will
not be applicable to the Customer. Similarly, if the Customer is using Services in
relation to the Credit Facility only, the specific clauses relating to the Card only will
not be applicable to the Customer. If the Customer is using the Card and the Credit
Facility both, all the clauses will be applicable to the Customer.
2. Credit Facility
(a) The Customers can avail of the Credit Facility (through the Financing Partners)
for their healthcare expenses. This service is available to the Customer provided
AyushPay has partnered with the employer of the Customer or otherwise as per this
Section.
(b) Initially, the employer will provide data in relation to the Customer (on behalf of
the Customer) as per the Terms and in accordance with the policies of the Financing
Partner. The data collected will be handled as per the Terms and the policies of the
Financing Partner. The Customer acknowledges and consent to the fact that their
data may be shared by third parties (such as their employer, their organisation etc. if
applicable) and such data shall be stored, retained and otherwise used or utilised by
AyushPay in accordance with its Terms.
(c) After the data is gathered, the Customer is onboarded as a user on the Portal
after undergoing the KYC verification as per the Terms. The Customer agrees and
acknowledges that AyushPay does not store, hold or otherwise retain any
documents shared by the Customer as part of the KYC process. The Customer also
explicitly agrees and acknowledges that the documents shared by the Customer as
part of the KYC process can be used by the Financing Partners for conducting credit
bureau checks or other checks for creditworthiness.
(d) Basis the data, the Customer will be approved and offered a pre-approved
amount by the Financing Partners (“Eligibility Amount”). To use this Eligibility
Amount, the Customers will have to set up repayment mandates in favor of
Financing Partners (“Repayment Mandate”).
(e) The Eligibility Amount is valid for 30 days post which it is re-calculated.
(f) The Customer may draw down any portion from the Eligibility Amount, for which
the Customer has to request for a draw down through the Portal.
(g) When the Customer wants to draw-down a specific amount (each a “Loan”) from
the Eligibility Amount, AyushPay through its Platform conveys this demand to the
Financing Partner and the Financing Partner responds with a Key Fact Statement,
Sanction Letter and a Loan agreement.
(h) The customer has to agree to the Key Fact Statement, Sanction Letter and
execute the Loan Agreement digitally before the Loan can get disbursed to them.
(i) Each draw-down will be considered a separate Loan and accordingly a separate
loan agreement shall be executed between the Customer and the Financing Partner.
(j) AyushPay will not be a party to the loan agreements executed between the
Customer and the Financing Partner and AyushPay specifically disclaims all liability,
direct or indirect, incurring to either the Customer or the Financing Partner, as a
result or any act or omission which results in a breach of any of the loan agreements
or related documents (the “Financing Documents”).
(k) The Financing Partner disburses the Loan into the hospital’s bank account
directly (the same bank account which has been setup for the Repayment Mandate).
(1) The Customer further agrees and acknowledges that:
(i) The Loans have been lent strictly for health and medical-use case only as outlined
to the Customer and they cannot be used for any other purpose.
(ii) At the time of booking the Loan, the Customer will agree to pay the principal and
the interest on the Loan to the Financing Partner.
(iii) The Customer has the option to get AyushPay to pay the interest (Interest
Reimbursement) on the Loan by providing proof towards medical end use.
(iv) The
Customer shall provide proof towards the end use of the Loan and/or any draw-down
amounts by providing an invoice for an amount equal to or higher than the amount
drawn-down.
(v) On receipt of the invoice AyushPay will verify the invoice. If the
invoice is approved, then AyushPay will credit the entire interest payable on the Loan
amount in the Customer’s bank account.
(vi) If the Customer fails to provide an
invoice for the full Loan amount or if the invoice provided is lesser than the Loan
amount, AyushPay will only reimburse the Customer the interest due on the Loan
amount that equals the value of the invoice.
(vii) If the customer doesn’t upload any
invoice or if the invoice is not validated by AyushPay then AyushPay will not provide
any interest reimbursement to the customer.
(m) Principal repayments and/or penalty payments will happen directly from the
Customer’s bank account through the Repayment Mandate as per the terms agreed
with the Financing Partner.
(n) In case the customer decides not to continue with the loan they can do so
provided they make this decision within the cooling off period offered by the
respective financing partner.
(o) If the customer decides to foreclose the loan within the cooling off period they will
bear no foreclosure charges and any interest due or fee collected will be prorated for
the number of days the loan was outstanding in the books of the financing partner
3. The Card
(a) AyushPay will provide the Card to the Customer for its healthcare expenses.
(b) Initially, the employer/Individual will provide data in relation to the Customer
(or/on behalf of the Customer) as per the terms and the policies of the Bank. The
data collected will be handled as per the terms and the policies of the Bank. The
Customer acknowledges and consents to the fact the Customer’s data may be
shared by third parties (such as their employer, their organisation etc. if applicable)
and such data shall be stored, retained and otherwise used or utilized by AyushPay
in accordance with its Terms.
(c) After the data is gathered, the Customer is onboarded as a user on the Portal
after undergoing the KYC verification as per the Terms. The Customer agrees and
acknowledges that AyushPay does not store, hold or otherwise retain any
documents shared by the Customer as part of the KYC process. The Customer also
explicitly agrees and acknowledges that the documents shared by the Customer as
part of the KYC process can be used by the Bank.
(d) Basis the data, the Card is issued to the Customer. The employer of the
Customer shares with AyushPay an INR value up to which the Card can be loaded
at an individual Customer level. Before each time the Customer wants to utilize the
Card for a transaction, the Customer has to request that their Card be loaded with
the desired amount. The Customer acknowledges and agrees that the Card issued
by the Bank is not loaded through any credit facilities availed from the Financing
Partners.
(e) The Card can be utilized only in accordance with the Terms and the terms and
policies of the Bank.
4. Fees, Interest and Charges
If the Customer uses the Services, the Customer may be charged non-refundable
service charges or fee, details of which will be communicated to the Customer in the
Financing Documents issued by the Financing Partner and/or any documents issued
by the Bank or AyushPay in relation to the Card.
The Customer is also responsible for any fees or other amounts that the Customer’s
phone service provider charges, such as fees for SMS, data services, and any other
fees that the Customer’s phone service provider may charge.
4. Fees, Interest and Charges
If the Customer uses the Services, the Customer may be charged non-refundable
service charges or fee, details of which will be communicated to the Customer in the
Financing Documents issued by the Financing Partner and/or any documents issued
by the Bank or AyushPay in relation to the Card.
The Customer is also responsible for any fees or other amounts that the Customer’s
phone service provider charges, such as fees for SMS, data services, and any other
fees that the Customer’s phone service provider may charge.
6. Entire Understanding
The MITP sets out the summary of terms governing various products available to the
Customer through the Portal and by clicking on ‘Accept & Continue’ button below,
the Customer is hereby agreeing to these terms and conditions, along with the terms
and conditions in the following documents (as applicable):
(a) Relevant Financing Documents executed with the Financing Partners;
(b) Terms
and conditions/privacy policy of AyushPay’s Financing Partners and/or the Bank;
(c)
Terms and Conditions available on the AyushPay Portal
(d) Privacy Policy of AyushPay.
7. Confidentiality
The Customer hereto shall keep strictly confidential all information including but not
limited to that which may be disclosed or confided to it by the other in the course of
the performance of the obligations (“Confidential Information”) under this MITP. The
Customer shall not disclose Confidential Information to any third party without prior
approval of AyushPay. This clause shall survive the termination of the Services.
Information may not be considered as Confidential Information is the same is:
(a) Already in public domain; (b) Required to be disclosed by the Customer under
any laws, rules or regulations or pursuant to the order or direction, of any court,
authority, tribunal or forum.
8. Change in Information
The Customer shall also inform AyushPay of any change in the Customers mailing
address. Further, the Customer shall also inform AyushPay about any change in the
details such as name, telephone number, or mobile number. The Customer can
update these details by submitting a request by emailing a info@AyushPay.com.
9. Prohibition against Assignment
The functions, rights or obligations under the MITP shall not be assigned or
delegated to any party or person by the Customer without the express prior written
consent of AyushPay. Any purported assignment or delegation is contravention of
the terms under this MITP and shall be null and void.
10. Suspension or Termination or Cancellation or Discontinuance of the Services
AyushPay may, if it is satisfied that it is necessary to do so, at any time and on such
conditions as it thinks fit, suspend or deny or terminate the Services under the
following circumstances:
(a) In the event of the Customer being declared insolvent or in the event AyushPay
receives any notice/intimation about the death of the Customer; (b) In the event of
the Customer committing breach of any of the Terms; (c) In the event of any
restriction imposed on the Customer by an order issued by any regulatory authority
or a court in India or by any investigating agency.
11. Indemnity
The Customer shall indemnify and keep AyushPay, its directors, officers, employees
and agents indemnified of, from and against any cost, expenses, charges, which
AyushPay is required to incur or has incurred to defend any such claim, suit,
demand, prosecution, proceedings, due to any act of omission or commission, fraud,
negligence or default on the part of the Customer.
12. Force Majeure
Notwithstanding anything contained herein, AyushPay shall not be liable to the
Customer for any harm, loss, damage or injury caused due to causes beyond its
control such as tide, storm, cyclone, flood, lightning, earthquake, fire, blast, explosion
or any other act of God, war, rebellion, revolution, insurrection, embargo or sanction,
blockade, riot, civil commotion, labor action or unrest including strike, lock-out or
boycott, interruption or failure of any utility service, enemy action, criminal
conspiracy, act of terrorism or vandalism, sabotage, hacking, unanticipated
technological or natural interference or intrusion, loss or damage to satellites, loss of
satellite linkage or any other data communications linkage, loss of connectivity or
any other irresistible force or compulsion.
13. Service of Notice
Any notice or communication required to be given under this MITP shall not be
binding unless the same is in writing and shall have been served by hand delivery
against acknowledgement or by registered post at the [Plot NO 2-A, First Floor, KH
NO 294 Kehar Singh Estate, Saidulajb Village, Lane No 2, New Delhi, 110030] (in
case a notice is to be served to AyushPay) and to address recorded with AyushPay
in case notice is to be served to the Customer.
14. Contact
If the Customer has any questions about our policy or related dealings with
AyushPay or would like further information about our services and practices, the
Customer can contact AyushPay at info@AyushPay.com.This MITP must be read in
conjunction with the other agreements Any grievance, with respect to the MITP, shall
be addressed to info@AyushPay.com.
15. Grievance Officer
In the event the Customer has any queries regarding the policy, including but not
limited to reporting any violation of the MITP, kindly contact AyushPay at:
Name: Amit Kukreja Email: amit.kukreja@AyushPay.com
The Customer may address any grievances in respect of the MITP.
16. Governing Language
All deeds, documents and writings that may be executed and all correspondence
that may be exchanged between the Customer and AyushPay hereto in relation to
the subject matter of the MITP shall be in English language, which shall be the
governing language between the Customer and AyushPay.
17. Governing Law and Jurisdiction
(a) The MITP and the services shall be governed by and construed in accordance
with the laws of India and subject to the provisions of arbitration set out herein, the
courts at Mumbai shall have exclusive jurisdiction in relation to any disputes arising
out of or in connection with these Terms. (b) If any dispute arises between AyushPay
and the Customer in connection with or arising out of the validity, interpretation,
implementation or alleged breach of any provision of the MITP, such dispute shall be
referred to and finally resolved by arbitration in accordance with the Arbitration and
Conciliation Act, 1996 for the time being in force, and which rules are deemed to be
incorporated by reference in this clause. The dispute shall be resolved through
arbitration by 1 (one) arbitrator and the seat and venue of the arbitration shall be
Mumbai, India. (c) The language of the arbitration proceedings and of all written
decisions and correspondence relating to the arbitration shall be English.
(d) By acceptance of the MITP, the Customer agrees to be bound by the governing
law and mechanism of dispute resolution above.
18. Schedule of Charges
You may also incur fees charged by Bank and/or AyushPay in respect of issuance
and/or usage of the Card as per the schedule of charges below:
Description of Charges Amount
Re-issuance of Lost or Damaged Card INR 300
Additional Add / Supplementary on Cards (First Add On Card Free) INR 300
AyushPay is changing the way Indians pay for their healthcare and bridging the gap
of their actual healthcare expense and what their insurance pays for. Simplifying,
Indian Healthcare.