There’s nothing that discourages people to think long and hard before making a purchase like the lack of a refund policy. So it is great to see that Oculus has finally figured that out for themselves, and have announced a refund policy for Apps, Games and other content purchased on the Oculus Store for both the Rift and Gear VR systems.
Applications for the Oculus Rift can be refunded within 14 days of purchase, as long as the user has played the game for less than two hours. Mobile applications can be refunded within two days if the user has not engaged with the content for over 30 minutes. All of this and more is detailed in a Blog Post on the Oculus website.
You should take a look at some of the other updates mentioned on the blog, such as the addition of a public test channel, library improvements, and seamless transition between content.
Refund Policy for RIFT.
Refund Policy for Gear VR.