Answered by Narendra
A refundable booking lets you cancel and get some or all of your money back under stated conditions, while a non refundable booking is sold at a lower price on the understanding that you cannot recover the cost if you cancel. The trade is simple, flexibility against price.
Which type you are buying is shown clearly before you pay, and it is repeated in your confirmation, so you always know where you stand. Non refundable options are often cheaper precisely because the supplier is taking less risk, and that saving is passed to you.
If your plans are firm, a non refundable rate can be good value. If there is any real chance you may need to change or cancel, the refundable option, or separate travel insurance, is usually worth the extra. Decide based on how certain your dates actually are.