Welcome to Magento.SE! Great question. I wonder if you really need this on every product? Is the policy the same for all products? If so, you'll want a static block. Otherwise we can use a Text Area attribute type.
Here's how to add a text type attribute:
- Login to admin
- Go to
Catalog > Attributes > Manage Attributes
- Press the
Add new attribute button in the top right
From here you need to create a new attribute of type
One field to take note of here is the
Product Type field. If you'd like it to only display on configurable products, as you've noted, then you'll one to set it up like so:
Once you've filled in all the required details you need to add it to an attribute set. Adding it to the Default attribute set will not automatically add it to all products.
A word on attribute sets
When a product is created, the first step is to choose an attribute set that defines it. This is a value that can never be altered. If you need to add this attribute to all attribute sets you will need to add it to all applicable attribute sets. If you would like it to only appear on shoes, for instance, then you want to add the attribute to the Shoes attribute set.
This will not necessarily show the contents of the attribute in your template or your theme unless your theme is coded to display all product attributes (doubtful).
I would suggest that you also look into the static block method, using a Magento Widget to display that static block somewhere in your product pages.
Best of luck!