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Canara HSBC OBC Life Insurance Claim Process

Canara HSBC Life Insurance Company Limited was founded in 2008 and is a partnership between Canara Bank (51%), HSBC Insurance (Asia Pacific) Holdings Ltd (26%), and Punjab National Bank (23%). Canara HSBC Life Insurance offers a simple, convenient, and hassle-free claim process that allows claimants/nominees to receive claim benefits within a couple of days. The has a 98.44% Claim Settlement Ratio for FY 2019-20. Moreover, with their ‘InstaPromise’ facility, the company allows approval of claims in 1 day for up to 1 Crore amount. 

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Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
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Types of Benefits to Claim in Canara HSBC OBC Life Insurance

  • Death Benefits - The most common sort of claims process is for death benefits, which offers financial support to surviving family members when the life assured dies before the policy's expiration date. 

  • Maturity Benefits - If the life assured survives until the completion of his term insurance policy and pays all premiums on time, he is eligible to claim the maturity benefits at the end of the policy. 

  • Rider Benefits - If the life assured purchased riders along with his life insurance, he can claim the rider benefits if the situation arises. Some commonly availed riders are Accidental Death Benefit Rider, Critical Illness Rider, Waiver of Premium Rider, etc.

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Steps Involved In Canara HSBC OBC Life Insurance Claim Process

Canara HSBC OBC Life Insurance boasts of a 98.44% Claim Settlement Ratio (for individual claims) and a high claims paying ability ratings. The nominee needs to fill the Death Claim Form and send it to the head office/nearest bank branch/offices of the company along with an attested copy of Photo ID and Address Proof of the nominee to claim the death benefits after the life assured dies.

The below mentioned steps will explain the Life Insurance Claim Process in Canara HSBC OBC Life Insurance:

  1. Claim Intimation 

    The nominee of the life assured can intimate the life insurance claim process after the death of the life assured by submitting the Death Claim Form to the head office/bank branches/nearest offices or by Email, along with an attested proof of identification and the address proof of the nominee.

    Apart from the above mentioned offline mode of intimating claim benefits of Canara HSBC OBC Life Insurance, below is the online method to do so:

    • Go to the official website of Canara HSBC OBC Life Insurance and then go to - Home / Claims / Get Claims Assistance, fill in the details and submit. You will receive a call from the company after submission of all the required details.

    • Go to - Home / Claims / Claim Status, submit the Policy Number, DOB of the life assured and Date of Event to get the status of your claim.

    • You may also call on the toll free numbers 1800-891-0003/1800-103-0003/1800-180-0003 or SMS on 09779030003 to know the status of your claim.

  2. Document Submission

    The nominee/claimant needs to submit relevant documents along with the form for verification purposes. Below mentioned are the documents that the nominee has to submit to claim death and maturity benefits:

    Death Types Documents Required
    Mandatory Documents 
    • Original documents of the policy
    • Copy of original death certificate
    • Application Form for Death Claim (Form C)
    • Canceled Cheque with NEFT details
    • Nominee/Claimant’s ID Proof
    Additional Documents Required: 
    In case of Medical//Natural deaths
    • Physician’s Statement (Form P)
    • Certificate of hospital treating the deceased life assured (Form H)
    • Employer Certificate (Form E) or Educational Institute Certificate (Form S)
    • Additional treatment/hospital/ records
    In case of accidental/unnatural deaths
    • Police Reports (Panchnama, FIR, Police Investigation Report, Charge sheet)
    • Autopsy/Post Mortem report (PMR) and Viscera Report
  3. Claim Settlement

    The processing of the claim starts after the company has received all the documents and forms. The company verifies the documents as per requirements and decides (subject to T&C) and communicates the same with the nominee/claimant.

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Important Points to Keep in Mind While Claiming Canara HSBC OBC Life Insurance

  • Starting from the time of signing the policy documents, ensure that the details provided are correct and updated. 

  • Always update your insurance company in case there is a major change in your lifestyle practices or habits. For example, if you participate in a dangerous sport or start smoking. 

  • Make sure your policy premiums should be paid on time. 

  • If your claim amount is 1 Crore or above, then the company approves claims within 1 day. With this feature, the company offers the easiest and quickest way to claim the insurance amount in a day.

  • Attestation/Certification of the copies of KYC Documents, like Address Proof and Photo ID, are to be done by any one of the following:

    • Company’s Agent/Relationship Manager/Any Employee

    • Distributing Bank’s Branch Manager

    • Nationalized Bank’s Branch Manager, with rubber stamp

    • Gazetted Officer

    • Principal of Government School

    • Magistrate

FAQs

  • How can I claim death benefit for Canara HSBC OBC Life Insurance?

    Ans: The nominee/claimant can inform the insurer of the claim by completing the Death Claim Form and submitting it to at the company's head office/nearest bank branch/offices, together with a duly attested photo ID and address evidence of the claimant. These forms can also be obtained at any of the company's offices or bank branches. There is an online way for doing so available on the official website. There are toll free numbers to call and seek assistance.
  • What is the amount of claim settlement?

    Ans: The Claim Settlement Ratio (CSR) is the percentage of claims settled by an insurer in a given year as a percentage of total claims. It denotes an insurance company's credibility. As a general rule, the greater the CSR, the more trustworthy the insurance firm.
  • What is the claim settlement ratio of Canara HSBC OBC Life Insurance?

    Ans: The claim settlement ratio of Canara HSBC OBC Life Insurance is 98.44% for the current financial year.
  • Why is it important to provide all relevant records and papers to the company to claim benefits?

    Ans: Yes, the Company examines and settles all claims based on the information included in papers supplied by you in connection with the claim. It is best if you supply the company with complete information to receive the benefits without fail.
  • How to calculate the term insurance premium online?

    Ans: You can easily calculate the term insurance premium online by using the term insurance premium calculator online tool
  • What are the benefits of term life insurance?

    Ans: Here are 4 common term insurance benefits:
    • Low premium rates
    • Tax Benefits
    • Death Benefit
    • Long term coverage
  • What is term life insurance?

    Ans: Let's understand what is term life insurance here. Term insurance offers financial protection for a certain period to the policyholder, thereby, offering a lump sum payout if the policyholder unfortunately passes away during the policy term.
  • What are the key features of a best term insurance plan in India?

    Ans: Below mentioned are the key features of a best term life insurance in India:
    • Affordable premium rates
    • Long-tenure life protection
    • Easy to understand and buy
    • Riders availability
    • Whole life protection
    • Tax benefits

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