Canara HSBC OBC Life Insurance is a joint venture between Canara Bank, HSBC Insurance Holding Limited and Punjab National Bank. This insurer offers a simple, convenient claim process that is specifically designed to settle all the claims without any hassles. With a claim settlement ratio of 98.44% in FY 2021-22 for individual claims, the company allows the deceased's family to receive the claim benefits within a couple of days. Moreover, with their ‘InstaPromise’ facility, the company allows approval of claims in 1 day for up to 1 Crore amount.Read more
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Canara HSBC OBC Life Insurance Claim Settlement Ratio (CSR) is the percentage of the total number of claims that are settled by the insurance company in a financial year divided by the total number of claim requests received in a year. This ratio indicates the credibility and reliability of the life insurance company. Typically, CSR also shows the overall risk management and claim solving ability. The higher the CSR of an insurer, the more reliable it is. The claim settlement ratio is 98.44% for the Financial year 2021-22, indicating the quick claim paying ability.
The claim settlement ratio of Canara HSBC OBC Life Insurance is a fundamental factor because of the following reasons:
Establishes Reliability of Company: A policyholder should always seek a company with higher CSR because it tells you the claim paying capability of the insurance company. It is also recommended that you should check the CSR of any company over the previous 5 years.
Provides Assured Financial Future: It is important to check the CSR of an insurance company before purchasing a policy because it’s your duty to make sure your family is secured under a reliable company who will not cause any financial trouble once you’re not there anymore.
The claim settlement ratio is an easy calculation and doesn’t require lengthy methods. However, the Insurance Regulatory and Development Authority of India (IRDAI) publishes the annual Claim Settlement Ratio and data concerning the same for all registered insurance companies of India. Below mentioned is the formula to calculate the claim settlement ratio of any company.
Total number of claims settled divided by Total number of claims received, & multiplied by 100
For example: Consider that XYZ, an insurance company, settled 900 claims in a financial year and the total number of claims received are 1000. In this case, the CSR of the company is:
CSR = 900/1000 x 100 = 90%
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The claim process of Canara HSBC OBC Life Insurance is primarily done in offline mode and involves the following steps:
Intimation: The nominee of the life assured has to intimate the claim process after the life assured’s death. It is done by firstly, submitting the death claim form and ID and Address Proof to the head office/bank branches/nearest offices.
Documentation: Along with the death claim form and proof of identification and address, you must also submit all the required documents, such as original policy documents, death certificate of the life assured, FIRs (if applied), etc.
Settlement: When the company receives all of the required forms and documents, the claim will be processed, and communicates the same with the nominee.
Canara HSBC OBC Life Insurance offers a smooth claim settlement experience to its clients. As discussed, the company has a good CSR of 98.44% in the financial year 2020-21, which indicates that the insurance company settles claims quickly. Canara life offers a committed and dedicated claim assistance team available 24X7. The CSR values above 95% indicates a good number of positive reviews about the claim settlement.
|Claims Settled||Claim Settlement Ratio|
The aforementioned table represents the CSR for Canara HSBC OBC Life Insurance and only for individual policies and does not represent for group policies. The table shows the percentage of claims settled in comparison to the number of claims registered. The CSR values of the past 5 years is more than 95% indicating the fast settlement of death claims.
Starting from signing the policy documents, make sure the details provided by you are correct and up-to-date.
Always inform your insurance company in case of any major change in your lifestyle or habits. For example, if you start smoking or participate in any adventurous sport.
Ensure your plan premiums are paid regularly on time.
Canara offers a hassle-free and easy claim settlement experience
‘InstaPromise’ facility helps to approve claims of up to Rs. 1 Crore amount within 1 day of claim.
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