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Canara HSBC OBC Life Insurance Claim Settlement Ratio 2024

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. 

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What is Canara HSBC OBC Life Insurance Claim Settlement Ratio? 

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. 

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Why is Canara HSBC OBC Life Insurance Claim Settlement Important? 

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.

Formula to Calculate Claim Settlement Ratio

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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Canara HSBC OBC Life Insurance Claim Settlement Process

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.

What Does Canara HSBC OBC Claim Ratio Represent? 

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. 

Canara HSBC OBC Life Insurance Claim Settlement Ratio of Last Five Years

Claims Settled Claim Settlement Ratio
2021-22 98.44%
2020-21 97.10%
2019-20 98.12%
2018-19 94.04%
2017-18 95.22%

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. 

Points to Consider Before Filing Claim of Canara HSBC OBC Life Insurance 

  • 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.

FAQ's

  • Who is in charge of calculating the Claim Settlement Ratio?

    Ans: The IRDAI is in charge of the Claim Settlement Ratio for all insurers in the insurance market. It is included in their Annual Report.
  • When should the Claim Settlement Ratio be considered?

    Ans: The ratio is calculated by gathering data from the financial year, which in India runs from April of the current year to the end of March of the next year.
  • What is the Canara HSBC OBC Life Insurance Claim Settlement Ratio for financial year 2021-22?

    Ans: The Canara HSBC OBC Life Insurance Claim Settlement Ratio for financial year 2021-22 is 98.44%.
  • In India, how are insurance penetration and density measured?

    Ans: Insurance penetration is calculated as a premium percentage of GDP, whereas insurance density is calculated as a premium-to-population ratio, or per-capita premium.
  • How can you apply for death claims?

    Ans: One of the first things to do while applying for death claims is to inform the insurer about the death of the policyholder. You can visit the nearest branch or apply online from the website.
  • How long does it take for a life insurer to pay out a death claim?

    Ans: The claim settlement time depends on the below factors:
    • Policy type
    • Amount of claim
    • Policy’s age
    • Claim investigation need
    The claims can easily be settled within 30 days of submitting documents and with InstaPromise claims can be approved in a day up to 1 Crore.
  • Who can receive claimed benefits?

    Ans: The claim benefits can be provided to the nominee/beneficiary when an individual for whom the plan was bought, dies during the policy term. Following individuals are entitled to receive the claim:
    • Nominee appointed by you
    • Nominee’s guardian (age of nominee is below 18 years)
    • Assigned party or proposer of the plan
  • Under what cases does the insurer decline the death claim?

    Ans: Below mentioned are the cases when the insurer can decline the death claim:
    • If the death occurred because of an exempt cause
    • If you have entered false details on the application form
    • The plan had lapsed before the demise
    • Not providing correct information
    • Discrepancy found in the submitted claim documents

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