Canara HSBC Term Plan Claim Settlement Ratio

What is Claim Settlement Ratio?

The claim settlement ratio of Term Insurance (CSR) is the ratio of total term plan death claims settled by the insurer to the number of claims received by them. IRDAI publishes this ratio for every financial year and provides this in its annual report to help customers choose a term plan from the insurer with a suitable CSR.

For example: If an insurance company received a total of 100 claims in a year and they settled 97 of them then the CSR of that company will be 97%. You can also calculate the CSR for different term insurance providers manually using the following formula:

CSR = (No. of total claims settled / No. of total claims registered ) x 100

Note: Know what is term plan first and then buy a term plan for your loved ones.

Note: It is suggested to calculate the term plan premium on the term policy calculator online tool by Policybazaar before buying.

Why Should You Check The Claim Settlement Ratio?

Financial experts suggest checking the CSR of insurance companies before purchasing a term plan. Here is a list of all the reasons why checking the CSR values can benefit you:

• Financial Security of Your Family Members: The Canara HSBC term plan claim settlement ratio can help you rest assured by providing the financial security that the claim registered by your family will be settled in case of an eventuality. The amount received from the claim settlement can be used by your family to pay off any unpaid loans or educational expenses.

• Reliability: The CSR of an insurer can be used to check the reliability of an insurer as the company with the higher claim settlement ratio is automatically considered more reliable. This is because the higher the CSR values the better the chance of your claim getting settled.

Canara HSBC Term Plan Claim Settlement Ratio

The Canara HSBC term insurance plans offer a quick and hassle-free claim settlement for claims registered against the company. The insurance company had a claim settlement ratio of 97.10% in the financial year 2020-2021. This indicates that the majority of the claims made by the customers were settled as a CSR of more than 95% is considered good. The company offers an easy claim settlement which you can initiate by submitting the company’s claims form.

Here is a list of Canara HSBC Term Insurance Company’s claim settlement ratio for the previous years.

The table above shows that the company has consistently shown growth in its claims settlement and is thus a reliable insurer to buy term plans from.

Points to Remember About the Canara HSBC Term Plan Claim Settlement Ratio

Let's take a look at some of the points that you need to keep in mind about the Canara HSBC term plan claim settlement ratio:

• The Canara HSBC term insurance offers a dedicated claim settlement that is quick and easy.

• The Canara HSBC term plan claim settlement ratio for the FY 2020-21 was 97.10% which means that it is a reliable insurer to purchase term plans from.

• You should submit all the required documents while filing your claim.

• You should intimate your claims before 3 PM from Monday to Friday.

How To File Canara HSBC Term Insurance Claim?

You can file the Canara HSBC term insurance claims online or offline as per your preference by following the below-mentioned steps:

• Claim Registration: You need to inform Canara HSBC about the death of the policyholder

• Submit the Claims form with the required documents: You can download the claims form from the company’s claim form section and attach all the required documents.

• Processing and Verification: On successful registration, the company will verify the claim application. Once the decision is made your beneficiary will receive the claim amount.

Required Documents for the Canara HSBC Term Plan Claim Settlement

Here is a list of documents that you need to attach for a successful claim verification:

• Original policy documents

• Copy of bank passbook/canceled cheque

• Your address details

• Valid photo ID proof

• Policyholder’s death certificate

• The additional documents required

  • For Death due to Medical Reasons

    • Doctor’s statement

    • Hospital certificate

    • Employer’s certificate/school/college certificate

  • For Accidental Death

    • FIR/PMR or the police investigation report

Wrapping It Up!

CSR is one of the most important factors to consider while buying a term insurance plan from an insurance company. Canara HSBC offers a CSR of 97.10% indicating: quick and easy settlement of claims.

Note: Check out the best term life insurance in India and choose one that suits your requirements.

Note: You should also check the term life insurance benefits if you are planning to purchase the term insurance plan.