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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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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.
Term Plans
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:
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.
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 |
|
| Additional Documents Required: | |
| In case of Medical//Natural deaths |
|
| In case of accidental/unnatural deaths |
|
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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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
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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