Canara HSBC OBC Life Insurance Claim Process

Investing in a life insurance policy with Canara HSBC is a wise decision as it provides financial security for the policyholder's family in the event of their demise. When you purchase a policy with them, you gain access to numerous benefits and features, including their efficient claim settlement facility.

If the need arises to make a claim, the policyholder or the beneficiary must follow a straightforward process. Familiarising yourself with the Canara HSBC claim settlement process ensures a smooth and hassle-free experience, making it easier to obtain the rightful claim amount.

Various Types of Benefits to Claim in Canara HSBC OBC Life Insurance

Understanding the various types of benefits available in Canara HSBC OBC Life Insurance is essential to make the most of your policy. These diverse benefits cater to different needs and provide comprehensive coverage for policyholders and their loved ones.

Death Benefits:

The Canara HSBC OBC Life Insurance claims process primarily revolves around death benefits. This claim provides crucial financial support to the surviving family members in the unfortunate event of the life assured's demise before the policy's expiration date. It ensures that the dependents receive a sum of money per the policy terms and conditions, helping them cope with the financial implications of the loss.

Maturity Benefits:

When the life assured successfully completes the term insurance policy and pays all the premiums on time, they can claim the maturity benefits at the end of the term. This means that if the policyholder survives until the policy maturity date, they can receive a lump sum amount or regular payouts as specified in the policy. The maturity benefits act as a reward for fulfilling the policy's terms and provide a financial cushion for future needs or plans.

Rider Benefits:

Canara HSBC OBC Life Insurance offers additional riders that policyholders can choose to enhance their coverage. These riders provide extra benefits and can be claimed when specific circumstances occur. Commonly availed riders include:

• Accidental Death Benefit Rider: In the unfortunate event of the life assured's accidental death, this rider offers an extra payout alongside the death benefit. It ensures that the policyholder's family receives an increased sum assured in such unfortunate situations.
• Critical Illness Rider: This rider offers financial support if the policyholder gets a critical illness covered by the rider. Upon diagnosis, a lump sum amount is paid to the policyholder, which can be used to cover medical expenses, seek specialised treatment, or replace lost income during the recovery period.
• Waiver of Premium Rider: With this rider, if the policyholder becomes totally disabled or unable to pay premiums due to an illness or injury, the rider waives off future premium payments. The policy coverage continues without any premium obligations, ensuring the life assured's insurance protection remains intact.

What are the steps to make the insurance claim process easier?

Inform the insurance company about the policyholder's death if you are the beneficiary or nominee.

Documentation:

• After notifying the insurance company about the policyholder's demise, the subsequent action involves completing the claim form and submitting it along with the required documentation.
• Submit the completed form along with the required documents:
• Original policy document.
• Copy of bank passbook or cancelled cheque.
• Claimant's address details.
• Photo ID proof.
• Life assured's death certificate.
• Additional information for death due to medical reasons:
• Physician's statement.
• Treating hospital certificate.
• Employer's certificate/school/college certificate.
• Additional information for accidental death:
• FIR/PMR/police investigation report.
• Ensure all documents are attested.

Claim Submission:

• Download the claim form from the claims form section.
• Submit the duly completed claim form and all necessary documents.

Claim Registration and Verification:

• The insurer will register your claim upon submission.
• The insurer will thoroughly verify the documents.

Once the documents are successfully verified, the insurer will provide you with the decision regarding the claim.

Claim Settlement process

The insurance company starts the claim settlement process upon receiving all the necessary documents. They will take the initiative to initiate the process and conduct a thorough verification of the documents and the nominee's declaration. It is important to note that in certain situations, beneficiaries may be requested to provide additional documents or additional information if necessary.

It is crucial to notify the insurer promptly about a death claim following the occurrence of the event. Ensuring timely submission of the claim file is advised to expedite the decision-making process.

Subsequently, the insurer will carefully review the claim and examine all the required documents. If the insurance company is satisfied with the provided details and documentation, they will approve the claim and promptly notify the nominee regarding the approval. However, in the event that the claim does not meet the necessary criteria, it may be rejected. In the case of claim approval, the insurance company will fulfil its obligation by disbursing the death claim amount to the policyholder's designated beneficiary or nominee.

Key Requirements for the Claim Process

• The policy must be active for at least 3 years, and all premiums should be paid in full before the policyholder's death.
• All the necessary documents must be submitted at the time of intimation.
• Claims need to be reported before 3 pm from Monday to Friday. For claims received after 3 pm, the one-day period will commence the following day.
• No verification or investigation is required for the claim.
• The claim amount for each individual is eligible for up to ₹1 crore.

Additional information

To ensure the validity of your submitted KYC (Know Your Customer) documents, both the photo ID and address proof should be certified by one of the following authorised individuals:

• An agent of the company
• A relationship manager of the company
• A branch manager of the distributing bank
• A bank manager of a nationalised bank, along with the appropriate stamp
• A gazetted officer
• The headmaster/principal of a government school
• A magistrate
• An employee of the company
• In addition to the aforementioned documents, the company has the right to request any additional documents if necessary.

Conclusion

Understanding the claim process of Canara HSBC OBC Life Insurance is essential for policyholders. With varying benefits like death, maturity, and rider benefits, it provides comprehensive coverage. Timely submission of necessary documents is pivotal for a smooth claim settlement. While the process might seem overwhelming, it's designed to provide financial security to your loved ones in your absence. Always ensure to keep your policy active and all information updated for seamless claim processing.

FAQs

1. How can I apply for the death benefit in Canara HSBC OBC Life Insurance?

In response to your query, the nominee or claimant can notify the insurer about the claim by completing the Death Claim Form. This form should be submitted at the company's head office, nearest bank branch, or other designated offices. It must be accompanied by a duly attested photo ID and address proof of the claimant. These forms can also be obtained from the company's offices or bank branches. An online method is available on the official website for submitting the claim. If you require assistance, there are toll-free numbers you can call to seek guidance.

2. Where should the claimant submit the Canara HSBC Life Insurance claim forms?

The claimant has two options to submit the claim forms for Canara HSBC Life Insurance. The first option is to courier the forms and accompanying documents to the company's head office. This provides a convenient and reliable method of submission. 

The second option is to personally submit the forms at Canara Bank and Punjab National Bank branches. These bank branches are authorised and designated to accept the claim forms on behalf of Canara HSBC Life Insurance. This allows claimants to choose a submission method that suits their preferences and convenience.

3. How to make a maturity claim in life insurance?

To initiate a maturity claim in life insurance, timely communication with your insurance company is crucial. Here are the steps to follow:

• Notify your insurance company: Inform your insurance company about the maturity claim by contacting them through a phone call or email.
• Key requirements: For maturity claims, you must submit the original policy document provided by the insurance company when the term began.

Filing a life insurance claim is a straightforward process if you are prepared. The information provided above will be helpful when you are ready to file a claim. Additionally, consider Canara HSBC Life Insurance if you consider purchasing a life insurance policy online. We offer comprehensive plans tailored to meet your insurance needs.

4. Why is it crucial to provide all relevant records and papers when claiming benefits?

It is essential to furnish all relevant records and documents to the company when claiming benefits. This is because the company carefully reviews and resolves claims based on the information provided in the submitted papers. Ensuring that you provide the company with comprehensive and accurate information can increase the likelihood of receiving the benefits without any issues or delays.

5. What is the claim settlement ratio?

In terms of claim settlement, the Claim Settlement Ratio (CSR) indicates the percentage of claims resolved by an insurer in a given year relative to the total number of claims received. It serves as an indicator of the insurance company's credibility. As a general guideline, a higher CSR signifies a more reliable and trustworthy insurance firm.