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Key Takeaways.
Notify Canara HSBC Life Insurance of the claim online or offline.
Submit the documents; requirement varies depending on the claim type, like health, maturity, and death.
In compliance with IRDAI regulations, the claim will be settled within 30 days. It can take up to 6 months if further investigation is needed.
Instant processing is available for claims below ₹1 crore.
Notify promptly, ensure proper documentation, and reach out to the customer service centre for error-free claim settlements.
You invest in an insurance policy to ensure that it has your back in dire circumstances. However, filing for a claim can be daunting, especially if you are going through a tough situation. Canara HSBC Life Insurance follows a defined process for claim settlement in accordance with regulatory requirements. Let us walk you through the steps you must follow to lodge a claim with the company.
Understanding the Claim Process
The claim process with Canara HSBC Life Insurance is quite straightforward and involves three essential steps. These are:
Step 1. Claim Intimation and Registration
You must first notify the company about the event for which you are requesting the claim. This is required to allow the insurer to initiate the claim process quickly. Here are the three different ways in which you can do it:
Online: Visit the official website of Canara HSBC Life Insurance and head to their “Claim Centre.” Here, you can register your claim by giving all the details like policy number, date of the event (in case of death), name of the insurer, etc. You will also have to provide the information of the beneficiary claiming the insurance amount.
Email or Courier: If you can’t go through the online process, you can send us an email at Customerservice@canarahsbclife.in. Or hire a courier service to drop all the required documents. Address it to the customer service cell along with the scanned copies.
Branch Visit: Head to the nearest Canara HSBC Life Insurance branch and inform the company of the claim in person. The staff will help you to fill out the claim form and give you the details of the documents needed.
Step 2. Document Submission
Once you register for the claim, you must submit the relevant documents as proof of why you are taking the step. The documents may vary depending on the type of claim.
Copy of First Investigation Report (FIR) or Police complaint or Panchnama
Copy of Post Mortem Report (PMR) and Viscera Report
Copy of Final Police Investigation Report (FPIR) /Chargesheet
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For Health Insurance Claims: When lodging a claim request for your health insurance, you should submit the following documents to the company:
Original policy documents
Claim application form (Form C)
NEFT mandate form attested by bank authorities
Cancelled cheque or passbook of the bank account
Photo identity proof of the insured, such as Aadhaar Card, Voter ID, etc
Hospital certificate (Form H)
Test and investigation reports, including radiology, ECG, etc
Any reports about the diagnosis, like MRI report, cardiac injury profile, etc
For salaried people, the employer records of the past 3 years
Did You Know?
The origins of modern insurance can be found in the London Fire of 1666. Due to the severity of the fires, insurance became essential rather than optional.
Source: Investopedia
For Maturity and Survival Claims: These claims are processed automatically by the company, and the amount is credited to your bank account. But make sure that you have updated your bank details with Canara HSBC Life Insurance. In case you are asked to fill out a discharge form, you may have to submit the following documents:
Original policy documents
Identity proof
Cancelled cheque or copy of bank passbook
Step 3. Claim Processing and Settlement
Once you have submitted all the necessary documents, Canara HSBC Life Insurance will start the claim assessment process.
Hence, we must settle the life insurance claim within 30 days of receiving all the documents. In case we need to investigate further, we must complete the process within 6 months from the date of claim intimation.
For quicker settlement, you may be eligible for the Instant Claim process offered by Canara HSBC Life Insurance, provided:
The policy was completed with all premiums paid at least 3 years prior to the death of the insured
All documents are submitted during claim registration
There is no need for any verification or investigation
The claim amount is not more than ₹1 crore
The claim is intimated before 3 pm between Monday to Friday
Tips to Ensure a Smooth Claiming Process
Canara HSBC Life Insurance is known for having settled 99.23% of the registered claims. While the process is quite simple, here are some tips that can help make it easier:
Prompt Intimation
Planning to lodge a request for a claim against a policy? Notify the company at the earliest for quick initiation of the claiming process.
Accurate Documentation
Make sure that all the documents that you have submitted are accurate and legible. Incomplete or incorrect documentation can cause delays and even rejection of claims.
Understand the Policy Terms
Learn and understand the meaning of the policy’s terms and conditions. You must also take note of the exclusions to ensure you do not set any high expectations with the claim settlement.
Ask for Help
Not sure of any aspect of the claim process? Call our customer service centre. You can also send an email to Customerservice@canarahsbclife.in.
Conclusion
Lodging a claim against your insurance policy with Canara HSBC Life Insurance is an easy process. Understand the various steps involved and keep the required documents ready. Maintain clear communication with us in case of any doubts or queries. Lastly, the claim process is designed to be simple and straightforward for policyholders.
Glossary
Sum Insured: Sum insured is the maximum cap on the costs you are covered for in a year against any unfortunate event. It is applicable to non-life insurance policies like home and health insurance.
Sum Assured: Sum assured is the amount the life insurance company pays to the nominee if the insured event happens (death of insured). This term is used in life insurance policies.
Maturity Value: The amount of money paid out when a life insurance policy matures is known as its maturity value.
Risk Transfer: Risk transfer is a strategic method where a pure risk can be contractually shifted from one party to another as part of risk management and control.
Life Insurance - Top Selling Plans
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No, there is no deadline to register for a claim after the death of the policyholder. But if you initiate the process quickly, you can get your claim settlement without any delays.
Once all the documents are verified, the claim amount will be credited to the claimant’s bank account.
No, Canara HSBC Life Insurance does not ask for any fees or charges to process a claim. The whole procedure is free of cost.
Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.
