making-claim-settlement-easy-for-your-beneficiaries

Making Claim Settlement Easy for Your Beneficiaries

Simplify life insurance claim settlement for beneficiaries through proper nomination, documentation, disclosures, and regular policy reviews.

Written by : Knowledge Centre Team

2025-10-10

882 Views

8 minutes read

Exit Pop Up

Live Life More Confidently

Get best insurance from our experts

Name is required Name should be Valid
Mobile Number is required Mobile Number should be Valid
DOB is required DOB should be Valid
Annual Income is required
Please tick to proceed further.

Thank you for your interest in our product. Our financial expert will connect with you shortly to help you choose the best plan.

When you buy an insurance policy, as a policyholder you want the life insurance company to never fall short of expectations, especially at the time of claim settlement. The sole most important purpose of a life insurance policy is to provide financial support to your family and loved ones in case of a mishap. Claim Settlement is the moment of truth, and if the experience at the moment fails, the policy becomes worthless. However, you can choose a life insurer carefully, looking at the claim settlement ratio of the company, to avoid last minute hiccups. It is the ratio that indicates the reliability of the insurer’s claim settlement process.

The claim settlement ratio of a life insurance company tells you about the number of claims paid by the insurance company compared to the total number of claims they have received in a particular year. It is measured by the equation “Total claims paid / Total claims received”. Simply put, the claim paid ratio or the settlement ratio can be one of the statistics to rely on while choosing the right life insurance company to invest with.

Canara HSBC Life Insurance has a claim settlement ratio of 99.43%^ in the financial year 2024-25. Further, Canara HSBC Life Insurance also offers easy 1 Day Claim Settlements. This quick process is called ‘InstaPromise’ which provides settlement of the death claims up to 1 crore within one day from the claim receipt, provided the policy has been in force for at least three years, and other basic requirements.

claims settlement

While the insurers put in their best efforts to get your claims approved, there are some factors that help you secure your chances of getting a quick and hassle-free claim settling. Claim settlement may sure seem like the responsibility of the insurance company, but policyholders can do their part to simplify things for their loved ones:

How to Make Life Insurance Claim Settlement Easy for Beneficiaries

  1. Understand your policy well: First and foremost, at the time of buying the policy, you must understand what is being offered to you. Read the offer and insurance documents thoroughly and make note of the features, exclusions, and clauses so you have clear idea of the pre-requisites for making a claim. Know the rights of the beneficiary and stay informed about the redressal mechanism at your disposal.
  2. Make full and accurate disclosure: It is of utmost importance that you remain as accurate and honest as possible when filling up the insurance application form. It is advised that you crosscheck and review all the information to make sure that there are no errors. Be upfront about your health conditions, and smoking and drinking habits. Always fill the form for yourself as you might also want to declare your adventurous interests and hobbies in the form.
  3. Update your details periodically: Even a term life insurance is a considerably long-term commitment you make towards a better future, and things are bound to change with time. Therefore, it is advised that you update your policy periodically so it can include your latest details. For instance, any changes in beneficiary names, contact details, your habits or your lifestyle etc. must be notified to the insurance company. Also, maintain proofs of the same.
  4. Keep the beneficiary informed: Once you completely understand the policy and have all the important information in place, you must educate the beneficiary. The beneficiary should be aware of the policy details, claim procedure and the sum assured, to be prepared for when the time comes. Ideally, the beneficiary should also be aware of the clauses and exclusions of the policy.
  5. Maintain all documents in one place: An insurance cover is your guard against the uncertainties of life, therefore it is important to be prepared always. You should keep all the important insurance documents safely organized in one folder. Let the beneficiary know where you keep them so they can access them easily whenever required.

These few simple steps can help ensure a hassle-free claim settlement process; after all, the death benefit should reach your family when they need it the most. You can also ask your insurance provider about the availability of an e-insurance account to streamline the information and make policy information easily accessible.

Get Life Cover Instantly

Please enter correct name Please enter the Full name
Please enter valid mobile number Please enter Mobile Number
Please enter valid email Please enter Email
Consent is required

Enter OTP

An OTP has been sent to your mobile number

Didn’t receive OTP?

Application Status

Name

Date of Birth

Plan Name

Status

Unclaimed Amount of the Policyholder as on

Name of the policy holder

Policy Holder Name

Policy No.

Policy Number

Address of the Policyholder as per records

Address

Unclaimed Amount

Unclaimed Amount
Error

Sorry ! No records Found

.  Please use this ID for all future communications regarding this concern.

Request Registered

Thank You for submitting the response, will get back with you.

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.

Recent Blogs

How Life Insurance Reduces Financial Stress During Illness?
12 Feb '26
61 Views
7 minute read
Learn how life insurance helps manage medical expenses, income loss, and family financial security during serious illness with practical examples.
Read More
Life Insurance
What Is Non-Traditional Life Insurance & Why It Matters?
11 Feb '26
127 Views
5 minute read
Explore non-traditional life insurance plans, how they differ from traditional policies, and why they matter for modern financial planning.
Read More
Life Insurance
GST on Life Insurance: Rates, Charges & Rules in India
10 Feb '26
2897 Views
10 minute read
What impact does the Goods and Services Tax have on life insurance plans and your premium payments towards them? Here’s all you need to know.
Read More
Life Insurance
Terminologies of Life Insurance: Key Terms You Should Know
10 Feb '26
1083 Views
7 minute read
Learn common life insurance terms and definitions, including premium, nominee, sum assured, riders, and policy benefits to understand your coverage better.
Read More
Life Insurance
What are the Various Charges in a Life Insurance Policy?
10 Feb '26
1685 Views
7 minute read
Learn about various life insurance policy charges, including premium allocation, mortality, fund management, and administrative fees affecting policy cost.
Read More
Life Insurance
Life vs Health vs Term Insurance: Key Differences Explained
09 Feb '26
1232 Views
10 minute read
Understand the difference between life insurance, health insurance and term insurance, what each one covers, when you need them, and how to choose the right protection.
Read More
Life Insurance
Life Insurance Policy Lapse: Impact, Risks and What You Can Do?
16 Jan '26
3002 Views
10 minute read
Know what a life insurance policy lapse means, why it happens, how it affects coverage and benefits, and the options available to restore protection.
Read More
Life Insurance
What Is Premium in Life Insurance? Meaning & How It Works
15 Jan '26
1480 Views
8 minute read
Insurance premium is an amount paid by an individual to the insurance provider for availing of the insurance policy. Know the meaning & how to calculate the life insurance premium.
Read More
Life Insurance
Subrogation in Insurance: What it Is and Why It's Important?
13 Jan '26
1259 Views
8 minute read
Learn about subrogation in life insurance and how it affects your claims. Discover more insights with us for smarter coverage and financial security.
Read More
Life Insurance

Life Insurance - Top Selling Plans

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.

Family Shield: Enhanced Protection

iSelect Smart360 Term Plan
  • 3 Plan options
  • Life cover till 99 years
  • Steady income benefit
  • Block your premium at inception

Start Young, Pay Less, Stay Secured

Young Term Plan
  • Life cover till 99 years
  • Coverage for spouse
  • Block your premium rate
  • Covers 40 critical illness

Fixed Returns, Zero Risks & Worries

iSelect Guaranteed Future Plus
  • 4 Plan options
  • Life cover + Guaranteed benefits
  • Accidental death benefit
  • Premium protection cover