Understanding Life Insurance Service Timelines

Understanding Life Insurance Service Timelines

Knowing service timelines helps you plan your insurance with clarity, speed, and minimal disruption.

Written by : Knowledge Centre Team

2025-12-15

3870 Views

11 minutes read

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Key Takeaways.

  • Timely processing adds to the trustworthiness, financial security, and stress reduction for policyholders and their loved ones.
  • Uninvestigated claims are settled in 30 days, and those requiring inquiry are handled within a span of 120 days at most.
  • One must complete and submit forms correctly, have all required documents at hand, monitor requests, and report unresolved cases.
  • From lending approvals to annuity payments, Canara HSBC Life Insurance is dedicated to timely service with minimal waiting time.
  • The turnaround time varies based on the services, ranging between 7 minutes and 60 days.

Are you planning the finances and have set the time for every step? Being practical in this scenario, with insights into the timeline of the service provider, would help gain accurate results. It contributes to the smooth and efficient processing of all the tasks and ensures minimal financial disruption. The mentioned experience is all yours if you are dealing with us. Find the timelines associated with different services and facilities for effective planning here, while learning about the tips for smooth processing of your requests, claims and settlements. 

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Importance of Life Insurance Service Timelines 

Life insurance services have an impact on the finances of the individual. Timely processing with minimal visits and cooperation from bank employees is a mark of quality service. Here is how the appropriate processing timelines help the customers: 

  • Offers financial security and stability, especially when dealing with claim processing for death benefits and maturity amount
  • Reduces the burden on loved ones in obtaining the processed amount 
  • Prompt updates on status help effective and efficient planning to manage the budget  
  • Enhances trust in the insurance provider and improves their reputation in the market 

Types of Services and Their Timelines 

The variety of services and the associated timelines to expect from Canara HSBC Life Insurance include: 

Proposal and Policy Issuance 

 

Service 

Maximum Turn Around Time 

Decision of proposal and communication of decision, including requirements/Issuance of Policy

Within 15 days from the proposal receipt or any required service 

Refund of proposal deposits 

Within 15 days from the date of the underwriting decision on the proposal 

Providing the policyholder with a proposal copy

Within 30 days of the proposal acceptance date 

 

It involves deciding, communicating and updating the bank's decision about approval or rejection of the proposal. Here is what the timeline service at Canara HSBC Life Insurance looks like: Request Processing

Quick and efficient handling of customer requests helps smooth the operation and improves the customer experience. 

 

Type of Request Processing Time 

Free-look cancellation 

Within 15 days from the date of receiving the request or submission of the last required document 

Surrender and partial withdrawals 

Outstanding proposal deposit 

Other service requests 

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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

1.5cr Young term insurance

Claim Processing 

It includes the time to process maturity claims, death benefits and others. Here is what the processing time chart for these services looks like: 

 

Service Processing Time 

Maturity claims 

Processed on or before the due date 

Survival benefits 

Processed on the agreed-upon schedule date 

Annuity payments 

Raising the claim requirements after filing the claim 

Within 15 days of receiving the claim 

Death Claim Settlement 

It includes processing the payments in case of the death of the policyholder. These settlements can be categorised as follows: 

Paid, rejected or repudiated (refused to accept or reject) claims

Settlement not requiring investigation

Within 30 days from the date of receiving the last necessary document 

Settlement requiring investigation 

To be completed within 90 days from the date of intimation, with a maximum of 30 days over the mentioned period for final decision. Hence, not more than 120 days from the date of receipt of the claim intimation 

 

Turn Around Time for Different Facilities 

With numerous facilities available for the customers, here is what the turnaround time (TAT) for each of those looks like: 

 

Facility Turn Around Time 

Savings account 

24 hours 

Current account 

2 working days 

Personal loan 

7 days 

Gold loans 

15 minutes 

Credit card 

5 days 

KCC 

15 to 60 days 

Receipt and payment of cash 

7 to 15 minutes

Tips to Ensure Quick and Smooth Processing 

To ensure minimum possible processing and maximum turnaround time for your request, here is what you should focus on as a customer: 

  • Accurately fill in the details: The claim or request processing forms must be filled out correctly for essential information. Cross-check them after filling them out to avoid procedures being delayed due to a lack of details or incorrectly filled ones. 
  • Updated documents: Most of the document requirements for claims and requests are already specified by the bank. Ensure that the essential ones are up-to-date and available in hard and soft copies. Verify the requirement for the presence of original ones, and accordingly, have easy access to them. 
  • Regular tracking: Use the digital banking platform to track the request. Gain the information on processing or the reason for delays, and take action accordingly. 
  • Escalate if unresolved: If the claims remain in processing for longer than the mentioned time, it is best to take action. File the complaint with the bank’s grievance redressal cell for accurate status.

Stay on Track With Canara HSBC Life Insurance

Timely processing can make a big difference to your financial planning, especially when it comes to claims and service requests. Canara HSBC Life Insurance follows defined timelines to ensure requests are handled efficiently and with minimal disruption. By combining the insurer’s prompt action with your own timely submissions, you can make the most of these processes and keep your financial plans on track. 

Glossary

  1. 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. 
  2. 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.
  3. Maturity Value: The amount of money paid out when a life insurance policy matures is known as its maturity value.
  4. 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.
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FAQs Related to Insurance Policy

Timely payments ensure completion of the policies as per the schedule. Hence, the maturity of the policy can go as planned, and the bank can offer timely issuance of the amount within the minimum turnaround time. The timely payments eliminate the need to pay additional charges as well.

Once all the documents are verified, the claim amount Visit the online portal for customer service of Canara HSBC Life Insurance, and proceed with the on-screen process.

The toll-free helpline number is 1800-891-0003 or 1800-103-0003, and for WhatsApp banking with Canara HSBC Life Insurance, the official number is 9029006428.

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.

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