Claim settlement is an important factor in view of the reliability and consistency of a Life Insurance Company. This ratio tells you about the number of claims settled by the company, over the total number of claims received within a period of time.

Canara HSBC Oriental Bank of Commerce Life Insurance boasts of a healthy and competitive death claim settlement ratio of 98.12% for the year 2019-20. Also, with a seamless claim settlement process, a Canara HSBC Oriental Bank of Commerce Life Insurance policy is a promise to your loved ones that their financial needs will be taken care of in your absence.

Introducing InstaPromise - 1 Day Claim Settlement

The loss of a family member causes considerable emotional and financial distress. However, Canara HSBC Oriental Bank of Commerce Life Insurance is dedicated to making your life easier even during tough times. Through InstaPromise, we promise to help you in the quickest and the simplest way possible, ensuring peace of mind at least when it comes to claiming your insurance amount.

With the ‘InstaPromise’ service initiative, the company intends to approve claims of upto 1 Crore amount within 1 day of the claim. To avail, one needs to submit their claim request, along with the mandatory/ required documents, at any branch or our head office and get the claims approved within a day. You can send the claim through email also.

The service has a few conditions, listed below:

• Policy should have completed 3 continuous years before death with all premium paid.
• All mandatory/ required documents should be received at intimation stage.
• Claim to be initiated before 3 pm between Monday to Friday (For claims received post 3pm, the 1 day period starts from the next day).
• No verification/ investigation required
• Claim amount on all (per life/ person) eligible up to 1 Crore.

Claim Settlement in 3 Hassle-Free Steps:

1) Claim Intimation and Documentation

The claimant must intimate about the claim filling by submitting a filled Death Claim Form at HSBC Oriental Bank of Commerce Life Insurance head office or the nearest branch or through email, along with a duly attested photo ID and address proof of the claimant and other mandatory documents.

2) Assessment of the Claim

Our special InstaPromise Claim Settlement team will assess your claim application and documents, and if the claim qualifies for InstaPromise basis eligibility conditions mentioned above, we will approve the claim within 1 day. Else will inform you in case any documents are pending or additional documents are required.

3) Claim Processing and Settlement

Once your claim is intimated and we have received all the relevant documents, we will process your claim. In order to secure your settlement amount, and ensure quick settlement, we use electronic modes of transfer for settling your claim.

Ensure a Smooth Claim Settlement Process:

There is already enough emotional and financial stress in times of grief, which is why Canara HSBC Oriental bank of Commerce Life Insurance is committed to help you with a quicker, simpler and an efficient claims settlement process. However, there are some things a policy holder should also keep in mind to further ensure a smoother process for their family at the time of an insurance claim:

• Starting from when you first sign the policy paper, ensure the details you provide are correct and up-to-date.
• Update your insurer in case there is a significant change in your habits or lifestyle, for instance, you start smoking or take up a dangerous adventure sport.
• Ensure your policy premiums are paid in time.

It is a good practice to keep all your policy papers and relevant documents in one place, and keep your loved ones informed about the policy and its claim process.