Canara HSBC Life Claim Settlement Ratio
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Canara HSBC Life Insurance Claim Settlement Ratio

Everyone seeks surety, whether we're buying a grocery or property. What if, say, you can do so while purchasing life insurance? Yes, you can check the claim settlement ratio of the insurers to view their reliability and consistency.

  • Canara HSBC Life Insurance holds an impressive Claim Settlement Ratio of 99.01% for the year 2022-23.
  • Three-step easy claim settlement process to settle the deceased's family claim as soon as possible.
  • Get your 1 crore claim settled in just one day with their 'InstaPromise' service.

Canara HSBC Life Insurance guarantees you that your family will be taken care of financially in your absence.

What is the Canara HSBC Claim Settlement Ratio?

To put it simply, the claim settlement ratio of Canara HSBC Life Insurance denotes the percentage of claims settled in a financial year compared to the total claims filed. They hold an impressive Claim Settlement Ratio of 99.01% as of March 31, in FY23. Generally, CSR is viewed as a tool to check insurers' overall claim-solvability and risk management ability. The higher the claim settlement ratio of an insurer, the better is its reliability.

Check out the Canara HSBC Life Insurance claim settlement ratio of last four years

Financial Year Claim Settlement Ratio
2019 - 2020 98.12%
2020 - 2021 97.1%
2021- 2022 98.44%
2022 - 2023 99.01%

How is Claim Settlement Ratio Calculated?

You can estimate the CSR of an insurer using the following formula (Claim Settlement Ratio = (Total no. of Claims Approved/Total no. of Claims Received) x 100)

Remember that CSR is the percentage of all the insurance products the insurer offers, not individual products.

Let's take a look at an example to understand better:-

  • 'X' insurer received 1,400 death claims during the financial year.
  • They settled the 1,360 death claims; 20 were rejected, and the remaining 20 have not been decided yet.
  1. The CSR of the insurer for its company is (1,360/1,400)*100 = 97.14.
  2. The claim rejection percentage is (20/1,400)*100 = 1.4%.
  3. The claim pending ratio is (20/1,400)*100 = 1.4%.

Why Canara HSBC Life Insurance is Best in Claim Settlement Process?

Canara HSBC Life Insurance aims to provide an easy-to-understand and instant claim process. Check out the few factors that make the Canara HSBC claim settlement process the best.

  • Instant Settlement

    Canara HSBC is known for its three-step claim settlement process for faster settlement. You can even avail your 1 crore claim settled in just one day with their 'InstaPromise' service.
  • Easy to Available

    You can file the claim directly from their website or visit your nearest branch office. The required document list and form ensure you get everything before submitting the claim. Even with their claim track service, you can check your claim application online through the website.
  • Good Support

    With a team of experienced customer representatives, Canara HSBC ensures that once your claim is submitted, you can contact their representative to check your application process.

Canara HSBC Life Insurance Claim Settlement Process

Get your claim settled in three easy steps with Canara HSBC Life Insurance.

  • Claim Intimation and Documentation

    The nominee has to submit the death claim form at the insurer's head office or the nearest branch or through email, along with a photo ID and address proof of the claimant and other mandatory documents.
  • Assessment of the Claim

    Their special InstaPromise Claim Settlement team will check out your application. If the claim qualifies for InstaPromise basis eligibility, they'll settle it within a day. Otherwise, if any document is pending or additional documents are required, they'll inform you promptly.
  • Claim Processing and Settlement

    Once your claim application is received along with the required documents, your claim will be processed. To ensure an instant settlement, Canara HSBC uses electronic transfer modes to settle your claim.

Things to Keep in Mind to Avoid Claim Rejection with Canara HSBC Life Insurance

  • At the time of policy inception, ensure the details you provided are correct and up-to-date.
  • You must inform your insurer if there's any change in your habits or lifestyle, for instance, if you start smoking.
  • Make sure your policy premiums are paid on time.

For the 'InstaPromise' service:

  • Policy tenure of 3 years with all premiums paid.
  • All mandatory/ required documents should be received.
  • Only 1 crore amount is eligible for this service.
  • Claim application must be submitted by 3 PM between Monday to Friday.


Canara HSBC holds an impressive Claim Settlement Ratio of 99.01% and is known for its 3 steps and seamless claim settlement process. They understand that a more straightforward process and instant claim settlement are essential for life insurance claims.

Canara HSBC Life Claim Settlement Ratio: FAQ's

1. What is the solvency ratio of Canara HSBC OBC life insurance?

Canara HSBC OBC life insurance attains a solvency ratio of 2.82.

2. How can I track my Canara Bank death claim?

You can check your claim status online through their official website or contact their customer representative by dialing 1800-103-0003.

3. What are the documents required for the easy claim settlement process?

Some common claim documents include original policy documents, death certificates, hospital records, photo identification & address proof of the claimant.

4. How many days will it take for a death claim?

Typically, all valid claims are to be settled within 15 days after receiving all necessary documents related to the claim.

5. What is the Canara HSBC InstaPromise service?

Under Canara HSBC Life Insurance InstaPromise service, you can settle your 1 crore claim in just one day.

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