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

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.

Canara HSBC Life Insurance Claim Settlement Process

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

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.

Conclusion

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.