Everybody knows how important Life Insurance is. Still, you choose to ignore the reality of how the lack of it could impact your family members and dependents in your absence. The biggest problem starts, when the family is not protected financially. After the unexpected demise of the earning member, it could be difficult for the remaining family members. You would never want to leave your family members with a big bill for your final expenditures, or even worse, loss of the house since they can no longer repay the loan.
As per the data obtained from the Insurance Regulatory and Development Authority (IRDA), the Life Insurance industry in India has shown a growth of 10.73% this year as compared to the last year. Also, 1.73% is the growth shown in the Number of Policies in the similar corresponding time period. But there are a lot of Indians who need to opt for the policies and guarantee a financially safe and secured life to their loved ones in case of their unfortunate demise.
Let’s figure out if the number of insured people is so less, what could be the most possible reason for this?
- The main motive of buying an insurance policy is to have a claim settlement smoothly done in an event where the unfortunate demise of the insured person occurs. It is suggested that one should select the insurance company wisely.
- For the selection of a good insurance company, the policyholder must assess the claim settlement ratio of the company. It can be analysed on the “Number” and “Benefit Amount” provided by the company for a clear picture.
- The person who is looking to get a life insurance must also be aware of the percentage of rejected claims, which is an important parameter to consider.
Above table shows the data on Claim settlement done by different insurance companies. It suggests that most of the companies settled their claims within a period of 3 months. The time period taken by one of the prominent players in the industry i.e. Canara HSBC Oriental Bank of Commerce Life Insurance for settling 100% of their insurers’ claim was also less than 3 months.
Canara HSBC Oriental Bank of Commerce Life Insurance ensures the easiest and quickest claim settlement process for its policyholders. Life Insurance providing companies must value the promises that their policyholders make to their loved ones. On similar lines, Canara HSBC Oriental Bank of Commerce presents the best claim assistance and settlement process.
Let’s learn the Claim Settlement Process of Canara HSBC Oriental Bank of Commerce Life Insurance in detail. It’s an easy, 3 step process and on each step, proper assistance from the support team is provided. The three steps mainly are:
- Claim Intimation & Registration from the Nominee side
- Fund Value Disbursement & Documentations from Canara HSBC Oriental Bank of Commerce Life Insurance
- Processing & Settlement from Canara HSBC Oriental Bank of Commerce Life Insurance
Claim Intimation & Registration from the Nominee Side: It is indeed a tough task for the family member to overcome the unfortunate event that occurs in a family. But it’s the nominee only who needs to file about the claim by filling in the death claim form and communicating the same to the head office or nearby bank branch.
Once the duly filled Death Claim form is received by the head office at Canara HSBC Oriental Bank of Commerce Life Insurance they register the claim. Later, they make payment for the amount which is the fund value. The claim intimation form is easily available online on the website as well.
Fund Value Disbursement & Documentations from Canara HSBC OBC Life Insurance Side: Canara HSBC Oriental Bank of Commerce Life Insurance requires the nominee to submit proper documents with regards to natural or unnatural death. This enables them to do a thorough evaluation of the case and proceed with the disbursement of the policy insured amount.
Processing & Settlement from Canara HSBC OBC Life Insurance Side: Upon receiving the documents, the next task what Canara HSBC Oriental Bank of Commerce Life Insurance follows is to verify them all. When all the documents provided are found valid as per the requirement, the balance amount is released to the nominee in their bank account as per the policy’s terms & conditions.
The main purpose of life insurance is to help your loved ones in the time of need. And at that time of need, urgency becomes one factor where Canara HSBC Oriental Bank of Commerce Life Insurance can surely help the customer. No one can lessen the pain of a family member passing away. But financial assistance can be a little relief when given to the dependents in need. Make sure to be that facilitator for your family.