A fe insurance policy is one of the few investment options that provide financial security to the people along with maturity benefit, including tax benefits. Even though having these much of benefits, the primary objective of life insurance is to provide financial security or income replacement for their family in the event of life insured’s death. Human life is made up of the happening of unexpected and uncertainties. So, it is important to the people, who has a financial dependent would benefit from investing in life insurance. Here, you can clearly understand the importance of providing the claims of an insurance companies in the event of life insured risk. So, before investing in to life insurance, one should review the important factor that is claim settlement ratio. In this article the review of Canara HSBC Life Insurance Claim Settlement Ratio in the financial year of 2018-19 is given and also provide the history of claim settlement ratio of the company.
CANARA HSBC LIFE INSURANCE
Canara HSBC Life Insurance, formerly known as Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited was established by the joint venture of leading financial institutions of Canara Bank (51%), HSBC Insurance Holding Ltd (26%), and Punjab National Bank (23%).
The insurance company brings together the trust and the market knowledge of two biggest public sector bank and the combined with the Global Insurance expertise of HSBC.
This company is headquartered in Gurugram, and having more than 40 branches in pan India. This company has the sell their products and provide services through more than 20,000+ branches available in Pan India.
By using their established presence in Tier 1,2,3 markets as well as rural belt with new tech serving platform this company is committed to serve their customers as per their preferences.
Claim Settlement Ratio of Canara HSBC Life Insurance
Claim settlement ratio is defined as number of claims settled to the insured against the number of claims filed to the insurer.
CSR = (Total no of claim paid during a financial year) / (Total no of claims received in a financial year)
While choosing the life insurance company to insure, it is an important factor to take into consider.
The Claim Settlement Ratio of Canara HSBC Life Insurance in the financial year 2018-19 is 94.04%
Canara HSBC Life Claim Settlement Ratio
Claim Details of Canara HSBC Life Insurance
Canara HSBC Claim Settlement 2018-19
|Total No of Claims||1006|
|No of Claims Intimated||1004|
|No of Paid Claims||946|
|No of Claims Rejected||59|
|No of Claims Pending||2|
From the above data, Canara HSBC Life Insurance settled 94.04% of claims against the number of claims received in the financial year of 2018-19.
The company rejected 59 claims, that leads to the Claim Repudiation of 5.86 in the year of 2018-19.
Canara HSBC paid 74 crores of death claim for their customers against 946 claims intimated in the financial year of 2018-19.
Claim Settlement Ratio of Canara HSBC Life for last 5 years
Insurance Regulatory and Development Authority of India regulates the insurance companies and as per their norms every insurance company should maintain stable, consistent and claim settlement ratio in order to protect the insurable interest of the policy holders.
The claim settlement ratio of Canara HSBC Life for last 5 years is given below.
Claim Settlement Ratio
The graphical representation of last 5 years of Claim Settlement ratio of Canara HSBC Life is provided below.
Graphical Representation of Canara HSBC Life Claim Settlement
The above graph clearly indicates the claim settlement ratio of Canara HSBC Life has increased every year but consistently to maintain a higher claim settlement ratio is necessary for the company.
Review of Canara HSBC Life’s Claim Settlement Ratio
Insurance companies has promised the assurance of the risk coverage of their customers at the time of providing the insurance policy. But some incidents the insurance company has rejected their claims due to wrong information provided from the customer side. It is important for people to provide correct details and required documents at the time of claim to avoid the rejection and pending of claims.
As per the above data, Canara HSBC Life continuously maintain their claim settlement ratio above 90% but in some financial year it came in to decreasing state. By decreasing the claim intimation with settling more claims leads to increase the claim settlement ratio. Here, we concluded Canara HSBC is nearly a good company to insure.
Source: IRDAI You can also read about Canara HSBC Life Insurance Company by using k here CANARA HSBC LIFE INSURANCE To know the review of Canara HSBC Life before the financial year of 2009-14 by using this link Canara HSBC Life Claim Settlement Review 2013-14