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| Canara-HSBC-OBC Life Insurance launches early death claim settlements | | | Early Times Report
Jammu, Oct 22: Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited -a partnership between two of largest public sector banks, Canara Bank and Oriental Bank of Commerce, and HSBC Insurance (Asia Pacific) Holdings Limited today announced the launch of ‘Immediate Payouts on Death Claim.
The schemes is launched so that the bereaved family will receive the fund value immediately on registration of death claim under unit-linked policies, an official said.
Commenting on the new initiative Harpal Karlcut, Chief Executive Officer, Canara HSBC Oriental Bank of Commerce Life Insurance Company said, “As an industry first initiative to drive excellence in customer service, Canara HSBC Oriental Bank of Commerce Life Insurance Company will pay the Fund Value immediately on registration of the death claim of the life assured and before final decision on the claim which inevitably takes some time”.
He added, “One of the key reasons that families take out life insurance is to provide financial protection in the event that the life assured dies prematurely and it is this eventuality that a life insurer’s ‘Promise to Pay’ and its customer service will be most tested. The feedback from our customers is that our immediate payout on death claims initiative is welcome and reassures them that we will provide support to their families in their time of greatest need”.
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