The deceased’s family will receive the fund value immediately on registration of death claim under unit-linked policies
Canara HSBC Oriental Bank of Commerce Life Insurance Company, a partnership between Canara Bank and Oriental Bank of Commerce, and HSBC Insurance (Asia Pacific) Holdings, has announced the launch of ‘Immediate Payouts on Death Claim,’ so that the deceased’s family will receive the fund value immediately on registration of death claim under unit-linked policies.
Mr Harpal Karlcut, Chief Executive Officer, Canara HSBC Oriental Bank of Commerce Life Insurance Company, said: “In our knowledge, we are the first life insurance company in India to provide such a service. Losing someone close is one of the toughest things that one has to deal with.”
He further stated that if the family has insufficient means to cover the costs of a funeral or expenses left behind by the life assured, according to Mr Harpal, it creates a tremendous financial burden. The grieving process is difficult enough and when complicated with financial issues, can be traumatic.
As per the company, several unexpected costs arise immediately after a death and at such crucial times, one needs liquid assets that are available quickly. To combat this, Canara HSBC Oriental Bank of Commerce Life Insurance 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.
The initiative will be effective October 25, 2009 and is subject to conditions.