Boban John
Strategic alliance to offer credit life insurance, to provide financial protection for home loan customers
Mumbai, March 15, 2025: Canara HSBC Life Insurance Company Limited (“Canara HSBC Life Insurance”) has entered a strategic distribution partnership with GIC Housing Finance Limited (“GICHF“) to provide enhanced financial security solutions to GICHF’s home loan customers. Through this partnership, Canara HSBC Life Insurance will offer its ‘Group Asset Secure’ product —a comprehensive credit life insurance plan—designed to protect borrowers and their families against loan liabilities in the event of unforeseen circumstances.
The partnership aims to support and enable India’s intent and ambition of owning their own homes. With GIC Housing Finance’s diversified customer pool, the alliance will unlock a viable financial protection provision for the customers of the company. By integrating a robust insurance solution into the home loan process, Canara HSBC Life Insurance and GIC Housing Finance are reinforcing their shared commitment to customer-centric financial solutions.
Mr. Sachindra Salvi, Managing Director & Chief Executive Officer, GIC Housing Finance Limited, said, “Financial security is a critical component of responsible lending. For aspiring homeowners in India, it is imperative that borrowers have access to solutions that safeguard their long-term financial well-being. Our partnership with Canara HSBC Life Insurance reinforces our commitment to offering not just loans but comprehensive, financial solutions that we believe will help customers build their futures with confidence.”
Mr. Rishi Mathur, Chief Distribution Officer, Alternate Channels and Chief Marketing Officer, Canara HSBC Life Insurance, commented, “We are excited to partner with GIC Housing Finance to integrate our financial security product for home loan borrowers. At Canara HSBC Life Insurance, we believe in building financial resilience for our customers, and this partnership is a pioneering step in the right direction – securing GICHF borrower families against potential financial uncertainty on loss of a loved one. We are committed to bringing such innovative solutions to the housing loan market.”
Mr. S. Achuta Rama Murthy, Marketing and Sales Head, GIC Housing Finance Limited, added, “By partnering with Canara HSBC Life Insurance, we are ensuring that borrowers can fulfill their dream of homeownership with the confidence that their financial future remains protected, even in challenging circumstances.”
This strategic partnership underscores the importance of financial protection along with loan offerings. By combining GIC HFC’s strong lending expertise with Canara HSBC Life Insurance’s customer-centric insurance solutions, this collaboration is set to create a more resilient and financially secure ecosystem for borrowers.
Corporate Comm India (CCI Newswire)
