Canara HSBC Life Insurance and GIC Housing Finance Announce Strategic Alliance for Credit Life Insurance
MUMBAI, India, March 18, 2025 – Canara HSBC Life Insurance Company Limited (“Canara HSBC Life Insurance”) has formed a strategic distribution partnership with GIC Housing Finance Limited (“GICHF”) to offer enhanced financial security solutions to GICHF’s home loan customers. This collaboration aims to provide crucial financial protection to borrowers and their families.
Through this partnership, Canara HSBC Life Insurance will offer its ‘Group Asset Secure’ product to GICHF customers. This is a comprehensive credit life insurance plan designed to protect borrowers against loan liabilities should unforeseen circumstances arise. The partnership is designed to assist and enable more people in India to realize their dream of homeownership.
By integrating an insurance solution into the home loan process, the companies hope to reinforce a shared commitment to providing customer-centric financial solutions. This strategic alliance underscores the significance of financial protection alongside loan offerings. The combination of GIC HFC’s lending expertise and Canara HSBC Life Insurance’s customer-focused insurance solutions is intended to establish a more resilient and financially secure environment for borrowers.
Mr. Sachindra Salvi, Managing Director & Chief Executive Officer, GIC Housing Finance Limited, emphasized the importance of financial security in lending, stating, “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 on the partnership, saying, “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 the 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.”
About Canara HSBC Life Insurance
Canara HSBC Life Insurance Company Limited was established in 2007 as a joint venture between Canara Bank (51%), HSBC Insurance (Asia Pacific) Holdings Limited (26%), and Punjab National Bank (23%). As of January 2025, the company operates through over 100 branch offices across India, combining the resources of leading public and private sector banks. The company’s product portfolio encompasses a wide variety of life insurance solutions for individuals and groups, including life, health, term plans, retirement solutions, credit life, and employee benefit programs. They use a wide range of channels to reach customers, including partner banks, digital platforms, and a direct field force. The Company remains dedicated to refining the process of acquiring and servicing customers, and marketing its products through agile, technologically-advanced methods. With the goal of providing easier insurance and a faster claims process, the company’s goal is to fulfill the promises made to its customers.
