Canara HSBC Life Insurance and GIC Housing Finance Forge Partnership to Protect Home Loan Borrowers
Mumbai, India – March 18: Canara HSBC Life Insurance Company Limited has joined forces with GIC Housing Finance Limited to bolster the financial security of GICHF’s home loan customers. This strategic alliance aims to offer comprehensive credit life insurance, safeguarding borrowers and their families against unforeseen circumstances.
Through this partnership, Canara HSBC Life Insurance will extend its ‘Group Asset Secure’ product, a credit life insurance plan designed to mitigate loan liabilities in challenging events.
This collaboration underscores a shared commitment to customer-centric financial solutions, supporting India’s aspiration for homeownership. Leveraging GIC Housing Finance’s diverse customer base, this partnership will offer a crucial financial protection mechanism.
Sachindra Salvi, Managing Director & Chief Executive Officer, GIC Housing Finance Limited, highlighted the importance of financial security in responsible lending, stating, “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.”
Rishi Mathur, Chief Distribution Officer, Alternate Channels and Chief Marketing Officer, Canara HSBC Life Insurance, expressed enthusiasm for 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.”
S. Achuta Rama Murthy, Marketing and Sales Head, GIC Housing Finance Limited, added that the partnership ensures that “borrowers can fulfill their dream of homeownership with the confidence that their financial future remains protected, even in challenging circumstances.”
The strategic partnership combines GIC Housing Finance’s lending expertise with Canara HSBC Life Insurance’s customer-focused insurance solutions to create a more stable financial ecosystem for borrowers.
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 has over 100 branch offices across India and offers a wide range of life insurance solutions through partner banks, digital platforms, and a direct field force. They aim to provide insurance and faster claims through their philosophy of being a “Promises Ka Partner.”
