Canara HSBC Life Insurance and GIC Housing Finance Team Up for Enhanced Financial Security
Mumbai, India – Canara HSBC Life Insurance Company Limited has announced a strategic distribution partnership with GIC Housing Finance Limited to provide enhanced financial security solutions to GICHF’s home loan customers. This collaboration aims to offer borrowers and their families protection against unforeseen circumstances.
Through this partnership, Canara HSBC Life Insurance will offer its ‘Group Asset Secure’ product, a comprehensive credit life insurance plan designed to safeguard borrowers against loan liabilities. This initiative supports India’s ambition of homeownership by integrating a robust insurance solution into the home loan process.
“Financial security is a critical component of responsible lending,” stated Sachindra Salvi, Managing Director & Chief Executive Officer of GIC Housing Finance Limited. “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 at Canara HSBC Life Insurance, commented, “We are excited to partner with GIC Housing Finance to integrate our financial security product for home loan borrowers… securing GICHF borrower families against potential financial uncertainty on the loss of a loved one.” This provides an important benefit to customers.
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.”
The partnership combines GIC Housing Finance’s lending expertise with Canara HSBC Life Insurance’s focus on customer-centric insurance solutions, creating a more secure ecosystem for borrowers.
About Canara HSBC Life Insurance
Established in 2007 as a joint venture, Canara HSBC Life Insurance Company Limited is promoted by Canara Bank (51%), HSBC Insurance (Asia Pacific) Holdings Limited (26%), and Punjab National Bank (23%). With its corporate office in Gurugram and over 100 branch offices across India (as of January 2025), the company leverages the market knowledge and trust of both public and private banks.
Canara HSBC Life Insurance offers diverse life insurance solutions through various channels, including partner banks, digital platforms, and a direct field force. They provide products across individual and group spaces, including life, health, term plans, retirement solutions, and credit life offerings. The company emphasizes technological advancement to improve business processes, customer service, and marketing, aiming to fulfill its commitment to customers with its “Promises Ka Partner” philosophy.
