Canara HSBC Life Insurance Company Limited (“Canara HSBC Life Insurance”) has announced a strategic partnership with GIC Housing Finance Limited (“GICHF”) to provide credit life insurance solutions to home loan borrowers. This collaboration aims to ensure financial security for borrowers and their families by offering protection against loan liabilities in case of unforeseen circumstances.
As part of this partnership, Canara HSBC Life Insurance will introduce its ‘Group Asset Secure’ plan—a specialised credit life insurance product—through GIC Housing Finance’s extensive customer network. This initiative aligns with the broader vision of promoting homeownership while mitigating financial risks for borrowers.
Speaking on the collaboration, Mr. Sachindra Salvi, Managing Director & CEO of GIC Housing Finance Limited, emphasized the importance of financial security in home financing. He stated, “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 & CMO at Canara HSBC Life Insurance, highlighted the company’s commitment to financial resilience, 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 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, further added, “By partnering with Canara HSBC Life Insurance, we are ensuring that borrowers can fulfil their dream of homeownership with the confidence that their financial future remains protected, even in challenging circumstances.”
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This alliance reflects a shared commitment to customer-centric financial solutions, combining GICHF’s lending expertise with Canara HSBC Life Insurance’s innovative insurance offerings. By embedding credit life insurance into the home loan ecosystem, the two organisations aim to create a more secure financial landscape for borrowers, reinforcing the importance of financial protection alongside home financing.
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