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Canara HSBC Life Insurance Collaborates with GIC Housing Finance to Provide Credit Life Insurance Solutions.

Banking & Finance | Dated: 13 Mar 2025

In March 2025, Gurgaon (Haryana)-based Canara HSBC Life Insurance Company Limited formed a partnership with Mumbai (Maharashtra)-based GIC Housing Finance Limited (GICHF), a subsidiary of the General Insurance Corporation (GIC) of India, to offer credit life insurance solutions to home loan borrowers.

🎯 Key Highlights:

  • - As part of the partnership, Canara HSBC Life Insurance will introduce its ‘Group Asset Secure’ plan, a specialized credit life insurance product, through GIC Housing Finance’s expansive customer network.
  • - The collaboration leverages GIC Housing Finance’s lending expertise and Canara HSBC Life Insurance’s customer-centric insurance solutions.

💡 Other Important Facts:

  • (i) The goal is to provide financial security to borrowers and their families, protecting them from loan liabilities in case of unforeseen circumstances.
  • (ii) Canara HSBC Life Insurance is a joint venture (JV) comprising Canara Bank Limited (51%), HSBC Insurance (Asia Pacific) Holdings Limited (26%), and Punjab National Bank (PNB) (23%).

📚 Test Your Knowledge:

Who did Canara HSBC Life Insurance partner with to offer credit life insurance solutions?

Correct Answer: GIC Housing Finance

🚀 Quick Recap: