Which two organizations have partnered to provide credit life insurance to home loan borrowers?

The correct answer is Canara HSBC Life Insurance and GIC Housing Finance.

In News

• Canara HSBC Life Insurance has partnered with GIC Housing Finance to offer credit life insurance solutions to home loan borrowers.
• The partnership integrates the ‘Group Asset Secure’ product to provide financial protection for borrowers and their families.

Key Points

• The initiative ensures home loan borrowers have financial security in case of unforeseen events.
• Canara HSBC Life Insurance offers a diverse range of insurance solutions, including term plans, retirement plans, and credit life insurance.
• GIC Housing Finance aims to provide not just loans but holistic financial solutions for aspiring homeowners.
• The collaboration strengthens financial resilience by protecting borrowers against loan liabilities.

Additional Information

• Canara HSBC Life Insurance
  • Established in 2007 as a joint venture between Canara Bank (51%), HSBC Insurance (Asia Pacific) (26%), and Punjab National Bank (23%).
  • Offers life, health, retirement, and credit life insurance solutions across various segments.
• GIC Housing Finance
  • A leading housing finance company providing home loans to individuals and businesses.
  • Aims to integrate financial security solutions into home loan offerings.
• Credit Life Insurance
  • A policy that covers outstanding loan liabilities in case of a borrower’s untimely demise.
  • Ensures the family is not burdened with repayment obligations.
• Strategic Importance
  • Enhances financial security for homeowners.
  • Strengthens the customer value proposition for home loan providers.