Yep, a helicoil will fix it. Instructions come in the kit and they work fine.
Normal threadlock won't work. But there is also an epoxy based paste called "magic stick" or something similar which I have also used in similar circumstances and it is a permanent repair. Only problem is that it may be very difficult to remove the stud next time you have to service the pump. I'm not sure how well it "comes apart". I have used it on a stripped exhaust stud thread on my boat (diesel) and it has held for years. I haven't tried undoing it yet to see what may happen.
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