Exide Life Insurance Company Limited was an Indian life insurance company. Exide Life Insurance distributes its products through multi-channels viz. Agency, Bancassurance, Corporate Agency & Broking as well as Direct Channels. The Agency channel consisted of over 40,000 advisors who are attached to over 200 company offices across the country. The company had over 15 lakh customers and manages over INR 18,000 crores in assets. It had been operating since 2001 and was headquartered in

Bangalore Bangalore (), List of renamed places in India, officially Bengaluru (), is the Capital city, capital and largest city of the Indian state of Karnataka. It has a population of more than and a metropolitan area, metropolitan population of a ...

. It dealt with life insurance products, providing long-term protection and savings option. Company merged with HDFC life in late 2022.

History

In 2000, ING Insurance, a sub-holding company of Dutch financial major

ING Group The ING Group ( nl, ING Groep) is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, wholesale bankin ...

, tied up with

-based Vysya Bank to enter the Indian life insurance market thus forming the ING Vysya Life Insurance company. In the same year,

ING Vysya Bank ING Vysya Bank was a privately owned Indian multinational bank based in Bangalore, with retail, wholesale, and private banking platforms formed from the 2002 purchase of an equity stake in Vysya Bank by the Dutch ING Group. This merger marked ...

, ING Insurance, and the

Damani Group Damani may refer to: * a breed of goat * Damani (sheep), found in Khyber Pakhtunkhwa province of Pakistan * Damani, Iran, a village in Ardabil Province, Iran * Damani (name): a surname in the Maheshwari Maheshwari, also spelled Maheshvari, ...

formed a life insurance joint venture, this innovative collaboration marks the first bancassurance venture in

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...

. Exide Industries acquired 50% stakes of ING Vysya Life Insurance in 2005 and distributed its products through multi-channels viz. Agency, Banc assurance, Corporate Agency & Broking, Direct Channel and Online. In 2008 owing to the

financial crisis A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and man ...

ING had to enter into a bailout agreement, thus starting a global restructuring strategy, and decided to exit the insurance business in

. Prior to India, ING exited its insurance ventures in

Malaysia Malaysia ( ; ) is a country in Southeast Asia. The federation, federal constitutional monarchy consists of States and federal territories of Malaysia, thirteen states and three federal territories, separated by the South China Sea into two r ...

Thailand Thailand ( ), historically known as Siam () and officially the Kingdom of Thailand, is a country in Southeast Asia, located at the centre of the Indochinese Peninsula, spanning , with a population of almost 70 million. The country is b ...

and

Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China (abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delta i ...

as well.

Exide Life Insurance

After ING exited from

in January 2013, Exide Industries acquired the remainder 50% of the equity capital of ING Vysya Life Insurance, thus becoming 100% stakeholder. In May 2014, following the approvals from

Insurance Regulatory and Development Authority The Insurance Regulatory and Development Authority of India (IRDAI) is a regulatory body under the jurisdiction of Ministry of Finance , Government of India and is tasked with regulating and licensing the insurance and re-insurance industrie ...

(IRDA) and the Ministry of Corporate Affairs, the name of ING Vysya Life Insurance Company Limited was changed to Exide Life Insurance Company Limited (Exide Life Insurance) with immediate effect. It has a presence in over 200 cities across the country and is planned to expand operations in nine centres with major cities being

Kolkata Kolkata (, or , ; also known as Calcutta , the official name until 2001) is the capital of the Indian state of West Bengal, on the eastern bank of the Hooghly River west of the border with Bangladesh. It is the primary business, comme ...

Asansol Asansol is a (Tier-II) metropolitan city in the Indian state of West Bengal. It is the second largest and most populated city of West Bengal and the 33rd largest urban agglomeration in India. Asansol is the district headquarters of Paschim Ba ...

Jorhat Jorhat ( ) is one of the important cities and a growing urban centre in the state of Assam in India. Etymology Jorhat ("jor" means twin and "hat" means market) means two hats or mandis - "Masorhaat" and "Sowkihat" which existed on the opposite ...

and states of

Bihar Bihar (; ) is a state in eastern India. It is the 2nd largest state by population in 2019, 12th largest by area of , and 14th largest by GDP in 2021. Bihar borders Uttar Pradesh to its west, Nepal to the north, the northern part of West ...

and

Odisha Odisha (English: , ), formerly Orissa ( the official name until 2011), is an Indian state located in Eastern India. It is the 8th largest state by area, and the 11th largest by population. The state has the third largest population of ...

among others.

References

{{Insurance in India Life insurance companies of India Companies based in Bangalore Financial services companies established in 2001 Multinational joint-venture companies 2001 establishments in Karnataka Indian companies established in 2001