Exide Life Insurance Company Limited was an Indian life insurance company. Exide Life Insurance distributed its products through multiple channels, including an agency channel with over 40,000 advisors and more than 200 company offices across the country. The company had over 1.5 million customers and managed assets exceeding INR 18,000 crores (INR 180 billion). Established in 2001 and headquartered in

Bangalore Bengaluru, also known as Bangalore (List of renamed places in India#Karnataka, its official name until 1 November 2014), is the Capital city, capital and largest city of the southern States and union territories of India, Indian state of Kar ...

, the company provided long-term protection and savings options. Exide Life merged with HDFC Life in late 2022.

History

In 2000, ING Insurance, a subsidiary of the Dutch financial group

ING Group ING Group N.V. () is a Dutch multinational corporation, multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, whol ...

, partnered with

-based Vysya Bank to enter the Indian life insurance market, forming ING Vysya Life Insurance Company. The same year, ING Vysya Bank, ING Insurance, and the Damani Group established a life insurance joint venture, marking the first bancassurance venture in

India India, officially the Republic of India, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area; the List of countries by population (United Nations), most populous country since ...

. In 2005,

Exide Industries Exide Industries Limited (Exide) is an Indian multinational storage battery manufacturing company, headquartered in Kolkata, India. It is the largest manufacturer of lead-acid storage batteries and power storage solutions provider in India ...

acquired a 50% stake in ING Vysya Life Insurance. The company distributed its products through various channels, including Agency, Bancassurance, Corporate Agency & Broking, Direct Channel, and Online. After the

2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...

, ING entered a global restructuring strategy and decided to exit the insurance business in

. Prior to its exit from India, ING had also exited insurance ventures in

Malaysia Malaysia is a country in Southeast Asia. Featuring the Tanjung Piai, southernmost point of continental Eurasia, it is a federation, federal constitutional monarchy consisting of States and federal territories of Malaysia, 13 states and thre ...

Thailand Thailand, officially the Kingdom of Thailand and historically known as Siam (the official name until 1939), is a country in Southeast Asia on the Mainland Southeast Asia, Indochinese Peninsula. With a population of almost 66 million, it spa ...

, and

Hong Kong Hong Kong)., Legally Hong Kong, China in international treaties and organizations. is a special administrative region of China. With 7.5 million residents in a territory, Hong Kong is the fourth most densely populated region in the wor ...

Exide Life Insurance

After ING's exit from

in January 2013, Exide Industries acquired the remaining 50% stake in ING Vysya Life Insurance, becoming the sole owner. In May 2014, following approvals from the

Insurance Regulatory and Development Authority The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous and statutory body under the jurisdiction of Ministry of Finance, Government of India. It is tasked with regulating and licensing the insurance and re-insur ...

(IRDA) and the Ministry of Corporate Affairs, the company was renamed Exide Life Insurance Company Limited (Exide Life Insurance). The company had a presence in over 200 cities across India and planned to expand operations to additional centres, including major cities such as

Kolkata Kolkata, also known as Calcutta ( its official name until 2001), is the capital and largest city of the Indian state of West Bengal. It lies on the eastern bank of the Hooghly River, west of the border with Bangladesh. It is the primary ...

Asansol Asansol is a city in the Indian state of West Bengal. It is the second largest city in West Bengal. It is the 33rd largest urban agglomeration in India by population. Asansol is the district headquarters of Paschim Bardhaman district. Accordi ...

Jorhat Jorhat ( /) is a major city in Upper Assam division, Upper Assam and among the fastest growing urban centres in the state of Assam in India. Etymology Jorhat ("jor" means twin and "hat" means market) means two hats or mandis - "Masorhaat" and ...

, and states like

Bihar Bihar ( ) is a states and union territories of India, state in Eastern India. It is the list of states and union territories of India by population, second largest state by population, the List of states and union territories of India by are ...

and

Odisha Odisha (), formerly Orissa (List of renamed places in India, the official name until 2011), is a States and union territories of India, state located in East India, Eastern India. It is the List of states and union territories of India by ar ...

References

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