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Exide Life Insurance
Exide Life Insurance
Exide Life Insurance
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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.[2] The company had over 1.5 million customers and managed assets exceeding INR 18,000 crores (INR 180 billion).[3] Established in 2001 and headquartered in Bangalore, the company provided long-term protection and savings options.[4] Exide Life merged with HDFC Life in late 2022.

Key Information

History

[edit]

In 2000, ING Insurance, a subsidiary of the Dutch financial group ING Group, partnered with Bangalore-based Vysya Bank to enter the Indian life insurance market, forming ING Vysya Life Insurance Company.[5] 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.

In 2005, Exide Industries 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.[6]

After the 2008 financial crisis, ING entered a global restructuring strategy and decided to exit the insurance business in India.[7] Prior to its exit from India, ING had also exited insurance ventures in Malaysia, Thailand, and Hong Kong.[8]

Exide Life Insurance

[edit]

After ING's exit from India in January 2013, Exide Industries acquired the remaining 50% stake in ING Vysya Life Insurance, becoming the sole owner.[8] In May 2014, following approvals from the Insurance Regulatory and Development Authority (IRDA) and the Ministry of Corporate Affairs, the company was renamed Exide Life Insurance Company Limited (Exide Life Insurance).[9] 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, Asansol, Jorhat, and states like Bihar and Odisha.[10]

References

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Exide Life Insurance

View on Grokipedia
from Grokipedia
Exide Life Insurance Company Limited was an Indian provider headquartered in Bengaluru, incorporated on December 13, 2000, as a between ING Insurance International and Vysya , and it commenced operations in 2001 offering a range of protection, savings, and investment-linked policies distributed through , agency, and direct channels. Originally operating as ING Vysya Life Insurance, the company saw acquire a 50% stake in 2005, followed by the purchase of ING's remaining 26% share in 2013, achieving 100% ownership by —a leading battery manufacturer—and leading to its rebranding as in 2014. By June 2021, prior to its acquisition, Exide Life served approximately 1.2 million customers and managed assets exceeding ₹18,781 , with a strong presence in southern and eastern through its traditional product portfolio focused on long-term financial security. In September 2021, Insurance announced its acquisition of Life for ₹6,687 in a cash-and-stock deal, which was completed in January 2022, making Life a wholly-owned of . The merger was finalized on October 14, 2022, integrating Life's operations, policies, and customer base into , thereby enhancing 's market reach and product offerings in the competitive Indian sector. This transaction marked one of the largest deals in India's private industry, reflecting the ongoing consolidation post the liberalization of the sector in 2000.

History

Founding as ING Vysya Life Insurance

ING Vysya Life Insurance Company Limited was established in September 2001 as a tripartite between Insurance International B.V. of the (holding 26%), Vysya Bank Ltd. of (49%), and GMR Technologies and Industries Ltd. (25%). The company received its certificate of registration from the Insurance Regulatory and Development Authority (IRDA) on August 2, 2001, with registration number 114, enabling it to commence operations in compliance with Indian regulatory guidelines. Initial paid-up capital stood at Rs 110 , with authorized capital of Rs 200 , providing the foundation for nationwide distribution starting in key cities like Bangalore, , and . From the outset, ING Vysya Life Insurance adopted a model, capitalizing on Vysya Bank's established branch network of over 400 locations to reach customers efficiently and offer integrated . On September 19, 2001, the company launched its inaugural products in Bangalore: the Reassuring Life Endowment Plan for long-term protection and savings, the Maximising Life Money Back Plan providing annual cash bonuses for liquidity, and the Fulfilling Life Anticipated Whole Life Plan offering lifetime coverage with periodic payouts. These offerings targeted individual needs for protection, wealth accumulation, and financial flexibility, aligning with the emerging private sector post-liberalization. The company achieved rapid early growth, with total income surpassing 100 in the 2003-04, reflecting a 227% year-on-year increase driven by expanding distribution and product uptake. By 2005, projections indicated issuance of around 250,000 policies for the year, underscoring its momentum in customer acquisition amid the competitive private landscape. This period of initial operations laid the groundwork for subsequent developments, including stake acquisitions by beginning in 2005.

Acquisition and Expansion under Exide Industries

In July 2005, acquired a 49.13% stake in ING Vysya from GMR Industries for Rs 203 , valuing the insurer at Rs 413 . also committed to subscribing to additional shares worth Rs 28.4 , bringing its total holding to 50%, along with a planned of Rs 17.5 in convertible warrants over three to four years. This move marked 's entry into the sector as a partner with ING, leveraging its established presence in the market to support the insurer's growth. Under Exide's involvement, ING Vysya Life shifted its strategy from a heavy reliance on through its parent bank to a more diversified distribution model, incorporating agency networks and alternative channels such as corporate alliances and brokers. This expansion enabled the company to broaden its market reach, growing its branch network to 308 locations across 246 cities by 2008, with further development leading to presence in over 200 cities by the early . Key milestones during this period included the launch of unit-linked savings products like ING Positive Life in 2007 and lifestyle protection plans in 2008, alongside enhancements to group offerings such as trusts by 2010. By 2011, these efforts contributed to reaching approximately Rs 34,957 . The global of 2008 posed challenges to the Indian insurance sector, including reduced premium growth and investment volatility, but ING Vysya Life demonstrated resilience through its diversified product portfolio and expanded channels. Exide's strategic support helped mitigate impacts by focusing on stable ties while building agency and alternative distributions, ensuring continued operational expansion amid sector-wide pressures. This phase solidified the joint venture's position, achieving steady premium income growth despite the economic downturn.

Rebranding and Full Ownership

In January 2013, announced its exit from the Indian life insurance sector, agreeing to sell its 26% stake in ING Vysya Life Insurance Company Private Limited to partner Limited, which already held a 50% stake. subsequently acquired the remaining shares from minority partners, including 16.32% from the Hemendra Kothari Group and 7.68% from the Enam Group, for an aggregate consideration of approximately Rs 550 , completing the transaction in March 2013 and securing 100% ownership of the insurer. Following the full acquisition, pursued regulatory approvals for to align the insurer more closely with its company's identity. In April 2014, the (IRDA) and the granted the necessary permissions. On May 5, 2014, the company officially changed its name to Life Insurance Company Limited, marking the end of the ING Vysya branding. Post-rebranding, Life Insurance launched its inaugural advertising and campaign in June-July 2014 to reinforce and relevance among customers. The company also focused on by submitting nine new products for IRDA approval during the year, aiming to expand its portfolio amid growing market demand. These efforts contributed to operational growth, with the insurer serving over 1 million customers across more than 200 cities in by mid-2014. Additionally, Life began emphasizing digital strategies to enhance and accessibility, building on its established distribution network. The full ownership enabled to explore synergies between its core battery manufacturing operations and the insurance arm, particularly through leveraging the parent company's extensive rural distribution channels—spanning over 35,000 retail outlets—for potential of insurance products in underserved markets. This integration supported Exide Life's expansion into rural areas, where 's battery business already maintained a strong presence via initiatives like tractor battery servicing programs.

Merger with HDFC Life

On September 3, 2021, Insurance Company Limited announced its intention to acquire 100% stake in Exide Life Insurance Company Limited from Exide Industries Limited for a total consideration of Rs 6,687 (approximately $915 million), structured as a cash payment of Rs 726 and issuance of 8,70,22,222 equity shares at Rs 685 per share. The acquisition received necessary regulatory clearances, including approval from the (CCI) in November 2021, leading to the completion of the share transfer on January 1, 2022, after which Exide Life became a wholly-owned of . Subsequently, the merger process advanced with the (NCLT) sanctioning the scheme of amalgamation on September 16, 2022, and the Insurance Regulatory and Development Authority of India (IRDAI) providing final approval on October 13, 2022, making the merger effective from October 14, 2022. Following the merger, integrated Life's operations, transferring approximately 1.2 million customer policies and (AUM) of around Rs 18,781 as of June 30, 2021, which bolstered 's presence in tier II and III markets, particularly through Life's robust agency distribution network in comprising nearly 37,000 agents. This integration enhanced 's overall scale, with legacy Life policies continuing to be serviced and honored under the brand. As of 2025, the merger remains fully effective, with Exide Life's business fully absorbed into , contributing to sustained growth in 's and without any separate entity status for Exide Life.

Operations

Headquarters and Organizational Structure

Exide Life Insurance maintained its corporate headquarters in Bengaluru, , , since its inception in 2000, with the primary office located at the 3rd Floor, JP Techno Park, No. 3/1, Millers Road, Bengaluru - 560001. The registered office was situated in at 1st Floor, Unit No. 5-8, Inizio Building, Opp P&G Plaza, Cardinal Gracious Road, Chakala, East, - 400099. To facilitate nationwide operations, the company established key regional offices in major cities including , , and . The organizational hierarchy of Exide Life Insurance consisted of a providing oversight, supported by executive management responsible for day-to-day operations. Specialized departments handled core functions, including for policy evaluation and , claims processing with an average settlement time of 22 days for individual claims, and initiatives such as AI-based voice bots and cloud-based services. Prior to the merger, the workforce exceeded 6,000 employees, enabling efficient management across these areas. Following the acquisition of full ownership by in January 2022 and the merger's completion on October 14, 2022—the first such merger in 's sector—Exide Life was fully integrated into 's operational framework, enhancing distribution channels and geographic reach while providing legacy policyholders continued support through 's services for approximately 1.2 million policies. Bengaluru operations were retained to handle ongoing legacy matters post-integration. Throughout its independent existence, the company complied with of (IRDAI) regulations on , including a three-line defense model and adherence to guidelines on advertisements and distance marketing, maintaining a of 217% as of March 31, 2022, against the required 150%.

Distribution Network and Market Reach

Exide Life Insurance employed a multi-channel distribution strategy to reach customers, encompassing a robust agency network of over 40,000 advisors, partnerships, corporate agents, broking channels, direct sales, and online platforms. The agency channel formed the backbone of its operations, supported by bancassurance tie-ups such as the 2016 partnership with SVC Co-operative Bank, which enabled distribution through banking networks. The company established a presence in more than 200 cities across , with a particularly strong foothold in , including Tier II and III locations, complemented by expansion efforts in the East such as . Rural penetration was enhanced by leveraging the parent company ' extensive distribution network, which spanned semi-urban and rural markets with a focus on increasing activation in upcountry areas. Digital initiatives included the launch of the MyConnect in 2014, enabling policy management and , followed by online policy issuance capabilities by 2018 as part of broader efforts. Following the 2022 merger with , Life's distribution was integrated and enhanced through 's advanced digital platforms, expanding overall accessibility. Customer accessibility was further supported by 24/7 services via toll-free numbers like 1800-419-0808 and an extensive pre-merger network of branches across key regions.

Financial Performance and Assets

Exide Life Insurance demonstrated robust financial growth in the years leading up to its acquisition by . In FY21, the company's net profit more than doubled to INR 61 , driven by a 3.3% increase in gross written premium to INR 3,325 despite market challenges. By the end of FY21, (AUM) stood at over INR 18,000 , reflecting steady accumulation from policyholder funds and investments. This momentum continued into FY22, with total premium income rising to INR 3,768 and AUM expanding by 12% to approximately INR 20,584 . Revenue for Exide Life was predominantly derived from life insurance premiums, accounting for over 90% of total income, with the remainder from investment returns and fees. The company maintained strong regulatory compliance, with its solvency ratio consistently exceeding the Insurance Regulatory and Development Authority of India's (IRDAI) minimum requirement of 150%, reaching 217% by the end of FY22. Key operational ratios underscored operational efficiency: the claim settlement ratio improved progressively from 86.1% in FY14-15 to 99.09% in FY21-22, settling over 98% of individual death claims in recent years. Meanwhile, the expense ratio, measured as management expenses to gross premium, hovered around 21-22% in FY21-22, reflecting controlled costs amid expansion. Following the full merger with in October 2022, Exide Life's legacy AUM and operations were seamlessly integrated into the parent entity's portfolio, enhancing 's scale in protection and savings products. This contributed to sustained growth in the combined entity, with 's total AUM reaching INR 3,36,282 as of March 31, 2025, up 15% from INR 2,92,220 in FY24, and net profit after tax climbing 15% to INR 1,802 . Total premiums grew 13% to INR 71,045 in FY25, supported by the diversified distribution from Exide's network. The for the integrated stood at 194% in FY25, well above regulatory thresholds, while the claim settlement ratio achieved 99.68% as of March 31, 2025. Expense efficiency improved, with the operating expense ratio (excluding commission) dropping to 8.8% in FY25 from 9.3% in FY24, aided by synergies from the merger.
Key MetricPre-Merger (FY21-22)Post-Merger (FY24-25, HDFC Life)
AUM (INR crore)18,000 - 20,584292,220 - 336,282
Net Profit (INR crore)61 (FY21) - 12 (FY22 est.)1,569 - 1,802
Total Premiums (INR crore)3,325 - 3,76863,076 - 71,045
Solvency Ratio (%)220 - 217187 - 194
Claim Settlement Ratio (%)98.5 - 99.0999.50 - 99.68
Expense Ratio (%)21 - 229.3 - 8.8

Products and Services

Following the merger with in October 2022, Exide Life Insurance's product portfolio was integrated into , with existing policies serviced by and select products continuing or rebranded under 's offerings.

Term and Protection Plans

Exide Life Insurance offered pure protection-oriented term plans focused on providing financial security to dependents in the event of the policyholder's , without any maturity or savings benefits. These plans emphasized affordable premiums for high coverage, catering to individuals seeking straightforward mitigation. Key offerings included flexible policy terms and optional riders to address specific risks like critical illness or accidents. The Exide Life My Term Insurance Plan provided comprehensive life coverage starting from a minimum sum assured of INR 25 up to INR 25 , with entry ages from 18 to 60 years and policy terms extending maturity up to age 99. It featured no-frills options with level sum assured or increasing cover that grows at 5% annually, along with benefits paying up to 100% of the sum assured upon diagnosis. Launched as a pure term product, it allowed limited premium payment terms for added flexibility while maintaining focus on death benefit payouts. Another prominent plan, the Exide Life Elite Term Insurance Plan, offered coverage up to age 80 with policy terms of 10 to 40 years and maturity ages up to 70 or 80 years depending on extensions. It included multiple benefit payout options, such as , installment, or a combination, and supported high sum assured at low premiums starting from INR 50 . Riders for critical illness and were available, providing additional payments for diagnosed conditions or accidental demise, enhancing overall protection. Exide Life also extended protection through group term plans for employer-sponsored coverage, serving corporate clients with customizable sum assured typically ranging from INR 50 to INR 10 per employee. These plans facilitated broad employee welfare by offering tailored death benefits and optional riders, without investment elements, to support business needs. All term and protection plans qualified for tax benefits under Section 80C of the Income Tax Act, allowing deductions on premiums up to INR 1.5 lakh annually, and under Section 10(10D) for tax-free death benefits received by nominees.

Savings and Retirement Products

Exide Life Insurance provided endowment plans that combined life insurance protection with systematic savings for long-term wealth accumulation. These non-linked participating policies offered maturity benefits, survival bonuses, and death benefits to policyholders, emphasizing guaranteed elements over market risks. A representative example is the Exide Life Secured Income Insurance Plus, a traditional endowment plan with policy terms ranging from 15 to 25 years and a minimum annual premium of INR 12,000, designed for individuals seeking steady financial growth alongside family security. The plans featured simple reversionary bonuses declared annually as a of the sum assured, along with terminal bonuses payable from the 10th policy year onward, ensuring maturity benefits of at least 105% of total premiums paid. Policyholders could access loans against the policy after paying a certain number of premiums and had options for flexible premium payment modes. Protection riders, such as benefits, could be added to enhance coverage without altering the core savings structure. These products targeted middle-class families aiming to build corpus for future needs like or , as well as pre-retirees focused on supplemental . For retirement solutions, Exide Life offered the New Immediate Annuity Plan, a single-premium, non-linked, non-participating product that converted accumulated savings into guaranteed lifelong income starting immediately after purchase. Available to individuals aged 40 to 80 years at entry, it provided annuity payout options including life annuity with return of purchase price upon death, ensuring the nominee receives the full investment if the annuitant passes away early. While primarily immediate, the plan supported deferred annuity variants through customizable options in related retirement products, with loyalty additions in participating variants to boost returns over time. Pre-merger interest rates for such guaranteed products typically ranged from 4% to 6% per annum, depending on age and purchase amount, prioritizing for post-retirement expenses. This appealed to pre-retirees and retirees seeking predictable income streams to supplement pensions.

Unit-Linked Insurance Plans (ULIPs)

Exide Life Insurance offered Unit-Linked Insurance Plans (ULIPs) that integrated protection with investment in market-linked funds, enabling policyholders to build wealth through exposure to equity, , and balanced options while securing financial safeguards for dependents. These plans emphasized flexibility in fund allocation and switching, subject to regulatory guidelines, providing a dual benefit of risk cover and potential capital appreciation. A ULIP was Exide Life Wealth Maxima, launched in August 2015, which allowed policyholders to invest in equity, , and balanced funds tailored to varying profiles. The plan required a minimum annual premium of INR 36,000, with options for single, limited, or regular pay terms spanning 15 to 40 years. It included features like premium funding benefits and child-specific variants for enhanced family protection. Exide Life provided 8 to 10 fund choices across its ULIPs, including the Life Equity Fund, focused on high-growth equities, and the Exide Life Pension Equity Fund, designed for retirement-oriented investments with a balanced equity tilt. The Equity Fund achieved a (CAGR) of approximately 15% over five years leading up to the pre-merger period, reflecting strong market performance. Other funds like the Growth Fund and Debt Fund offered diversified exposure, with in individual funds ranging from INR 7 for specialized options to over INR 400 for broader equity strategies. ULIPs from Exide Life incorporated standard charges such as mortality charges for the component, fund fees capped at 1.35% per annum, and premium allocation charges up to 2% on top-ups. Benefits included loyalty additions, credited as extra units starting from the 10th policy year and every fifth year thereafter, to reward long-term commitment. Partial withdrawals were permitted after the mandatory five-year lock-in period, excluding certain secure funds, in compliance with IRDAI regulations. By 2021, ULIP had reached approximately INR 5,000 , underscoring the segment's growth amid regulatory adherence.

Ownership and Governance

Evolution of Ownership

Exide Life Insurance was originally incorporated on December 13, 2000, and registered with the on August 2, 2001, as ING Vysya Life Insurance Company Limited, a between ING Insurance International B.V., Vysya Ltd., and the Damani Group, with initial ownership structured as 26% for ING, 49% for Vysya , and 25% for the Damani Group. Over the following years, stakes among the Indian partners shifted; by 2005-06, Vysya had reduced its holding to 14.87% and divested it entirely to Gujarat Ambuja Cements Ltd. In July 2005, Exide Industries Ltd. entered as a major shareholder by acquiring a 50% stake from GMR Industries Ltd. for approximately $47 million, positioning it as the largest owner alongside ING's 26% and minority Indian holdings by groups such as Hemendra Kothari and . This marked the beginning of ' progressive control, with no further significant changes until 2013. In January 2013, completed the acquisition of the remaining 50% stake—comprising 26% from ING, 16.32% from the Hemendra Kothari Group, and 7.68% from the Group—for Rs 550 crore, achieving 100% ownership and eliminating foreign involvement. The company was rebranded as Exide Life Insurance in May 2014 to reflect this sole proprietorship. On September 3, 2021, Insurance Company Ltd. announced the acquisition of 100% of Exide Life from for Rs 6,687 through a combination of cash (Rs 737 ) and share issuance (8.7 shares), valuing the enterprise at 2.5 times its June 2021 embedded value of Rs 2,711 . The transaction received regulatory approvals and was completed on January 1, 2022, making Exide Life a wholly-owned of . The merger was finalized on October 14, 2022, fully integrating Exide Life's operations, policies, customer base, and assets into , resulting in the dissolution of Exide Life as a separate entity. , a of HDFC Ltd. prior to its merger with in 2023, thereby enhanced its market position within the consolidated group.

Key Leadership Personnel

Exide Life Insurance, originally established as ING Vysya Life Insurance in 2001 as a between and Vysya Bank, began operations under the leadership of Ton van der Star as its inaugural CEO and Managing Director. Yvo Metzelaar served as President and Deputy Managing Director during the initial phase, overseeing the launch of the company's first three products in September 2001. By 2004, Frank Koster had taken over as head, guiding the company through early expansion before transitioning in 2006. Following ING's partial exit and ' increasing stake, Kshitij Jain assumed the role of Managing Director and CEO in July 2006, a position he held until December 2021, during which he led the to Exide Life Insurance in 2014 and significant growth in market presence. Sanjay Vij joined as an Additional Director in 2016 and was elevated to and Principal effective January 10, , managing key executive functions until the merger. B. Ashwin served as from August 2008 to the merger in , focusing on operational efficiency, customer service, and digital initiatives. Rangarajan B.N. acted as Appointed and from January 2012 to November , ensuring compliance with regulatory standards and . The company's board of directors pre-merger typically comprised 7-12 members, including a mix of executive, non-executive, and independent directors to meet Insurance Regulatory and Development Authority (IRDAI) requirements for expertise in insurance, finance, and actuarial sciences. In early 2021, the board included Chairman and Non-Executive Director Rajan Raheja, Managing Director and CEO Kshitij Jain, Independent Director Vijay Aggarwal, Non-Executive Director Vinayak Aggarwal, Non-Executive Director A.K. Mukherjee, Independent Director Atanu Sen, and Independent Director Mona Desai. By late 2021, following the acquisition announcement, additional independent directors such as V.K. Viswanathan, Prasad Chandran, and Bharti Gupta Ramola were appointed, alongside Non-Executive Director Srinivasan Parthasarathy, expanding the board to emphasize governance during the transition. Upon the completion of the merger with Insurance on October 14, 2022, Life's leadership integrated into 's structure, with select executives retained in specialized roles. Rangarajan B.N. continued as at post-merger, leveraging his prior experience to support the combined entity's risk framework. Other key personnel, such as Rahul Agarwal (Chief Distribution Officer) and Sandip Goenka (), contributed to the integration before transitioning out, ensuring continuity in operations and customer servicing.

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