In order to enter the Indian life insurance market, ING Insurance, a division of the Dutch financial giant ING giant, joined up with Bangalore-based Vysya Bank in 2000 to establish ING Vysya Life Insurance Company. After becoming a sole proprietor in May 2014, this Indian business began operating as an insurance company under the name Exide Life Insurance Company Limited. The organization, which was founded in 2001 and has its headquarters in Bangalore, offered savings alternatives and long-term protection. In late 2022, Exide Life and HDFC Life combined.
Exide Life Insurance Quick Overview
| Particular | Details |
| Company Name | Exide Life Insurance Company Limited |
| Former Name | ING Vysya Life Insurance Company Limited |
| Type | Life Insurance Services (Private Company) |
| Industry | Life Insurance & Financial Protection |
| Founded / Established | 2001 |
| Headquarters | Bengaluru (Bangalore), India |
| Original Promoter / Owner | Exide Industries Limited (100% ownership before merger) |
| Core Business | Life insurance products — protection, savings, investment, retirement & pension plans |
| Products & Services | Individual life insurance, child plans, term plans, ULIPs, pension/retirement, group life insurance |
| Distribution Channels | Agency network, bancassurance, corporate agency, broking, direct & online |
| Area Served | India (nationwide) |
| Customers | ~1.5 million+ (approx.) |
| Assets Under Management (AUM) | ~₹18,000+ crore (approx.) before merger |
| Claim Settlement Ratio | ~98%+ (FY 2019-20) (industry metric) |
| Merger / Fate | Acquired & merged into HDFC Life (completed post-2021) |
| Notable Milestones | Renamed from ING Vysya Life to Exide Life (2014); later merged into HDFC Life as part of consolidation |
| Official Website (Historic) | exidelife.in (now under HDFC Life) |
Net Worth and Market Cap
The total paid-up capital was INR 1,850.00 cr, whereas the authorized share capital was INR 1,900.00 cr.
Corporate Leadership
Founded in 2001, Exide Life is an acquired firm with its headquarters located in Bengaluru, India. It functions similarly to Exide Life Insurance. Among the company’s main personnel are B. Ashwin (COO), Rangarajan BN (Appointed Actuary and CRO), and Sanjay Vij (Executive Director and Principal Officer).
Overview of Services
It contacts clients through a variety of channels, including agency, bancassurance, alliances, and direct channels. It has around 35,000 advisors. In South India, it predominates. The company’s current goal is to grow throughout the nation. ING Vysya life insurance was the previous name of Exide Life. After ING Vysya sold its stake, Exide Life is now a 100% subsidiary of Exide Industries. It provides life, health, accident, savings, investment, retirement, and pension products.
Scale of Operations
Exide Life Insurance used a variety of methods to promote its products, including an agency channel with more than 200 corporate offices nationwide and over 40,000 advisors. The company was present in more than 200 Indian cities, and it intended to extend its operations to more locations, including states like Bihar and Odisha as well as significant towns like Kolkata, Asansol, and Jorhat.
