Jeffrey Wade
Exide Life Insurance Company Limited was an Indian life insurance company that was established in 2001 and headquartered in Bangalore. The company was recognised as the Economic Times Best Brand under the BFSI category in 2020. 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 India. The company had over 1.5 million customers and managed assets exceeding INR 18,000 crores. Exide Life Insurance offered a range of insurance products, including term plans, endowment plans, ULIPs, retirement solutions, and child plans. In late 2022, Exide Life Insurance merged with HDFC Life Insurance, and customers can now avail of various policy-related services online, such as premium payment, direct debit, and claim registration.
| Characteristics | Values |
|---|---|
| Company Name | Exide Life Insurance Company Limited |
| Year of Establishment | 2001-02 |
| Headquarters | Bangalore/Bengaluru |
| Parent Company | Exide Industries Limited |
| Number of Customers | 1.5 million+ |
| Asset Management | INR 18,000+ crores |
| Distribution Channels | Agency, Bancassurance, Corporate Agency & Broking, Direct Channel, Online |
| Number of Advisors | 40,000+ |
| Number of Offices | 200+ |
| Product Offerings | Individual and Group Life Insurance Solutions |
| Merged Company | HDFC Life Insurance |
| Year of Merger | 2022 |
What You'll Learn
- Exide Life Insurance Company Limited is a profitable life insurance company that was established in 2001-02
- The company is headquartered in Bangalore and is a fully-owned subsidiary of HDFC
- Exide Life Insurance distributes its products through multiple channels, including an agency channel with over 40,000 advisors and more than 200 company offices across India
- The company offers individual and group life insurance solutions
- Exide Life Insurance has a strong focus on providing long-term protection and savings plans
Exide Life Insurance Company Limited is a profitable life insurance company that was established in 2001-02
Exide Life Insurance distributes its products through multiple channels, including an agency channel with over 40,000 advisors and more than 200 company offices across India. The company also offers group life insurance solutions. As of March 31, 2021, Exide Life Insurance managed assets of INR 18,381 Crores. The company has a Solvency Ratio of 2.1, as per the IRDAI annual report 2022-23, indicating its ability to meet its financial obligations.
Exide Life Insurance constantly emphasizes innovation and has an extensive geographic footprint, serving over 1.5 million customers. The company has received recognition for its performance and initiatives, such as being awarded the prestigious title of Digital Insurer of the Year 2018 (India) at the Insurance Asia News Awards.
In late 2022, Exide Life Insurance merged with HDFC Life Insurance, and customers can now avail themselves of various policy-related services online, such as premium payment, signing up for direct debit, registering claims, and accessing other self-service options.
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The company is headquartered in Bangalore and is a fully-owned subsidiary of HDFC
Exide Life Insurance Company Limited was an Indian life insurance company headquartered in Bangalore. The company was established in 2001 and provided long-term protection and savings options. Exide Life had over 1.5 million customers and managed assets exceeding INR 18,000 crores (INR 180 billion). The company distributed its products through multiple channels, including an agency channel with over 40,000 advisors and more than 200 company offices across India.
In late 2022, Exide Life merged with HDFC Life and became a wholly-owned subsidiary. The merger was effective from the end of the day on 14 October 2022. Following the merger, all updates and information about Exide Life are now available through HDFC Life.
HDFC Life is one of India's leading private life insurance companies, offering a range of individual and group insurance solutions. The company's product portfolio includes solutions for protection, pension, savings, investment, and health. Customers have the added advantage of customising their plans by adding optional benefits, known as riders, at a nominal price.
HDFC Life's registered office address is 13th Floor, Lodha Excelus, Apollo Mills Compound, N.M. Joshi Road, Mahalaxmi, Mumbai, Maharashtra 400011, India.
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Exide Life Insurance distributes its products through multiple channels, including an agency channel with over 40,000 advisors and more than 200 company offices across India
Exide Life Insurance Company Limited was an Indian life insurance company that distributed its products through multiple channels. The company was established in 2001 and was headquartered in Bangalore. It was 100% owned by Exide Industries Limited and had over 1.5 million customers across India.
One of the main channels through which Exide Life Insurance distributed its products was the agency channel. This channel consisted of over 40,000 advisors who were attached to more than 200 company offices across India. The company also distributed its products through banc assurance, corporate agency & broking, direct channels, and online.
The agency channel played a crucial role in the distribution of Exide Life Insurance's products, with its large number of advisors providing personalised advice and support to customers across the country. The company's presence in over 200 cities and its multi-channel distribution system contributed to its success in serving a large customer base.
In late 2022, Exide Life Insurance merged with HDFC Life, further expanding its reach and services.
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The company offers individual and group life insurance solutions
Exide Life Insurance Company Limited was an Indian life insurance company that offered individual and group life insurance solutions. The company was established in 2001 and was headquartered in Bangalore. It had over 1.5 million customers and managed assets exceeding INR 18,000 crores (INR 180 billion).
Exide Life distributed its products through multiple channels, including an agency channel with over 40,000 advisors and more than 200 company offices across India. The company provided long-term protection and savings options, with products categorized into savings, protection, retirement, and investment.
Exide Life Insurance offered a range of life insurance plans, including term insurance, savings and investment plans, child plans, and retirement plans. The company's term insurance plans provided financial protection for individuals and their families, while its savings and investment plans helped build a guaranteed financial fund over time. The child plans offered by Exide Life provided financial security for children's goals, such as education and marriage, and the retirement plans helped individuals plan for a comfortable and worry-free retirement.
In late 2022, Exide Life Insurance merged with HDFC Life, another leading life insurance company in India.
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Exide Life Insurance has a strong focus on providing long-term protection and savings plans
Exide Life Insurance Company Limited is a well-established and profitable life insurance company that started its operations in 2001-02. Headquartered in Bengaluru, the company has over 1.5 million customers and manages assets worth over INR 18,000 crores. Exide Life Insurance offers a diverse range of insurance products, including term insurance, health insurance, savings and investment plans, retirement and pension plans, and group insurance solutions. The company is committed to providing long-term protection and savings options to its customers.
Exide Life Insurance's term insurance plans provide financial security to families in the event of an untimely death. The company offers several term insurance options, such as Exide Life Smart Term Pro, Exide Life Smart Term Edge, and Exide Life Term With Return Of Premium, each with different features and benefits. These plans ensure that families can maintain their standard of living and meet essential expenses.
The company's savings and investment plans are designed to help individuals save for the future while also enjoying the benefits of life cover. These plans include Exide Life New Creating Life Insurance Plans, Exide Life Saral Jeevan, Exide Life My Assured Income Plan, and Exide Life Wealth Maxima, among others. These plans offer customers a range of benefits, such as guaranteed income, regular pay-outs, and life insurance cover.
Retirement and pension plans from Exide Life Insurance help individuals secure their future after retirement. The Exide Life New Immediate Annuity and Exide Life Smart Pension Plan provide lifelong annuity payouts, flexible options, and the ability to build a retirement corpus.
Exide Life Insurance also offers group insurance solutions to small businesses and large corporations, ensuring financial security for employees and their families. The company's group insurance products include Exide Life Group Micro Term Insurance, Exide Life Group Loan Suraksha, and Exide Life Group Gratuity Product.
Exide Life Insurance's commitment to providing long-term protection and savings is evident through its diverse range of insurance products, each designed to meet the specific needs of its customers. The company's strong focus on long-term protection and savings plans ensures that individuals and families can plan for a secure future.
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Frequently asked questions
Exide Life Insurance is regulated by the IRDAI (Insurance Regulatory and Development Authority of India). The company was renamed Exide Life Insurance Company Limited in May 2014, following approvals from the IRDAI and the Ministry of Corporate Affairs.
The claim settlement procedure for Exide Life Insurance involves three steps: first, inform the company about the incident via email, phone, online form, or by visiting a branch. Second, submit the necessary documents requested by the insurer. Third, once the documents have been verified, Exide Life Insurance will send a claim reference number and settle the claim in a timely manner.
You can renew your Exide Life Insurance policy online in three easy steps: first, log into your account and enter your policy details along with your date of birth. Second, pay the fees via net banking or credit/debit card. Third, print the online receipt of the premium payment. Alternatively, you can also pay via cash or cheque.
To cancel your Exide Life Insurance policy, you can visit the company branch and submit a duly filled surrender form along with the necessary documents. Once the documents have been verified, you will receive a notification from the company and the refund will be initiated.
