Exide Life Insurance
Corporate brand
UnclaimedAn Indian life insurer that operated under the Exide Life name from 2014 until its merger with HDFC Life in 2022.
Last updated August 31, 2026
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Overview
Exide Life Insurance was an Indian life insurance company headquartered in Bengaluru. Its business developed from the life-insurance joint venture established in 2000 by ING Insurance, ING Vysya Bank and the Damani Group, which operated as ING Vysya Life Insurance Company. Exide Industries entered the venture in 2005 by acquiring a 50% interest. After ING decided to withdraw from the Indian insurance market, Exide Industries acquired the remaining stake in January 2013 and became the company's sole owner. Following regulatory and corporate approvals, the insurer adopted the Exide Life Insurance Company Limited name in May 2014. The company focused on long-term protection and savings products for the Indian market. Its product portfolio included term and other protection plans, savings-oriented life insurance, retirement and pension products, and health-related insurance offerings. Distribution was multi-channel: agency sales were supported by a large advisor network, while bancassurance, corporate agency and broking relationships, direct sales, and online channels supplemented the traditional branch and intermediary model. The company reported a presence in more than 200 Indian cities and operated more than 200 offices. Reference material also describes an agency network of more than 40,000 advisors and a customer base exceeding 1.5 million. Exide Life was positioned as a domestic Indian life-insurance provider backed by Exide Industries rather than as an international insurance group. Its business model combined protection products with savings and long-term wealth-accumulation propositions, reflecting the structure of the Indian life-insurance market. The company expanded its geographic reach beyond its Bengaluru base and identified additional eastern and northeastern Indian markets, including Kolkata, Asansol, Jorhat, Bihar and Odisha, as areas for growth. The insurer ceased to operate as an independent brand after Exide Industries agreed to transfer its life-insurance business to HDFC Life. The transaction received the relevant approvals and was completed through a merger in late 2022. Exide Life's business, customers, assets and operations were consequently integrated into HDFC Life, ending the standalone corporate life of Exide Life Insurance. Historical descriptions attributed to the company include assets under management exceeding INR 18,000 crore, or INR 180 billion; this figure belongs to the period before the merger and should not be interpreted as a current balance-sheet measure.
History
Exide Life Insurance originated in the formation of an Indian life-insurance venture involving ING Insurance, ING Vysya Bank and the Damani Group. The venture was established around 2000, when ING was seeking to enter India's developing private life-insurance market. It operated under the ING Vysya Life Insurance name and was associated with an early Indian bancassurance structure involving a bank and insurance partners. In 2005, Exide Industries acquired a 50% stake in ING Vysya Life Insurance. This investment gave the Indian industrial group a substantial position in a regulated financial-services business while the insurer continued to operate under the ING Vysya identity. Its distribution model developed across several channels, including tied agency sales, bancassurance, corporate agencies and brokers, direct distribution and online sales. The global financial crisis was followed by a restructuring of ING's international insurance activities. ING decided to withdraw from the Indian insurance business, as part of a wider retreat from insurance operations in several Asian markets. In January 2013, Exide Industries acquired ING's remaining 50% interest in the Indian life insurer. Exide thereby became the sole owner and the company moved away from its ING-linked identity. After receiving approvals from the Insurance Regulatory and Development Authority of India and the Ministry of Corporate Affairs, the company was renamed Exide Life Insurance Company Limited in May 2014. Under the Exide Life brand, it continued selling long-term protection and savings products throughout India. The business maintained a headquarters in Bengaluru and developed a nationwide distribution footprint, with more than 200 offices and a presence in over 200 cities. Its agency operation was described as having more than 40,000 advisors, supported by bancassurance, corporate agency, broking, direct and online channels. The company served more than 1.5 million customers and managed assets exceeding INR 18,000 crore according to historical reference material. These figures describe the scale of the business before its integration into HDFC Life and are not current standalone figures. Its offering covered term protection, savings-led life insurance, retirement and pension planning, and health-related products. The company also identified expansion opportunities in additional urban and regional markets, including Kolkata, Asansol and Jorhat, as well as Bihar and Odisha. Exide Life's independent existence ended in late 2022 when its business was merged with HDFC Life. The transaction represented the conclusion of Exide Industries' ownership of a standalone life insurer and transferred the operation into one of India's larger life-insurance platforms. Following completion, Exide Life was no longer an independent insurance company, although its historical business and customer relationships became part of HDFC Life's integrated operations.
- 2022
Merger with HDFC Life
[1]The Exide Life business was merged with HDFC Life in late 2022, ending Exide Life's status as a standalone insurer.
- 2014
Renamed Exide Life Insurance
[1]Following approvals from India's insurance regulator and the Ministry of Corporate Affairs, the company adopted the Exide Life Insurance Company Limited name in May.
- 2013
Exide becomes sole owner
[1]After ING exited the Indian insurance market, Exide Industries acquired the remaining 50% stake in January and became the sole owner.
- 2005
Exide Industries acquires a 50% stake
[1]Exide Industries acquired half of ING Vysya Life Insurance, becoming a major shareholder in the Indian life-insurance venture.
- 2001
Life-insurance company established
[1]The company is identified as having been established in 2001 and was headquartered in Bengaluru.
- 2000
Formation of the ING-linked life-insurance venture
[1]ING Insurance, ING Vysya Bank and the Damani Group established the venture that operated as ING Vysya Life Insurance Company in India.
Products and positioning
An Indian mass-market to middle-market life insurer combining protection, savings and retirement products with broad agency and bancassurance distribution.
Protection insurance
Term life insurance
Exide Life's protection portfolio included term-oriented life insurance designed to provide a death benefit during a specified coverage period. These products formed part of the company's broader long-term protection offering for Indian customers.
Life insurance and savings
Savings-oriented life insurance
The company offered life-insurance products combining protection with structured savings or long-term accumulation. This category supported the insurer's positioning around financial planning and disciplined saving in addition to pure risk cover.
Retirement insurance
Retirement and pension products
Retirement and pension-oriented offerings addressed long-term income and retirement-planning needs. They complemented Exide Life's savings business and broadened its role beyond basic protection insurance.
Health insurance
Health-related insurance products
Health-related insurance products were included among the categories associated with the company's portfolio. Available reference material does not provide enough detail to identify specific product names, benefits or launch dates.
Brand decisions
2022
Merger into HDFC LifeM&ABackground
Exide Industries decided to transfer its life-insurance business to HDFC Life, consolidating the operation with a larger Indian insurance platform.
Action taken
Exide Life's business was merged with HDFC Life in late 2022 after the relevant approvals and transaction steps.
Aftermath
Exide Life ceased to exist as an independent insurer and its business was integrated into HDFC Life.
2014
Rebranding as Exide Life InsuranceStrategyBackground
Following Exide Industries' acquisition of full ownership, the insurer required regulatory and corporate approval for its new identity.
Action taken
The company was renamed Exide Life Insurance Company Limited in May 2014.
Aftermath
The insurer operated under the Exide Life name and continued expanding its multi-channel presence in India.
2013
Acquisition of ING's remaining stakeM&ABackground
ING pursued a restructuring of its global insurance activities and decided to leave the Indian insurance venture.
Action taken
Exide Industries acquired the remaining 50% interest in January 2013, making it the sole owner.
Aftermath
The company subsequently transitioned from the ING Vysya identity to the Exide Life brand.
2005
Exide Industries takes a 50% stakeM&ABackground
Exide Industries entered the Indian life-insurance venture while it was still operating under the ING Vysya Life Insurance name.
Action taken
The industrial group acquired half of the company's equity and became a strategic shareholder.
Aftermath
The investment eventually led to full ownership after ING withdrew from the Indian insurance market.
Recent events
Reported
HDFC Life agrees to acquire Exide Life Insurance[3]
HDFC Life agreed to acquire Exide Life Insurance for Rs 6,687 crore, with Rs 726 crore to be paid in cash and the remainder through HDFC Life shares issued to Exide Life's parent. The first stage was expected to turn Exide Life into a wholly owned subsidiary by December-January; this was a planned future step, not a reported completion.
Reported
Exide Life Insurance launches #YouNeverRideAlone film[4]
Exide Life Insurance launched the film #YouNeverRideAlone as part of its Helmet Saves CSR campaign. The film aimed to encourage people to take road safety seriously.
Sources4 sources
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