*Please note that the quotes shown will be from our partners

ING Vysya Life gets Rechristened to Exide Life Insurance

Exide Life has got clientele of 1 million in more than 200 cities and takes care of around Rs.7,000 crore in assets

ING Vysa Life Insurance Co. Ltd will now be called Exide Life Insurance Co. Ltd

Exide Life has close to 1 million customers in more than 200 cities across India and manages assets worth Rs.7,000 crore.

Exide Industries Ltd has been the biggest shareholder of Exide Life for 8 years and overtook 100% ownership of the company more than an year ago.

In the year 2013-14, the insurer experienced doubling in its profits to Rs.53 crore due to increment in premium renewals and betterment in efficiency and product mix. The company’s total premium income has risen to Rs.1,830 crore and assets under management rose 13% to Rs.7,490 crore in the fiscal. Its solvency margin stood at 239% on 31 March, up 32% compared with March 2013.

Renaming the company to Exide Life Insurance is confirmation of the eternal commitment of Exide Industries to the life insurance business.

Written By: PolicyBazaar - Updated: 21 January 2021
You May Also Want to Know About
Modi Government Launches 3 Social Security Schemes
Modi Government Launches 3 Social Security Schemes Prime Minister Narendra Modi has launched three new social security schemes (PM Bima Yojana) in Kolkata. The new government schemes (2 insurance products & 1 pension scheme) is aimed at the...
Insurance Corporate Agents Can Now Sell Policies Of Up To 3 Insurers
Insurance Corporate Agents Can Now Sell Policies Of Up To 3 Insurers  The Insurance Regulatory and Development Authority of India (IRDAI) notified new norms for corporate agents allowing them to tie up with up to three insurers each — life, no...
Maharashtra’s Auto Rickshaw Drivers to Get Pension and Insurance Cover
Maharashtra’s Auto Rickshaw Drivers to Get Pension and Insurance Cover The Maharashtra State Department has decided to give pension to the licensed auto rickshaw drivers above 60 years of age. The scheme will also cover their spouse as well. T...
IRDA Imposes a Penalty worth Rs 10 Lakhs on Tata AIA Life
IRDA Imposes a Penalty worth Rs 10 Lakhs on Tata AIA Life Insurance Regulatory and Development Authority of India (IRDA) today slapped a penalty of Rs 10 Lakhs on Tata AIA Life Insurance for surfeit payment to corporate agents. Additionally, th...
IRDAI Directs SBI Life Insurance Company Ltd. to Refund Commission Excess of Rs.275 Crores to Policyholders
IRDAI Directs SBI Life Insurance Company Ltd. to Refund Commission Excess of Rs.275 Crores to Policyholders SBI Life Insurance Company Ltd., a private life insurer, was directed to reimburse the excess commission of Rs. 275.29 crore to policyhol...
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL