Exide Life Insurance Review

Exide Life Insurance, formerly known as ING Vysya Life Insurance, was a leading life insurer in India. Exide Life Insurance offered term plans, child plans, retirement, savings, investment, and group life insurance solutions to over a million customers. Established in 2001 and headquartered in Bangalore, the company built a strong presence across 200+ cities with a robust network of 40k+ advisors. After ING’s exit from India, Exide Industries took full ownership in 2013, rebranding the business as Exide Life Insurance in 2014. In 2022, it merged with HDFC Life, marking the end of its independent journey while expanding HDFC Life’s customer base and distribution reach.

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Overview

History of HDFC Exide Life Insurance

In a landmark moment for the Indian life insurance industry, HDFC Life and Exide Life came together in a ₹6,687 crore (cash & stock) deal—the first-ever merger and acquisition in the sector. Announced in September 2021 and completed by October 2022, the merger combined the strengths of both insurers in record time. HDFC Life acquired Exide Life from Exide Industries through a mix of cash and shares, giving Exide Industries a 4.1% stake in HDFC Life. The merger was driven by HDFC Life’s goal to accelerate growth in its agency and proprietary distribution channels, while expanding its presence in South India and tier 2 and 3 cities through Exide Life’s strong advisor network. 

By joining forces, they created a stronger, more diverse company with a broader product range, a wider reach, and enhanced embedded value—growing the combined entity’s embedded value by 10%. This merger wasn’t born out of financial stress but was a strategic acquisition from a position of strength, contributing to industry consolidation and setting the stage for long-term growth.

The merger added around 1.3% to HDFC Life’s market share and cemented HDFC Life’s position as a leading player, with a private market share of 16.1% and a vision for deeper insurance penetration across India.

What Happened to Existing Exide Life Customers and Policyholders?

What did the merger mean for Exide Life Insurance policyholders? Here’s how existing customers were impacted—

1. Continuity of Policies:

All existing Exide Life Insurance policies continued as-is after the acquisition. Customers did not need to take any action. The policy terms, conditions, benefits, and premium payment schedules remained unchanged, as per IRDAI regulations protecting policyholders in case of insurer mergers.

2. Servicing Shift to HDFC Life:

While policies remained valid, the servicing of Exide Life policies was gradually transitioned to HDFC Life. This means:

• Policyholders could start using HDFC Life’s service channels (branches, website, customer care) over time.
• Overlapping services, including mobile apps, policy servicing requests, and claim settlement, were integrated to improve customer experience.

3. Regulatory Safeguards:

The Insurance Regulatory and Development Authority of India (IRDAI) approved the merger only after ensuring policyholder interests were fully protected. No disadvantages or losses were passed on to customers.

In short, Exide Life customers enjoyed a seamless transition, retaining all their benefits while gaining access to HDFC Life’s wider service network.

Metrics of HDFC Life Insurance

Now that we’ve spoken so much about HDFC Life, it only makes sense to cast a quick glance at its metrics and the plans it offers—let’s delve in.

Insights: Between 2021 and 2024, HDFC Life consistently outperformed the industry across key metrics—maintaining an impressive average claim settlement ratio of 99.2% (vs. 98.13% industry), a high amount settlement ratio of 93.9%, and a sharp decline in complaint volume from 3 to just 1 (vs. 15 industry median). Its annual business grew 22.6% over three years, reaching ₹29,631 crore in 2023-24, solidifying its customer-centric, financially strong, and market-leading insurer position.

HDFC Life Term Insurance Plans

HDFC Life Click2Protect Super (C2PS)

HDFC Life Click2Protect Super is a comprehensive term insurance plan that offers robust protection with a wide range of features, albeit at a relatively higher premium.

• Over the past three years, HDFC Life has maintained an impressive claim settlement ratio of 99.2%, outperforming the industry average of 98.13%.
• The insurer has recorded only 2 complaints per 10,000 claims, significantly lower than the industry average of 15 complaints per 10,000 claims.
• The plan’s amount settlement ratio stands at 93.9%, which is respectable and indicates a reliable claims experience.
• Click2Protect Super offers several built-in and optional benefits to enhance coverage.
• It includes an accidental death cover and a zero-cost option that refunds premiums if the policyholder exits the policy early.
• The plan provides a waiver of premium benefit in the event of critical illness or total permanent disability, ensuring uninterrupted coverage.
• It allows policyholders to opt for additional coverage at significant life milestones, such as marriage or childbirth.
• The plan also offers the option to increase the sum assured periodically to keep pace with inflation.
• It provides critical and terminal illness benefits, featuring a relatively short 90-day waiting period and claim payouts within 15 days of diagnosis.
• Optional riders available include: Life Stage Benefit Rider, Accidental Total and Permanent Disability Rider, Waiver of Premium Rider, Accidental Death Benefit Rider, and Critical Illness Rider.

In summary, Click2Protect Super is well-suited for individuals seeking a feature-rich, customizable term plan from a trusted insurer, with the flexibility to adapt coverage to changing life needs.

Why Talk to Ditto for Your Life Insurance?

Still unsure what to buy? At Ditto, our IRDAI-certified advisors decode jargon, compare premiums in real time, and flag all hidden conditions—all at no cost to you. Book a quick call, and we’ll map out the best route to the protection your family requires. No spam, no misleading, and no obligatory purchase. This is why customers like Tanmay below love us:

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Conclusion

The merger of Exide Life with HDFC Life not only reshaped the Indian insurance landscape but also strengthened HDFC Life’s leadership with broader reach, better service, and robust performance. Backed by stellar claim settlement ratios and innovative plans like Click2Protect Super, HDFC Life continues to offer reliable, customer-centric solutions. Whether you're looking for strong financial protection or flexible term insurance, HDFC Life stands out as a trusted partner for your insurance journey.