The ING Vysya Life Insurance Company has been now officially been renamed Exide Life Insurance Company subsequent to the approval and authorization from Insurance Regulatory and Development Authority and the Corporate Affairs Ministry. This transfer follows Kolkata-based Exide Industries that acquired 100% ownership of the insurance company in the previous year. In 2005, Exide Industries, which is easily India's largest manufacturer of electric storage batteries, acquired for itself 50% stake in the Bangalore-headquartered ING Vysya Life Insurance. About eight years later they paid roughly around Rs 550 crore acquisition cost of the remaining investors including Netherlands-based ING Group's 26% stake. Exide Life Insurance serves over a million customers in more than 200 cities across the length and breadth of India and has assets under management of Rs 7,490 crore. In the just ended fiscal year, it doubled over its profits to Rs 53 crore, compelled by growth in renewal premiums, which accounted for about 60% of its premium income of Rs 1,830 crore. New premiums accounted for 40% of the total income which is substantial in the Financial Sector.
Mr. Kshitij Jain, MD of Exide Life Insurance reckoned the fact that their Company is among the top five players in the traditional home markets in the South (of India) and that they are confident that their new brand identity will help them reproduce the same level of success nationally. He also emphasizes that the company would continue to honor its commitments and obligations under the insurance policies issued to customers in the name of ING Vysya Life Insurance. The company has pursued supervisory approval to open nine new offices in the present-day quarter in the East of India. Responding to reports that Exide was in talks to dissociate its stakes in the company to foreign insurance players -- one name that has been reported is Samsung Life Insurance. A K Mukherjee, CFO of the Exide Industries, said that at the moment, there are no deliberations that are taking place on divesting stake to any foreign or domestic company.
Exide Life Insurance distributes its products through a multitude of channels like that of agencies, that comprise of 35,000 advisors, bancassurance and alliances. The bancassurance and alliances business takes into account distribution relationships with ING Vysya Bank, regional co-operative banks, corporate agents, brokers and referral partners.
As they are undergoing a complete rebranding, coming up with a new logo seemed like the next best step. The new logo of the Exide Life Insurance syndicates the bold 'Exide' word mark, with softer, more present-day forms of the word 'Life' and the 'Exide Life Sun' symbol. The color red and the letterforms of the 'Exide' word mark create an immediate graphic connect with the parent brand 'Exide'. The color red signifies solidity & dynamism. The word 'Life' is used in the color blue to signify stability and security and reflect thoughtful, considerate and human indications. The sun is the most universally acknowledged visual expression of 'life' and 'optimism' and strengthens the brand's philosophy of preparing people for a long and happy life. Below enlisted are some of the life insurance plans provided by the rebranded Exide Life Insurance Company:
Exide Life My Term Insurance Plan is a pure term insurance plan that offers you the facility of building strong family's financial foundation at a low price.
Exide Life Critical Illness Rider is an accompanying protection benefit which policy holders can add to their present Traditional Exide Life Insurance Policies.
Exide Life Wealth Maxima – Maxima Child is a Unit Linked Insurance plan which helps you to make best use of your wealth while protecting your child’s future.
Exide Life New Creating Life Insurance Plans will provide 110 percent definite returns to your child for his/her bright future.
Exide Life Golden Years Retirement Plan helps you to live a stable post retirement life by providing a multitude of benefits for building a corpus.
Exide Life Wealth Maxima is, essentially, a Unit Linked Insurance Plan that provides great returns at every new stage of life.
Exide Life Secured Income Insurance RP is a unvarying pay plan that provides life cover in two arrangements, in lump sum and regular as income as well.
Exide Life Assured Gain Plus is a traditional insurance cum investment plan that offers tax free investment.
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