HDFC Life to acquire Exide Life Insurance


New Delhi: HDFC Life Insurance Co.Ltd. Approved the acquisition of Exide Life Insurance Co.Ltd., a division of battery manufacturer Exide Industries Ltd.

The process of integrating Exide Life Insurance into HDFC Life Insurance will begin after the acquisition is complete. According to the insurer’s statement, the entire process of acquisition and subsequent incorporation is subject to relevant regulations and other permits.

The proposed transaction will give customers access to a wider point of contact with products and services. Employees and agents alike will benefit from a larger and more important organization that recognizes the interactions that result from complementary business models built on the same passion.

What policyholders need to know

Exide Life insurance companies need not panic. Services (billing, reimbursement, renewal, etc.) will be provided through Exide Life branches, websites, apps, etc. until the transition is complete. Mahavir Chopra, founder and CEO of Beshak.org, said such delays typically take four to six months, and in some cases even longer. “Once the switch occurs, customers will expect HDFC Life to have official contact with all Exide Life policyholders regarding changes such as the HDFC Life website, other digital assets, and the switch to a toll-free number. “I have to,” said Chopra.

In addition, this process ensures that the policy requirements remain the same as described in the customer’s existing policy documentation.

Niraj Shah, CFO of HDFC Life, said that once the migration is complete, customers will benefit from an increased number of touchpoints. In addition, the insured benefits from an increased portfolio of products available to them.

“In addition, the range of digital assets available at HDFC Life such as 3-click billing process, video retirement life certificate application, premium electronic payment options, and online travel purchases have been extended to Exide Life customers. We give you access to the best service and sales experience in this class of process,” said Shah.

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