ING Life as was formerly known has been renamed as Exide Life Insurance after being approved by Insurance Regulatory and Development Authority (IRDA) together with Ministry of Corporate Affairs. However, the company does not intend to change the composition of its board of directors. The company is having a broad variety of plans including retirement and pension and protection plans, savings and investments plans. As ING insurance company, the company came into existence in 2001, and in 2014 it completely transited to Exide Life Insurance under Kshitij Jain leadership who is the CEO and the MD (Cummins & Venard, 2007). In addition, the company is fully owned by Exide Industries Limited that makes of being proud as a 100 year old Indian heritage brand.
Since 2014, ING Life has launched a variety of specialized products such as Assured Gain Plus, a traditional plan to offer returns on investments and guaranteed benefits. It is an investment solution policy for people looking for a tax free returns with life cover as well as capital guarantee. Under this policy plan, and individual only pays for five years, while benefits continues for the entire policy term. The options for the full policy terms include ten, twelve or fifteen years (Su & Chen, 2014).
The company distributes its products through a variety of ways including multi-channels viz, Alliances and Banc assurance. There are over 35,000 advisors comprised in the Agency channel and are attached to more than 200 customer care centres as well as offices all over the country. The Alliances business and the Banc Assurance is having a distribution relationship with Regional Co-operative banks, ING Vysya Bank, Corporate Agents, Referral Partners and Brokers. Finally, Exide Life Insurance is among the top insurance companies in South India and is increasing growing its franchise to other regions of the country (Cummins & Venard, 2007).
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