NEW DELHI: HDFC Lifetime Insurance policies Co. Ltd has agreed to invest in Exide Lifetime Insurance coverage Co. Ltd, a device of battery maker Exide Industries Ltd, for ₹6,687 crore, allowing the country’s most useful non-public insurance company to bolster its existence in south India.
The system of merging Exide Daily life insurance plan into HDFC Life Insurance plan will be initiated on completion of the acquisition. According to the insurer’s assertion, the overall method–acquisition and subsequent merger–is subject to pertinent regulatory and other approvals.
The proposed transaction will give clients obtain to a additional expansive bouquet of solutions and assistance touch-factors. Staff and agents will advantage from a larger, much more critical organisation that realises the synergies arising from complementary enterprise types constructed on very similar ethos.
What policyholders should really know
Current Exide everyday living policyholders really don’t require to stress. They will carry on to be serviced (claims, redemptions, renewals and so on.) by Exide Existence by way of its branches, internet site, application and so forth., till the transition is finish. Mahavir Chopra, founder, CEO, Beshak.org, explained these kinds of shifts ordinarily acquire 4-6 months or even far more sometimes. “As shortly as the changeover is place to result, customers need to assume a official conversation from HDFC Life to all the policyholders of Exide Existence about any changes – for instance, transition to HDFC Life’s site, other digital assets, toll-no cost numbers,” Chopra reported.
Aside from, the method ensures that coverage conditions and ailments will keep on being the identical as specific in a customer’s present policy document.
Niraj Shah, CFO, HDFC Life, has claimed the moment the changeover is complete, shoppers will reward from the amplified quantity of service contact-factors. Policyholders will also gain from enhanced solution portfolio available to them.
“Also, the several electronic assets available with HDFC Lifetime, for example, 3-click declare procedure, video daily life certificate submission for an annuity, e-mandate facility for premium payment, on line getting journey will be extended to Exide Existence consumers. This procedure will give them entry to very best-in-class service and sales knowledge,” stated Shah.
Never pass up a tale! Stay linked and educated with Mint.
our Application Now!!