Bangalore: Life Insurance Corporation of India and Infosys Technologies Limited today announced renewal of the group life insurance policy covering all employees of Infosys, making it the largest ever group policy in India worth Rs24,000 crore.
This is the highest cover offered by any insurance company, under any single employer-employee group life insurance policy in India, LIC Managing Director Thomas Mathew T told reporters.
The policy between Infosys and LIC was initiated in 2002 with a uniform cover of Rs10 lakh per employee covering 12,000 employees for a total sum of Rs1791 crore.
The insurance amount went up to Rs7,981 crore in 2006 and was Rs11,792 crore in 2007. The coverage levels have substantially risen over the years, in tune with overall Infosys social security and employee benefit initiatives.
“LIC cover varies between Rs20 to Rs80 lakh per employee, making a total sum insured with LIC, over Rs24,000 crore covering more than 90,000 employees,” said Mathew.
Speaking on Infosys’ efforts towards offering its employees social and financial security, Mohandas Pai, Member of the Board of Infosys, said “as part of our HR policies, Infosys believes in providing adequate life, accident and medical insurance cover to its employees in a holistic measure”.