Posted : Friday, May 22, 2009
Sep 11 (PTI) 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 Rs 24,000 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 Rs 10 lakh per
employee covering 12,000 employees for a total sum of Rs 1791 crore.
The insurance amount went up to Rs 7,981 crore in 2006 and was Rs
11,792 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 Rs 20 to Rs 80 lakh per
employee, making a total sum insured with LIC, over Rs 24,000 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".