Tata AIG Life Insurance Ltd will extend insurance cover to 15,930 employees of Wipro Ltd for a total sum assured of Rs 876 crore (Rs 8.76 billion).
Tata AIG would provide a group term life insurance cover to IT company employees. Wipro has chosen option whereby the sum assured is based on employee's grade in the company, Tata AIG said in a release on Tuesday.
"Employee life coverage is fast becoming a standard feature of corporate employee benefit pacakge and goes a long way in encouraging loyalty", Tata AIG managing director Ian Watts said.