Infosys renews LIC policy worth Rs 24,000 crore

Life Insurance Corporation of India and Infosys Technologies Limited on Thursday announced renewal of the group life insurance policy covering all employees of Infosys, making it the largest ever group policy in India of Rs 24,000 crore (Rs 240 billion).

This is the highest cover offered by any insurance company, under any single employer-employee group life insurance policy in India, Thomas Mathew T, managing director, LIC, told media.

The policy between Infosys and LIC was initated in 2002 with a uniform cover of Rs 10 lakh (Rs 1 million) per employee covering 12,000 employes for a total sum of Rs 1791 crore (Rs 17.91 billion).

The insurance amount went up to Rs 7981 crore (Rs 79.81 billion) in 2006 and was Rs 11,792 crore (Rs 117.92 billion) 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 (Rs 2 million to Rs 8 million) per employee, making a total sum insureed 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, Mmmber 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".