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BANGALORE, INDIA: Software giant Infosys Technologies Ltd and Life Insurance Corporation of India (LIC) today announced the largest ever group insurance policy in India, of Rs 24,000 crore, with the renewal of Infosys' group life insurance policy covering all employees of the company.
According to Thomas Mathew T, managing director, LIC, "This is the highest cover offered by any insurance company, under any single employer-employee group life insurance policy in India."
Infosys initiated its group insurance scheme with LIC in 2002, with a cover of Rs 10 lakh per employee. At that time, the employee strength was 12,000 and the policy amount was Rs 1791 crore. Then, in 2006 the insurance amount went up to Rs 7981 crore in 2006 and in 2007 it reached Rs 11,792 crore.
Over the years, the coverage levels have substantially risen in tune with the social security and employee benefit initiatives of Infosys, the company said. Now the insurance cover for Infosys employees varies between Rs 20 to Rs 80 lakh.
While talking to media, Mohandas Pai, Member of the Board of Infosys, said "Infosys believes in providing adequate, life, accident and medical insurance cover to its employees in a holistic measure."
