Life Insurance Corporation of India (LIC) 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.
This is in tune with the overall Infosys social security and employee benefit initiatives. This is the highest cover offered by any insurance company, under any single employer-employee group life insurance policy in India.
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 7981 crore in 2006 and was Rs 11,792 crore in 2007.
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.