Infosys Technologies Ltd today anounced renewal of the group life insurance policy covering 97,000 employees with Life Insurance Corporation of India (LIC). This is the largest group insurance cover given to any company by LIC in the country as the total sum assured is over Rs 24,000 crore.
Infosys currently covers all its employees with life and accident insurance with the insurance cover amount ranging between Rs 30 lakh to Rs 1 crore per employee. Of this, the LIC cover varies between Rs 20 lakh to Rs 80 lakh per employee. The premium towards the insurance cover will be paid the Employees Welfare Trust of Infosys. While, the premium amount was not disclosed, the company will pay around Rs 200 per month at the highest level per employee, Mohandas Pai, member of the board, Infosys said.
"As a part of our HR policies, Infosys believes in providing adequate life, accident and medical insurance cover to its employees as a holistic measure," Pai said.
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 1,791 crore. This insurance amount went up to Rs 7,981 crore in 2006 and was Rs 11,792 crore in 2007.