LIC has signed the largest group insurance policy with Infosys Technologies worth Rs 24,000 crore. The policy covers 97000 employees of Infosys and under it, the next of kin of each Infosys employee would, depending on the rank, be eligible to get anywhere between Rs 20 -80 lakh in the event of death of the employee. The cover of Rs 10 lakh has been given in the policy in the case of accident.

 

The Infosys-LIC association is not new and has been in existence since the year 2002. Earlier in that year LIC covered just 12,000 employees, and the total sum assured was Rs 18,000 crore. Other than Infosys, LIC has group insurance deal with Hindustan Aeronautics (HAL) that covers 52,000 employees. Its Wipro deal covers 60,000 employees.

 

Talking about new cover protection under LIC-Infosys group insurance, TV Mohandas Pai, Director of HR of Infosys said that Infosys believes in providing adequate life, accident and medical insurance to its employees as a holistic measure. He concluded that nearly 40% of employees come from low-income group and small towns and their success buoys the economic prospects of their families and hence this kind of cover.