Infosys Technologies Ltd has subscribed India’s biggest-ever group life insurance policy worth Rs 24,000 crore, from Life Insurance Corporation of India (LIC), covering around 97,000 employees of the organization.
With the latest initiative, Infosys will cover all its employees with the insurance cover ranging between Rs 20 lakh and Rs 80 lakh per employee. The policy also has an accident cover of Rs 10 lakh.
However, the company didn’t disclose the premium amount, but according to sources, it will pay around Rs 200 per month at the highest level per employee.
The company said in an official statement, that 40% of its employees are from the lower income group, and the company wants to offer social security to all its employees. The company had increased the total sum insured to Rs 11,792 crore in 2007, from Rs 7,981 crore in 2006.
Infosys had 35 deaths in fiscal 2006-07, for which the total claim was Rs 4.5 crore, while in 2007-08 there were 36 deaths and the claim amount was Rs 8.24 crore.
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