Life Insurance Corporation of India has sold a group insurance policy with a sum assured of Rs 1,300 crore (Rs 13 billion) to Bangalore-based software major Infosys in the biggest scheme ever for group insurance in terms of the sum assured, a senior official said.
Infosys' 13,000 employees are covered under the policy, which was sold directly to the company clients or development officers, LIC senior divisional manager R Muniratnam told PTI on Monday.
Each employee is covered up to Rs 10 lakh (Rs 1 million), he said, adding the premium paid has been decided by the LIC corporate office, but declined to specify the premium amount paid by Infosys.
"It is the biggest scheme for group insurance both in the corporate and non-corporate sectors," he said.
After Infosys, LIC is now eyeing another Bangalore-based software major Wipro. "We are negotiating with Wipro. Private companies are also negotiating," Muniratnam said.
The LIC Bangalore Division has over 100 corporate clients.
