Infosys obtains LIC group insurance policy for Rs 1,300 crore

Bangalore: IT-major Infosys Technologies has obtained a Life Insurance Corporation (LIC) group insurance policy for Rs 1,300 crore, the biggest in corporate India in terms of the sum assured.

LIC senior divisional manager R Muniratnam says the policy, with a sum assured of Rs 1,300 crore, covers 13,000 employees of the company. Each employee is covered to the tune of Rs 10 lakh.

Muniratnam, however, does not want to disclose the amount of premium charged. “The insured employees do not have to undergo any prior medical information. The policy was sold directly by LIC and not through its agents. We are enthused by this and are now targeting more corporates to be covered under the group insurance policy.“

The total new business from the group insurance side for LIC has risen from Rs 46.05 crore in 1969-70 and to Rs 99,446.11 crore in 2001-02. The total number of lives covered under the group insurance schemes stood at 2.56 crore in 2001-02.

The group insurance business is gathering steam in India. New entrants like SBI Life, the insurance arm of State Bank of India, have been aggressively promoting group insurance products. SBI Life, for instance, has its Super Suraksha scheme offered to depositors of the SBI group.