Business

LIC signs bulk deal with Infosys

BANGALORE: Life Insurance Corporation of India (LIC) concluded here on Thursday its largest group insurance deal with Infosys Technologies. The sum assured under the group insurance cover for 95,000 employees, will be Rs. 24,000 crore. The arrangement started in 2002 with 12,000 employees and Rs. 1,791 crore sum assured.

Director, Human Resources at Infosys, T. V. Mohandas Pai, said, “The coverage includes accident insurance. In 2006-07, 35 employees died in mishaps and Rs. 4.50 crore claims were paid. It would be good if the Central Government provided such insurance cover for all citizens as part of a larger social security net”.

LIC’s Managing Director, T. Thomas Mathew, said Singareni Collieries, Andhra Pradesh, had the second largest group insurance coverage of Rs. 1,400 crore for 70,000 workers. “LIC is also an investor; we have invested Rs. 8 lakh crore in various enterprises." Speaking later to reporters, Mr. Pai said the West Bengal Government had assured that there would be no hurdles for Infosys in that State. About the economy as a whole, he felt that the drop in crude oil prices, lower inflation and possible stability in the markets, should benefit all sections.

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