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Thomas K. Thomas

New Delhi , July 28

IN one of the biggest company paid employee insurance deals, telecom major Bharti Tele-Ventures will sign a contract with Life Insurance Corporation to buy group life insurance policy for a total sum assured of more than Rs 930 crore.

The scheme will cover more than 8,600 Bharti employees with a minimum insurance cover of Rs 10 lakh.

Bharti Tele-Ventures will be signing the contract with LIC on Friday. The policy will come into effect from August 1. Under the agreement, LIC will provide life term cover to more than 8,600 employees of Bharti Tele-Ventures and its group companies under a graded sum assured scheme.

The group insurance policy includes life insurance component, which provides cover against all perils. This will one the biggest insurance cover deals in the country. Earlier, Tata AIG had insured 17,226 employees of the GE Group of companies in India for a total sum assured of Rs 1,865 crore. Tata AIG had also covered 15,930 employees of Wipro Ltd for a total sum assured of Rs 876 crore. LIC had sold a group insurance policy to Infosys covering 13,000 employees for a sum assured of Rs 1,300 crore.

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