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K. Gopinathan

Renewal of policy: Mr T. V. Mohandas Pai (left), Member of the Board and Director - Human Resources, Infosys Technologies, and Mr T. Thomas Mathew, Managing Director, LIC, at a press conference in Bangalore on Thursday. –

Our Bureau

Bangalore, Sept. 11 Infosys Technologies Ltd has taken one of the largest group cover policy in corporate India from Life Insurance Corporation of India for its 97, 000 employees for Rs 24, 000 crore.

The IT major covers all its employees with life and accident insurance, with the insurance cover ranging between Rs 30 lakh and Rs 100 lakh per employee. Of this, the LIC cover varies between Rs 20 lakh and Rs 80 lakh per employee, the companies said in a statement on Thursday.

The total sum insured had increased to Rs 11,792 crore in 2007, from Rs 7,981 crore in 2006. The coverage levels have increased in tune with Infosys’s social security and employee benefit initiatives, the company said.

The company said 40 per cent of its employees are from the lower income group, and the company wants to provide social security to all its employees.

Answering questions from journalists, Mr Mohandas Pai, Member of the Board, Infosys, said the company has not taken a decision on investments in West Bengal.

Infosys only said it would “relook” and “rethink” on its West Bengal plans because it is concerned about the safety of its employees, said Mr Pai.

The West Bengal Chief Minister’s assurances to the company of full support were encouraging, he added.

The company had said it would reconsider its plans in West Bengal if necessary following the agitation over land acquisition in Singur for the Tata Nano plant.

Infosys had said it would invest Rs 500 crore to build a development centre on 90 acres of land in Kolkata.

Mr Pai also said Infosys was planning to bid for large, multi-year deals from government departments such as Bharat Sanchar Nigam Ltd, the Railways and the Ministry of Commerce. The deals would be in the range of Rs 500 crore- Rs 1,500 crore.

More Stories on : Life Insurance | Infosys Technologies Ltd | Human Resources

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