bangalore lic has renewed its group insurance policy to indias secondlargest itites exporter infosys technologies the policy with a sum assured of rs 24000 crore will cover all the 97000 employees of the it behemoth employed both in india and overseas according to lic officials this is the singlelargest group life insurance issued by the corporationunder the cover the next of kin of each infoscian would depending on the rank be eligible to get anywhere between rs 20 lakh to rs 80 lakh in the event of death of the employee the policy also has an accident cover of rs 10 lakh infosys believes in providing adequate life accident and medical insurance to its employees as a holistic measure nearly 40 of our employees come from lowincome group and small towns the employees success buoys the economic prospects of their families and hence this kind of cover said tv mohandas pai directorhr of infosys the infosyslic association has been on since 2002 with the number of employees being covered rising from 12000 in 2002 to 97000 currently in 2002 the sum assured stood at rs 18000 crore with an individual cover of rs 10 lakhin fy2007 while infosys witnessed 35 mortalities and paid out rs 45 crore it increased to rs 824 crore while the number of mortalities was 36 lic md thomas mathew who was present on the occasion said that the corporation was keen that a large number of indian corporates follow the infy example and provide cover to their employees as of date besides infosys lic issues group insurance cover to corporates like hindustan aeronautics hal which covers 52000 employees wipro with 60000 employees and singareni colleries with 70000 employeeswhile in the case of wipro the cover ranges between rs 5 lakh and rs 25 lakh in case of singareni colleries the cover is from rs 2 lakh to rs 5 lakh while lic and infosys officials were tightlipped about the quantum of premium paid it is believed that it is the range of about 01 of the sum assured