Bangalore: The insurance policy of India's second largest IT company, Infosys with Life Insurance Corporation of India, became the highest group insurance policy at Rs. 24,000 crore in the country, which covers all the employees of the company.

Thomas Mathew T, Managing Director, LIC, said "This is the highest cover offered by any insurance company, under any single employer-employee group life insurance policy in India."

Earlier, when Infosys initiated group insurance scheme with LIC in 2002, the cover per employee was Rs. 10 lakh. The employee strength was 12,000 and policy amount was Rs.1791 crore at that time. The amount increased to Rs.7981 crore in 2006 and again had a rise at Rs.11, 792 crore in 2007.

The company stated that the coverage levels have substantially risen over the years in tune with the social security and employee benefit initiatives of Infosys. Now the insurance cover for Infosys employees varies between Rs 20 to Rs 80 lakh.

"Infosys believes in providing adequate, life, accident and medical insurance cover to its employees in a holistic measure," said Mohandas Pai, Member of the Board of Infosys.