Software major Infosys Technologies has renewed its insurance cover with National Insurance Company for a marginally higher sum of Rs 10,500 crore for the year 2010-11, as against Rs 9,500 crore last year.
The insurance cover includes company’s assets in India and abroad, employee benefits and business interruption. The cover had come up for renewal from July 1.
For renewing its cover, Infosys paid a premium of Rs 29 crore including a Rs 4-crore premium for the business interruption cover, an insurance company official confirmed. Last year, it had paid Rs 25 crore in premium including a Rs 3.5-crore premium for business interruption.
This is the fifteenth consecutive year in which National Insurance has managed to retain the account of the software major.
The policy provides insurance cover for all assets of Infosys, located in India as well as abroad. Infosys’s assets in India are located in centres such as Bangalore, Mysore, Chennai, Pune, Hyderabad, Bhubaneshwar, Mohali, Jaipur and Thiruvanthapuram.
Besides the asset cover, employee benefits such as health insurance for employees and their family, and personal accident cover have also been renewed. Infosys has around 1.10 lakh employees on its rolls in India. While National Insurance will provide the lead cover, ICICI Lombard General Insurance is the co-insurer.
Hospital network
A preferred network of hospitals, defined benefits for named illness and employee participation in claims has helped Infosys keep a check on the insurance costs. The hospital network is chosen by National Insurance and Mediassist, the claims administrators for Infosys taking factors such as quality of treatment, cost efficiency and transparency in procedures and billing into account.
The rise in the premium is commensurate to the increase in the sum assured. With Infosys’ employee count going up, the sum assured has also gone up, said the official.
The travel insurance cover, provided by Tata AIG General Insurance and the group life insurance cover provided by LIC were also renewed.
