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(PTI): Anil Ambani group firm Reliance General Insurance has bagged mediclaim contracts from global business software giant Oracle and domestic IT major HCL Technologies to provide insurance cover to their employees.

While the company did not disclose financial details of the contracts that will add more than 1.5 lakh policyholders to its kitty, sources said the total premium would be over Rs 50 crore from the two deals.

Reliance General Insurance Ltd (RGIL), part of ADAG's financial services arm Reliance Capital, said it would provide mediclaim cover to employees and their dependents in India.

RGIL expects a group size of about 43,000 to start with for Oracle, whose contract last year was with Oriental Insurance Company. The Anil Ambani group company also sees an initial group size of about 1,10,000 at HCL Technologies, whose contract was with National Insurance Company last year.

RGIL has already sold over 1.5 lakh policies under 'Reliance Healthwise' plan since its launch, the company said.

The policy is available for children above three months and adults below 65 years and the premium is eligible for tax deduction under section 80D of the Income Tax Act.

"Health insurance has to move up the value chain, offering innovative and cost effective products to its consumers," Somasekharan added.