Ask HN: Is the following IP policy justified for a company?

I work for at tech company that has the following IP policy. It looks overly aggressive to me, but I would like to get a second opinion. I am in particular worried on the parts that say "any work or material"

All intellectual property rights in any work or material developed/co developed/conceptualized directly or indirectly by the Employee during the course of his/her employment shall be considered 'works made for hire' under the intellectual property laws and shall belong to and be the property of the company and the employee confirms and accepts that he/she shall not be entitled to claim any rights over any such Intellectual Property. If required by the company, during or after the Employment period, the employee shall assign and transfer in favor of the company.