LIC to get new chairperson soon: Who are in the fray? Selection process, eligibility, other details

LIC will appoint a new full-time chairperson soon. The selection process will soon be initiated by the Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions. 

The new chairperson will be selected from the four managing directors of the company. PTI reported that the bureau may hold an interview for the position towards the end of next week, provided that all members of the committee are available.

The Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi will make the final decision on the FSIB recommendation. One of the managing directors BC Patnaik retires on March 31. The government has already announced the appointment of Tablesh Pandey as his replacement.

After MR Kumar completed his term on March 13, 2023, Siddhartha Mohanty, managing director of LIC, took charge as acting chairman of the country's biggest life insurance firm.

Read: Gujarat HC Recruitment 2023 application to fill 193 posts underway: How to apply, eligibility, application fee

The government 2021 extended the superannuation age of the LIC Chairman to up to 62 years by making an amendment to the Life Insurance Corporation of India (Staff) Regulations, 1960.