IPO-bound LIC chairman M R Kumar to complete his term: Govt official

The government has abolished the position of chairman at the insurer, and will have a CEO and MD

Even as the government has notified rules to relinquish the position of Chairman at Life Insurance Corporation of India (LIC), M R Kumar would continue serving the post until he completes his term, said a government official. The position of chairman at LIC would be relinquished over a period of time, he added.

As part of a series of changes being undertaken for the IPO-bound company, the government has abolished the position of chairman at the insurer, and will have a chief executive officer (CEO) and managing director (MD).

“For now, there will be a chairman at LIC whose role