Govt extends M R Kumar's term as LIC chairman till March 13, 2022

Kumar's term as LIC chairman was supposed to end on June 30, 2021, but the center has extended his term by almost nine more months till March 13, 2022.

The appointments committee of the cabinet on Wednesday approved the extension of M R Kumar as the chairman of state-owned insurance behemoth Life Insurance Corporation of India (LIC). 

Kumar’s term as LIC chairman was supposed to end on June 30, 2021, but Centre extended his term by almost nine more months till March 13, 2022

In a notification, the government said, “The appointments committee of the cabinet has approved the proposal of department of financial services for extension of the term of MR Kumar as chairman of LIC beyond his currently notified term, which expires on 30.06.2021, till 13.03.2022 i.e the date he completes three years as the chairman, or until further orders, whichever is earlier”

This comes at a time when the government, in its budget this year, has stated that the initial public offering (IPO) of LIC will be completed in this current fiscal year (FY22). 

The government has already started the valuation process of LIC and reports have suggested that various departments of the government are speeding up this process so that LIC’s journey to the bourses does not face any delays. 

Last year, the government had appointed Milliman Advisors LLP India as the actuary to determine the embedded value of LIC.