The Financial Services Institutions Bureau (FSIB) interviewed five candidates for the positions. LIC has four managing directors besides CEO and MD who heads the life insurance giant.
Mumbai: FSIB, the headhunter for directors of state-owned banks and financial institutions, on Tuesday recommended R Chander, executive director and chief investment officer, for the post of managing director of insurance behemoth LIC.
The Financial Services Institutions Bureau (FSIB) interviewed five candidates on Tuesday for the positions, it said in a statement.
“Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau recommends R Chander for the position of MD in LIC,” it said.
Chander will retire in September 30, 2027.
He has been the chief investment officer of LIC since June.
He had joined LIC in 1990 as an assistant administrative Officer, after having completed his Post Graduation Diploma in Financial Management. He is also a Fellow of the Insurance Institute of India.
Chander has an experience of working as senior divisional manager of Nagpur and Hyderabad divisions. He has also worked as regional manager (Marketing), South Zone and as regional manager (Pension & Group Schemes), South Central Zone.
LIC has four managing directors besides CEO and MD who heads the life insurance giant.
The final decision on the FSIB recommendations would be taken by the Appointments Committee of the Cabinet, headed by Prime Minister Narendra Modi.
The FSIB is headed by Bhanu Pratap Sharma, former secretary, Department of Personnel and Training (DoPT).
Other members of the headhunter are the secretary, Department of Financial Services, secretary, Department of Public Enterprises, IRDAI chairman, former LIC managing director Usha Sangwan and former Oriental Insurance chairman and managing director A V Girija Kumar.
LIC enteres into a bancassurance partnership with RBL Bank
Meanwhile, LIC has entered into a bancassurance partnership with RBL Bank Ltd., one of India’s leading private sector banks. This strategic collaboration will enable RBL Bank customers to access LIC’s comprehensive range of life insurance products through the bank’s extensive branch network and digital channels.
The formal tie-up was announced in the presence of Shri R. Doraiswamy, CEO & MD, LIC of India and Shri R Subramaniakumar, MD & CEO, RBL Bank Ltd and other senior officials from LIC of India and RBL Bank Ltd. The partnership underscores the shared commitment of both institutions to expand financial protection and strengthen insurance penetration across India.
Through this collaboration, RBL Bank customers will be able to avail LIC’s diverse product portfolio-covering term plans, endowment policies, pension and unit-linked insurance plans.
Through combined strength of a vast network of more than 3600 Branches and Satellite Offices of LIC and nearly 570 branches and 1474 business correspondent branches (of which 297 banking outlets) of RBL Bank, the penetration of life insurance across the country would be made easier and this will go a long way towards the vision of“ Insurance for all by 2047”.