MUMBAI, January 28, 2026 – Life Insurance Corporation of India (LIC) today announced the cessation of three of its Independent Directors from the Board, effective at the close of business on January 28, 2026.
Key Changes:
Independent Directors Completing Term:
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Smt. Anjuly Chib Duggal (DIN: 05264033)
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Shri Raj Kamal (DIN: 07653591)
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Shri Muthu Raju Paravasa Raju Vijay Kumar (DIN: 05170323)
Committee Leadership Impact:
The departure of these directors has triggered significant changes in committee leadership:
Smt. Anjuly Chib Duggal exits from:
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Executive Committee (Chairperson)
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Risk Management Committee
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Policyholder Protection, Grievance Redressal and Claims Monitoring Committee
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Stakeholders Relationship Committee
Shri Raj Kamal exits from:
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Investment Committee
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Risk Management Committee
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With Profit Committee
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Information Technology Strategy Committee (as Chairperson)
Shri Muthu Raju Paravasa Raju Vijay Kumar exits from:
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Investment Committee
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Audit Committee (as Chairperson)
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Information Technology Strategy Committee
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Committee for Review of Wilful Defaulters
Regulatory Compliance:
The announcement has been made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Information Availability:
A copy of this intimation is available on the corporation's website at www.licindia.in.
Next Steps:
With three Independent Directors completing their terms simultaneously, LIC will now need to initiate the process for appointing new Independent Directors to maintain the required board composition and committee leadership.
Market Context:
This leadership transition comes at a crucial time for LIC as it continues to navigate the evolving insurance landscape and strengthen its governance structure post-listing. The vacancies in key committee positions, particularly in the Audit Committee and Information Technology Strategy Committee, will require prompt attention to ensure uninterrupted governance oversight.
About LIC:
Life Insurance Corporation of India (NSE: LICI, BSE: 543526) is India’s largest and most trusted life insurer, serving millions of policyholders across the country. The corporation has been strengthening its governance framework since its landmark IPO in 2022.