MUMBAI, January 28, 2026 – Life Insurance Corporation of India (LIC) has re-appointed two of its Independent Directors for an additional six-month term, effective January 29, 2026. The decision comes on the same day the corporation announced the completion of term for three other Independent Directors.
Key Re-Appointments:
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Shri Mahalingam G (DIN: 09660723)
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New Term: Six months, from January 29, 2026
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Background: Veteran financial regulator with four decades of experience across RBI and SEBI
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Notable Roles: Served as Chief Dealer and Executive Director at RBI for forex market interventions; Whole-time Board Member of SEBI; currently chairs SEBI Advisory Committees on Secondary Markets and Corporate Bond Market
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Education: Masters in Statistics and Operations Research from IIT Kanpur; MBA from Birmingham Business School, UK
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Dr. V S Parthasarathy (DIN: 00125299)
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New Term: Six months, from January 29, 2026
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Background: Seasoned business leader with over 40 years of experience, specializing in mergers and acquisitions and digital transformation
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Notable Roles: Former Group Chief Financial Officer and Group Chief Information Officer of Mahindra Group; serves on multiple corporate boards including NIIT MTS and Pennar Industries
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Education: Chartered Accountant (ICAI, India and ICAEW, UK); PhD from Mumbai University; Harvard Business School AMP alumnus
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Board Meeting Details:
The decision was made during a board meeting held today from 6:55 PM to 7:25 PM, based on recommendations from the Nomination and Remuneration Committee.
Significance of the Decision:
The re-appointments ensure stability on LIC's board following the completion of terms by three other Independent Directors announced earlier today. Both directors bring substantial regulatory and corporate expertise that will be valuable as LIC continues its transformation in India's evolving insurance landscape.
Regulatory Compliance:
The re-appointments are made in compliance with Section 4(2)(g) of the Life Insurance Corporation Act, 1956, and Regulation 30 of the SEBI Listing Regulations. The disclosure is available on LIC's official website at www.licindia.in.
Next Steps:
With two directors receiving six-month extensions and three directors completing their terms, LIC is expected to initiate a search process for new Independent Directors to maintain optimal board composition and committee leadership.
About LIC:
Life Insurance Corporation of India (NSE: LICI, BSE: 543526) is India's largest life insurer, serving millions of policyholders nationwide and playing a significant role in the country's financial ecosystem.