Mumbai: Life Insurance Corporation of India (LIC) has approved the re-appointment of two Independent Directors — Mr. Mahalingam G and Dr. V S Parthasarathy — for an additional six-month term, effective January 29, 2026.
The decision was taken by LIC’s Board of Directors based on the recommendations of the Nomination and Remuneration Committee, ensuring continuity in governance as the terms of three other Independent Directors concluded on the same day.
Board Meeting Details
The re-appointment was approved during a board meeting held on January 28, 2026, from 6:55 PM to 7:25 PM. The move aims to maintain stability and experienced leadership on LIC’s board during a transitional phase.
Key Re-Appointments at a Glance
Mr. Mahalingam G (DIN: 09660723)
- Term: Six months, from January 29, 2026
- Experience: Over 40 years in financial regulation and market development
- Professional Background:
- Former Chief Dealer and Executive Director at the Reserve Bank of India (RBI)
- Former Whole-time Member of the Securities and Exchange Board of India (SEBI)
- Currently chairs SEBI Advisory Committees on Secondary Markets and Corporate Bond Market
- Former Chief Dealer and Executive Director at the Reserve Bank of India (RBI)
- Education:
- Master’s in Statistics & Operations Research, IIT Kanpur
- MBA, Birmingham Business School (UK)
- Master’s in Statistics & Operations Research, IIT Kanpur
Dr. V S Parthasarathy (DIN: 00125299)
- Term: Six months, from January 29, 2026
- Experience: Over 40 years in corporate leadership, M&A, and digital transformation
- Professional Background:
- Former Group CFO and Group CIO, Mahindra Group
- Board member at companies including NIIT MTS and Pennar Industries
- Author of a book on mergers and acquisitions
- Former Group CFO and Group CIO, Mahindra Group
- Education & Honors:
- Chartered Accountant (ICAI India & ICAEW UK)
- PhD, University of Mumbai
- Harvard Business School – Advanced Management Programme alumnus
- Recipient of Lifetime Achievement Awards and Business World–YES Bank Hall of Fame Award
- Chartered Accountant (ICAI India & ICAEW UK)
Importance of the Re-Appointments
The re-appointments ensure governance continuity and board stability at LIC, especially after the completion of terms of three other Independent Directors. The extensive regulatory, financial, and corporate expertise of both directors is expected to support LIC’s ongoing transformation in India’s evolving insurance sector.
Regulatory Compliance
The re-appointments are in line with:
- Section 4(2)(g) of the LIC Act, 1956
- Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations
The official disclosure has been made available on LIC’s website.
What’s Next for LIC’s Board
With two Independent Directors receiving six-month extensions and three completing their terms, LIC is expected to initiate the process to appoint new Independent Directors to maintain balanced board composition and effective committee leadership.
About Life Insurance Corporation of India (LIC)
The Life Insurance Corporation of India (LIC) is a statutory corporation established under the LIC Act of 1956. It is India’s largest insurance company and the largest institutional investor. LIC’s primary goal is to provide life insurance and financial security to individuals, with a focus on spreading insurance widely, especially in rural areas.
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