New Delhi: In a significant development in the Indian insurance sector, the Financial Services Institutions Bureau (FSIB) has recommended Mr. Ramakrishnan Chander for the position of Managing Director (MD) at the Life Insurance Corporation of India (LIC), the country’s largest state-run insurance firm.
Mr. Chander, who was appointed as Chief Investment Officer (CIO) of LIC in June 2025, is now poised to join the upper board of the corporation, subject to final approval from the Appointments Committee of the Cabinet (ACC).
Selection Process and Recommendation
The FSIB conducted interviews with five senior LIC officials on September 30, 2025, to assess their suitability for the role of Managing Director. “Keeping in view their performance in the interface, overall experience, and extant parameters, the Bureau recommends Mr. R. Chander for the position of Managing Director in LIC,” the FSIB said in its official notification.
Mr. Chander’s selection reflects his extensive expertise in investment management and leadership within LIC, a role that carries immense responsibility in shaping the future of the corporation’s strategic and financial direction.
Leadership Structure at LIC
The LIC board comprises four Managing Directors in addition to the Chairman & CEO. The current Managing Director and CEO of LIC is R. Doraiswamy, while the other MDs are Dinesh Pant, Ratnakar Patnaik, and Sat Pal Bhanoo. Upon final appointment, Mr. Chander will join this elite leadership team, further strengthening the board’s investment and management capabilities.
Awaiting Final Approval
While FSIB’s recommendation is a critical step in the appointment process, the final nod lies with the Appointments Committee of the Cabinet, which oversees senior appointments in public sector enterprises. Once approved, Mr. Chander will formally assume his new role and contribute to steering LIC through an evolving insurance landscape and financial market dynamics.
About Life Insurance Corporation of India (LIC)
Life Insurance Corporation of India (LIC) is India’s largest life insurance company and a leading public sector financial institution. Established in 1956, LIC plays a pivotal role in providing life insurance coverage across the country with a vast network of agents and offices. As a trusted brand with a significant market share, LIC offers a broad range of insurance and investment products, contributing to financial inclusion and economic growth. The corporation is also one of the largest institutional investors in India, with a strong presence in capital markets.
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