The government has appointed V K Sharma as the chairman of state-owned Life Insurance Corporation (LIC) for five years. Sharma, who is the managing director of LIC, was acting as chairman since September 16 when the then chairman S K Roy was relieved of his duties.
- “The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for appointment of VK Sharma, MD, LIC, as chairman, LIC in fixed pay of Rs 80,000 (pre-revised) for a period of five years from the date of notification of his appointment or up to the date of his superannuation, or until further orders.
- Sharma who joined the body as a direct recruit officer in 1981, served as the chief executive of its mortgage subsidiary LIC Housing Finance and zonal manager in charge of the south zone. LIC is the largest financial institution in the country with assets of over Rs 22 lakh crore.
Life Insurance Corporation:
Life Insurance Corporation of India (LIC) is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of ₹1,560,482 crore (US$230 billion). As of 2013 it had total life fund of Rs.1433103.14 crore with total value of policies sold of 367.82 lakh that year.
The Life Insurance Corporation of India was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the private insurance industry in India.