GoI 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 INR 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 CEO of its mortgage subsidiary LIC Housing Finance and zonal manager in charge of the south zone.
LIC- Stands for Life Insurance Corporation.
- Assets: 22 lakh crore
- Status: largest financial institution in the country.
- Estimated asset value of ?1,560,482 crore (US$230 billion).
- As of 2013 it had total life fund of INR1433103.14 crore with total value of policies sold of 367.82 lakh that year.
- Founded: 1956 through LIC Act
