Apart from this, sources also told that FSIB can select the new LIC Chairman this week in view of the presence of members during the budget session of Parliament. After which the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi will take a final decision on the recommendation of the FSIB.

It is worth noting that one of the four Managing Directors, BC Patnaik, is retiring on March 31. The government has already appointed Tablesh Pandey in his place. Managing Director Siddhartha Mohanty is the acting chairman of LIC after the completion of LIC’s Managing Director MR Kumar’s term on March 13, 2023. Among these claimants are other managing directors – Mini Ipe and M Jagannath. Mohanty will retire in June this year, while Ip will retire in August, if he is not selected for the post of chairman.

LIC is the largest insurance company in the country. In this way, the chairman of LIC (LIC Chairman) retires at the age of 62 years. But, in 2021, the government increased the retirement age of LIC chairman to 62 years by amending the Life Insurance Corporation of India (Employees) Regulations, 1960. The changes made in the rules during this period are called the Life Insurance Corporation of India (Staff) Amendment Rules, 2021.

Barring a few, including the State Bank of India (SBI), the retirement age for top executives of most PSUs is 60 years. Let us tell you that the six-member panel FSIB is headed by Bhanu Pratap Sharma, former secretary of the Department of Personnel and Training (DoPT). Other members of the panel include Secretary, Department of Financial Services, Secretary, Department of Public Enterprises, IRDAI Chairman Debashish Panda, former LIC Managing Director Usha Sangwan and former Oriental Insurance MD AV Girija Kumar.