Mumbai : Life Insurance Corporation of India (LIC) has announced a major reshuffle at the board level following the completion of tenure of three Independent Directors, effective close of business on January 28, 2026, the corporation said in a regulatory filing.
Independent Directors Exiting the Board
The following Independent Directors have ceased to be members of the LIC Board after completing their respective terms:
- Smt. Anjuly Chib Duggal (DIN: 05264033)
- Shri Raj Kamal (DIN: 07653591)
- Shri Muthu Raju Paravasa Raju Vijay Kumar (DIN: 05170323)
Key Committee-Level Changes
The exit of these directors has led to significant changes across several key board committees, including leadership roles:
Smt. Anjuly Chib Duggal steps down from:
- Executive Committee (Chairperson)
- Risk Management Committee
- Policyholder Protection, Grievance Redressal and Claims Monitoring Committee
- Stakeholders Relationship Committee
Shri Raj Kamal steps down from:
- Investment Committee
- Risk Management Committee
- With Profit Committee
- Information Technology Strategy Committee (Chairperson)
Shri Muthu Raju Paravasa Raju Vijay Kumar steps down from:
- Investment Committee
- Audit Committee (Chairperson)
- Information Technology Strategy Committee
- Committee for Review of Wilful Defaulters
Regulatory Disclosure
LIC stated that the disclosure has been made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
A copy of the intimation is available on the corporation’s official website www.licindia.in.
Governance Implications
With three Independent Directors exiting simultaneously, LIC will now be required to initiate the appointment process for new Independent Directors to ensure compliance with statutory board composition and uninterrupted committee functioning.
The vacancies in critical committees such as the Audit Committee and Information Technology Strategy Committee are expected to receive priority attention, given their importance in governance, financial oversight, and digital strategy.
Market Context
This leadership transition comes at a crucial phase for LIC, as the insurer continues to strengthen its governance framework in the post-IPO environment while navigating an evolving insurance and regulatory landscape.
About LIC
Life Insurance Corporation of India (NSE: LICI | BSE: 543526) is India’s largest life insurer, serving millions of policyholders nationwide. Since its landmark listing in 2022, LIC has been focused on enhancing transparency, governance standards, and operational efficiency.