LIC Gets New Managing Director

IAS Prelims 2023

Hemant Bhargava was appointed Managing Director of Life Insurance Corporation (LIC) of India. He is at present LIC’s Zonal Manager, Delhi.

The Appointments Committee of Cabinet has approved Bhargava’s appointment to the post till his superannuation, i.e., July 31, 2019.

The LIC management consists of the Chairman and three Managing Directors.

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).

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.