India’s Life Insurance Corporation (LIC), headquartered in Maharashtra, has appointed R Doraiswamy as its new CEO & MD effective July 14, 2025. This marks a historic change under the amended LIC Act, making him the first full-term leader in the merged role of chairman and managing director.
The Life Insurance Corporation of India (LIC), India’s largest government-owned insurance provider headquartered in Maharashtra, has appointed R Doraiswamy as the new Chief Executive Officer and Managing Director (CEO & MD). His appointment is notable as he becomes the first to hold a full-term position in the newly merged leadership role under the amended LIC Act.
The change stems from the 2021 amendment to the LIC Act, passed through the Finance Act, which aimed to modernize LIC’s governance structure and align it with SEBI guidelines for listed entities. The amendment, implemented ahead of LIC’s public listing in 2022, merged the roles of chairman and managing director into a single executive role — CEO & MD.
While Siddhartha Mohanty was the first to be appointed under this updated structure, his tenure lasted just over 11 months, from June 30, 2024, to June 7, 2025. Doraiswamy’s appointment, therefore, represents the first full-term leadership under the reformed governance framework.
R Doraiswamy, who began his journey with LIC in 1986, brings with him 38 years of diverse experience spanning operations, IT, marketing, pensions, and training. Before his elevation, he served as managing director overseeing LIC’s Southern Zone.
According to the official government notification, Doraiswamy will serve as CEO & MD for three years, or until August 28, 2028, whichever comes earlier. He will receive a monthly salary of ₹2,25,000, under Level 17 of the Pay Matrix.
His appointment follows the recommendation of the Financial Services Institutions Bureau (FSIB), which shortlisted and evaluated multiple candidates before selecting Doraiswamy as the most suitable candidate.
Doraiswamy steps in at a time when LIC was under interim leadership following Mohanty’s departure, with Sat Pal Bhanoo temporarily managing the top responsibilities.
With this appointment, LIC enters a new era of leadership clarity and regulatory compliance, aligning its structure with India’s growing financial sector reforms.