The government has appointed Dr. Parshant Kumar Goyal as the new Government Nominee Director on the board of the Life Insurance Corporation of India (LIC). LIC officially announced this update on Thursday, April 18, 2025.
This appointment became effective from April 17, 2025, through a government notification. Dr. Goyal takes over from Dr. Maruthi Prasad Tangirala, the previous nominee director. He is currently working as a Joint Secretary in the Department of Financial Services (DFS) under the Ministry of Finance.
Who Is Dr. Parshant Kumar Goyal?
Dr. Parshant Kumar Goyal is a senior Indian Administrative Service (IAS) officer from the 2007 batch, belonging to the Tripura cadre. He is currently serving on central deputation, meaning he is temporarily working in the central government instead of his home state.
Dr. Goyal brings rich experience in public administration and finance. In his earlier roles in the DFS, he worked on important areas like:
- Financial inclusion
- Digital payments
- Agricultural credit
- Regional Rural Banks (RRBs)
Before moving to the central government, he also served in various key positions in Tripura, including:
- Secretary to the Chief Minister
- Head of departments like General Administration and Industries & Commerce
He is a medical graduate (MBBS) from Punjabi University but chose to enter public service. Over the years, he has also handled major responsibilities in the education sector in both Punjab and Tripura.
Tenure and Impact
His appointment to LIC’s board will remain valid until further notice. As a nominee director, Dr. Goyal will represent the government’s interests in LIC’s policy-making and strategic decisions. His background in financial services and administration is expected to strengthen the board’s leadership, especially at a time when LIC is facing market challenges.
LIC’s Recent Performance
Despite some pressure on the business front, LIC continues to show resilience. In the third quarter of the financial year 2024–25, LIC reported a 21% decline in its new business premium (NBP), bringing in ₹43,075 crore. However, this figure was slightly better than market expectations — CNBC-TV18 had estimated ₹42,406 crore.
