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The Central Government has officially appointed R Doraiswamy as the new Chief Executive Officer (CEO) and Managing Director (MD) of Life Insurance Corporation of India (LIC). The appointment was confirmed through a government notification issued on July 14.
First Full-Term CEO & MD Under New LIC Structure
This is a significant development in LIC’s history, as R Doraiswamy is the first person to be appointed as the full-term CEO and MD under the new leadership framework introduced by the amended LIC Act. Earlier, LIC had separate roles for Chairman and Managing Directors. However, after the changes in 2021, both roles have been merged into a single executive position — CEO and MD.
Why This Change Was Made
The restructuring of LIC’s top leadership was part of the 2021 amendment to the LIC Act, introduced through the Finance Act. This was a key reform to align LIC with Securities and Exchange Board of India (SEBI) guidelines, especially after LIC’s stock market listing in 2022.
Before this change, LIC’s Chairman had higher authority and worked alongside multiple Managing Directors. Now, like other listed public and private companies, LIC has a single top executive role — CEO and MD — to make decision-making more efficient and transparent.
Tenure, Salary, and Appointment Process
As per the official notification, Doraiswamy will serve a term of 3 years, or until he reaches the age of 62 (his retirement age is August 28, 2028), whichever comes first.
His monthly salary has been fixed at Rs 2,25,000, under Level 17 of the Pay Matrix, as per government guidelines.
Doraiswamy was selected for this top role after a detailed interview process conducted by the Financial Services Institutions Bureau (FSIB). The FSIB evaluated multiple candidates and found Doraiswamy to be the most suitable for leading LIC into its next phase.
About Shri R Doraiswamy
Shri R Doraiswamy took over charge as CEO & MD of Life Insurance Corporation of India on July 14, 2025. Prior to taking charge as CEO & MD, he was the Managing Director of the Corporation.
He is a Direct Recruit officer of 17th Batch with more than 39 years of rich and diverse experience in operations, Marketing, Technology and Academics.
As Managing Director, Shri R. Doraiswamy headed Marketing through Bancassurance, Group Business, Customer relations, Finance, Compliance functions, et al. He has held various leadership positions within the Organization as Executive Director (Information Technology/Software Development), Regional Manager (Marketing / Chief Life Insurance Advisor), Regional Manager (Pension & Group Schemes) at Southern Zonal Office, Chennai, Senior Divisional Manager of Kottayam Division and Marketing Manager of Chennai-I, Thanjavur and Pune divisions.
He had spearheaded the modernization of IT infrastructure and Business Applications of LIC’s Individual Business as Chief & Executive Director. He achieved tremendous growth and productivity improvement in the areas of Group Insurance Marketing in Southern Zone, during his stint as Regional Manager.
As Research Associate at National Insurance Academy, Pune he has worked on multiple projects on Micro Insurance, Insurance Law and Regulations, Product Development and Content development for Post Graduate Programmes in Insurance Management & Chartered Financial Planning.
Shri Doraiswamy is a Graduate in Mathematics from Madurai Kamaraj University, Fellow Member of Insurance Institute of India and a student member of Institute of Actuaries of India.
Directorships in other body corporates
| Name of Director | Directorship in other body corporates |
|---|---|
| Shri R. Doraiswamy | LIC (Lanka) Ltd |
| National Commodity & Derivatives Exchange Limited | |
| Bima Sugam India Federation | |
| IDBI Bank Limited | |
| National Insurance Academy | |
| LIC Golden Jubilee Foundation | |
| LIC of India Provident Fund No. 1 | |
| Management Development Institute Society | |
| Insurance Institute of India |
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