R. Doraiswamy Takes Helm as LIC’s First Full-Term CEO Under New Framework

R. Doraiswamy formally assumed charge as the Chief Executive Officer and Managing Director of the Life Insurance Corporation of India (LIC) on Monday, according to a government notification.

His tenure will span three years from the date he takes office, or until he turns 62—which falls on August 28, 2028—or until further notice, whichever occurs first. His selection was based on recommendations from the Financial Services Institutions Bureau (FSIB), which assessed several candidates before finalising his name.

Doraiswamy, prior to this elevation, was serving as Managing Director at LIC. He holds a Mathematics degree from Madurai Kamaraj University, is a Fellow of the Insurance Institute of India, and is also registered as a student member with the Institute of Actuaries of India.

In a filing with the stock exchanges, LIC stated: “Following R. Doraiswamy’s assumption of charge as CEO & MD, Sat Pal Bhanoo, who was holding additional responsibilities as Managing Director, relinquishes all financial and administrative powers related to the CEO & MD role, effective July 14, 2025.”

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Doraiswamy’s appointment marks a key moment in LIC’s leadership evolution, as he becomes the first executive to hold the combined CEO & MD position for a full term under the revised governance model introduced by the amended LIC Act. This structural change was made through a 2021 amendment, which formed part of the Finance Act and laid the foundation for LIC’s stock market debut in 2022.

Earlier, LIC operated under a dual-leadership format with a Chairman and multiple Managing Directors. The updated framework aligns LIC’s top management structure with SEBI norms for listed entities, consolidating leadership into a single executive role, akin to what is seen in other state-run and private insurers.

While Siddhartha Mohanty was the first to take charge under the new system, his tenure as MD & CEO lasted just over 11 months, ending on June 7, 2025, after being redesignated in June 2024 from his prior role as Chairman.

Doraiswamy brings over 38 years of experience with LIC, having joined the organisation in 1986. Over the decades, he has handled key responsibilities across diverse domains such as operations, marketing, IT, pensions, group insurance, and training. Most recently, he served as Managing Director, overseeing LIC’s Southern Zone.

As per the official release, he will receive a Level 17 pay scale salary of Rs 2,25,000 per month.

His appointment also ends the interim leadership phase under Sat Pal Bhanoo, who had been managing LIC’s day-to-day operations in the absence of a permanent CEO.