The government appointed V.K. Sharma as the chairman of Life Insurance Corporation (LIC) for five years. Sharma, who is the managing director of LIC, has been the acting chairman of the insurance behemoth since September after then chief S. K. Roy was relieved of his duties in June.
Sharma's term will be keenly followed as the government has plans to utilise the state-run insurer's funds to build infrastructure - among others, the government plans to invest lakhs of crores of rupees to help Indian Railways build capacities.
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 Rs.1,560,482 crore (US$230 billion). As of 2013 it had total life fund of Rs.1433103.14 crore with total value of policies sold of 367.82 lakh that year.
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.