LIC Announces Superannuation of Three Senior Management Personnel

LIC of India has announced the superannuation of three senior management personnel, marking significant leadership transitions within the insurance giant. The company disclosed this information in compliance with regulatory requirements under SEBI's listing obligations.

Senior Management Transitions

The corporation has informed stock exchanges that three key officials holding senior management positions will be superannuating effective March 31, 2026. These officials will be relieved from their duties at the close of office hours on March 30, 2026, which is the last working day of the month.

Details of Retiring Officials

The superannuating personnel represent diverse operational areas within LIC's organizational structure:

S. No.	Name	Designation
1	Shri Subhash Chander	Director, Zonal Training Centre, Agra
2	Smt Geeta Prabhakaran	Executive Director (Subsidiaries), Mumbai
3	Shri Chilaka Venkata Ramana	Executive Director (New Business & Reinsurance/Health Insurance), Mumbai

Regulatory Compliance

The announcement was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. LIC has ensured proper dissemination of this information through stock exchanges and has also made the intimation available on its official website at www.licindia.in .

Operational Impact

The retiring officials hold key positions across different operational verticals of LIC. Shri Subhash Chander oversees training operations in the northern region through the Zonal Training Centre in Agra. Smt Geeta Prabhakaran manages subsidiary operations from Mumbai, while Shri Chilaka Venkata Ramana handles critical business functions including new business development, reinsurance, and health insurance operations.

The superannuation represents a natural transition as part of LIC's organizational evolution, with the company maintaining transparency through proper regulatory disclosures to stakeholders and the investing public.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.49%	-5.92%	-13.49%	-18.72%	-7.88%	-16.04%

LIC of India has disclosed receiving a substantial income tax demand order from the Assessment Unit of the Income Tax Department for the financial year 2023-24. The communication was received on March 27, 2026, and disclosed to stock exchanges under Regulation 30 of SEBI Listing Regulations.

Tax Demand Details

The income tax demand comprises two major components totaling over ₹1.03 lakh crore:

Component:	Amount (₹)
Income Tax:	85,768.16 crore
Interest:	17,544.50 crore
Total Demand:	1,03,312.66 crore

Reasons for Tax Demand

The Assessment Unit has raised the demand based on disallowances made for three specific issues:

Addition of Interim Bonus as Income
Addition of Negative Reserve as Income
Disallowance of Deduction under section 80M

These adjustments have resulted in the substantial tax liability being imposed on the insurance giant for the assessment year corresponding to FY 2023-24.

Company's Response and Next Steps

Life Insurance Corporation has confirmed that the demand order is appealable under the income tax framework. The company has stated its intention to file an appeal before the Commissioner of Income Tax (Appeals) to contest the demand.

Financial and Operational Impact

Regarding the impact assessment, LIC has clarified that the financial impact is limited to the extent of the income tax and interest demand amount. The corporation has emphasized that there is no material impact anticipated on its operations or other business activities despite the significant quantum of the demand.

The disclosure was made through official communication to both BSE and NSE, with the company also making the information available on its corporate website at www.licindia.in for stakeholder access.