Life Insurance Corporation of India has appointed five new independent directors to its board, effective October 7, 2026. The appointments, approved by the Board of Directors subject to member approval, mark a significant refresh of the insurer's governance structure with experts from banking, central banking, and public administration.

The newly appointed directors are Shailesh Kumar Singh, David Paul Rasquinha, Shyam Srinivasan, Ganesh Kumar Sundara Iyer, and Gaurav Kumar. Each will serve a term of four years commencing from the date of appointment. The decision was taken during a board meeting held on October 7, 2026, based on recommendations from the Nomination & Remuneration Committee.

Profiles of Appointed Directors

The selection brings together diverse expertise across regulatory oversight, financial leadership, and technology infrastructure.

Governance and Expertise Mix

The appointments signal a strategic focus on strengthening governance through experienced leadership. Shailesh Kumar Singh, a retired IAS officer of the 1991 batch, previously served as Secretary for Rural Development, where he oversaw flagship schemes like PMAYG and DAY-NRLM. His experience extends to urban development and coal distribution as Joint Secretary in the Government of India.

David Paul Rasquinha brings extensive international finance experience, having led Exim Bank’s international fundraising program overseeing nearly $10 billion in foreign currency debt issuance. He also served on the Reserve Bank of India's Advisory Board on Banking and Financial Frauds post-retirement.

Shyam Srinivasan led Federal Bank for 14 years, expanding its national presence and technology capabilities. His tenure is noted for maintaining strong customer focus while enhancing institutional values. Ganesh Kumar Sundara Iyer, former RBI Executive Director, played a pivotal role in digitizing tax receipts and implementing GST. He was instrumental in setting up the National Payments Corporation of India (NPCI) and ReBIT, focusing on cyber security and payment systems like UPI and NEFT.

Gaurav Kumar adds a private sector fintech perspective as the founder of Yubi Group, which achieved unicorn status in March 2022. His background includes co-founding Vivriti Capital and leading Northern Arc Capital, providing deep insights into debt markets and lending infrastructure.

What the Numbers Show

The composition of the new board reflects a deliberate blend of public sector regulatory rigor and private sector agility. The inclusion of two former heads of major financial institutions (Exim Bank and Federal Bank) alongside a former RBI Executive Director creates a robust core for risk management and financial strategy. This is complemented by Gaurav Kumar’s fintech expertise, suggesting a potential strategic emphasis on digital transformation and modernizing insurance distribution channels. The diversity from rural development policy (Singh) to high-stakes international debt issuance (Rasquinha) ensures comprehensive oversight across operational, financial, and technological domains.

Life Insurance Corporation of India announced the superannuation of four senior management personnel effective September 30, 2026. The departure includes two Executive Directors and two Directors from zonal and central offices.

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The officials will retire after the close of office hours on the specified date.

Superannuating officials

The following Senior Management Personnel are scheduled to superannuate:

Disclosure details

The intimation was signed by Anshul Kumar Singh, Company Secretary & Compliance Officer. A copy of the disclosure is available on the corporation's website.