Shri Mahalingam G and Dr. V. S. Parthasarathy cease to hold the position of independent directors at lic of india upon the completion of their terms on July 28, 2026. The departure of these two directors reshapes the composition of several key board committees, as both individuals held significant governance roles, including chairpersonships of critical oversight bodies such as the Audit Committee and the Nomination and Remuneration Committee.

The cessation of office is effective after the close of day on July 28, 2026. This disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with circulars issued thereunder. The company informed the Listing Departments of BSE Limited and National Stock Exchange of India Ltd. of the change in directorship, ensuring regulatory compliance and market transparency.

Consequent to their departure from the Board, both directors cease to be chairpersons or members of the respective committees they served. Shri Mahalingam G was the chairperson of the Nomination and Remuneration Committee, Risk Management Committee, and Stakeholders Relationship Committee. Dr. V. S. Parthasarathy chaired the Audit Committee, Policyholder Protection, Grievance Redressal and Claims Monitoring Committee, and Environment, Social & Governance Committee.

Committee Exits

The following table details the committees from which the directors are exiting:

Regulatory Disclosures

The company provided specific disclosures for each director under Para A of Schedule III to the Listing Regulations. For Shri Mahalingam G (DIN: 09660723), the reason for change is cited as the cessation upon completion of term. Similarly, for Dr. V. S. Parthasarathy (DIN: 00125299), the reason is stated as cessation upon completion of term. Neither director is debarred from holding the position of director pursuant to any SEBI order or other authority.

The intimation has been placed on record with the stock exchanges and is available on the corporation’s website at www.licindia.in . Anshul Kumar Singh, Company Secretary & Compliance Officer, signed the disclosure dated July 28, 2026.

The Life Insurance Corporation of India Board of Directors appointed Varadarajan Muthuvenkataraman as Chief Risk Officer and Shatmanyu Shrivastava as Chief Financial Officer during its meeting held on July 28, 2026. The appointments, recommended by the Nomination & Remuneration Committee, designate both executives as Key Managerial Personnel (KMPs) effective July 28, 2026. Their terms continue until the date of superannuation or till further order, whichever is earlier.

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board meeting commenced at 11:15 a.m. (IST) and concluded at 1:25 p.m. (IST) on July 28, 2026. Anshul Kumar Singh, Company Secretary & Compliance Officer, signed the intimation to the BSE Limited and National Stock Exchange of India Ltd.

Varadarajan Muthuvenkataraman, previously Additional Executive Director (Enterprise Risk Management), is re-designated as Executive Director (Enterprise Risk Management) & Chief Risk Officer. He joined the Corporation in 1992 as an Assistant Administrative Officer. A graduate in Chemistry from the University of Madras and a Fellow of the Insurance Institute of India, he also completed the Post Graduate Executive Programme at the Indian Institute of Management, Ahmedabad. His career spans over three decades across administrative and marketing wings in the South Central Zone, South Zone, and Central Office. He has served as Branch Manager, Senior Branch Manager, Divisional Manager (Pension and Group Schemes), and Regional Manager of Direct Marketing and Micro Insurance. He also worked as Manager (Sales) at Life Insurance Corporation (Singapore) Pte Ltd., Secretary (Marketing / Senior Business Associate) at South Zone, and Secretary (Strategic Business Unit – International Operations) at Central Office.

Shatmanyu Shrivastava, previously Executive Director (Enterprise Risk Management) & Chief Risk Officer, is appointed as Executive Director (Finance & Accounts) & Chief Financial Officer. He joined the Corporation in 1990 as an Assistant Administrative Officer. A Fellow Member of the Institute of Chartered Accountants of India (passed in 1989) and a Fellow of the Insurance Institute of India (passed in 2000), he has passed seven papers of the Actuarial examination conducted by the Institute of Actuaries of India. He joined Chief (Finance & Accounts), Central Office, in May 2022 and steered the first closing of accounts post-IPO. He has extensive exposure to SEBI (LODR) Regulations and IRDAI Regulations.

Key Appointments Details

Both appointees bring over three decades of experience within the Corporation, ensuring continuity in risk management and financial oversight during a critical period following the company’s initial public offering.