Sat Pal Bhanoo, the current Additional Zonal Manager at LIC of India’s Bhopal Zonal Office, has been entrusted with a pivotal role as the new Managing Director of the prestigious Life Insurance Corporation of India (LIC). He will take over the reins from Siddhartha Mohanty, who transitioned to the position of chairman in April 2023.
Bhanoo’s appointment as Managing Director will be in effect from the date he assumes office until his superannuation, which is scheduled for December 31, 2025, or until further orders, whichever comes earlier.
The Financial Services Institutions Bureau (FSIB), responsible for overseeing appointments in state-owned banks and financial institutions, identified Sat Pal Bhanoo as the ideal candidate for the crucial leadership position at LIC.
In a series of other noteworthy appointments, M. Jagannath was recently added to the LIC board as one of the managing directors, commencing his tenure on March 13, 2023. Additionally, Siddhartha Mohanty’s interim appointment as chairman of LIC was also approved by the FSIB.
LIC, an acronym for the Life Insurance Corporation of India, stands tall as the largest state-owned insurance company in the country. Established in 1956, LIC operates under the aegis of the Government of India, with its operations supervised by the Insurance Regulatory and Development Authority (IRDA).
Central to LIC’s mission is the provision of life insurance coverage to individuals, coupled with fostering the culture of saving and long-term financial planning. The company offers a diverse range of life insurance policies, catering to varied needs, such as term insurance, endowment plans, whole-life policies, money-back plans, and unit-linked insurance plans (ULIPs).
In addition to life insurance, LIC extends its services to encompass pension and annuity products, contributing significantly to the financial security and well-being of millions of individuals across India.
LIC’s headquarters are situated in the bustling city of Mumbai, reflecting the company’s widespread impact and significance as a pillar of the Indian insurance sector.