Govt appoints Hemant Bhargava as interim chairman of LIC; initiates process to select regular chairman

New Delhi: The government Tuesday appointed Life Insurance Corporation’s (LIC) senior-most Managing Director Hemant Bhargava as the insurer’s interim chairman, in place of VK Sharma who retired on Monday. Meanwhile, the government has already initiated the process to select a regular chairman and managing director of LIC. Bhargava was appointed as the managing director (MD) of LIC in February 2017, the insurer said in a statement. Apart from Bhargava, there are two more MDs of LIC currently. He was instrumental in completing the design and setting up a separate microinsurance vertical which was LIC’s first comprehensive enterprise-wide initiative in financial inclusion space. He also set up a new joint venture in collaboration with the banking industry and founded LIC Cards Services Ltd.