MUMBAI: Government has appointed former LIC chairman M R Kumar, former SBI MD A Krishna Kumar and Bank of Baroda director Srinivasan Sridhar, as chair.
In a bid to achieve double-digit growth in new business premium this fiscal year, Life Insurance Corporation (LIC) is gearing up to launch 3-4 new products. LIC Chairman Siddhartha Mohanty expressed confidence in the strategy, emphasizing a positive trend in individual retail business. The first product, set for December, promises assured returns with a unique feature—policyholders receive 10% of the sum assured lifelong post-maturity.
While the government is also likely to increase the retirement age of SBI Chairman to 65 years, that of all PSB MDs are expected to be hiked to 62 years, the official added