Life Insurance Corporation of India announced that two independent directors will cease to hold their positions upon the completion of their terms, effective after close of business on July 28, 2026. The directors are Mahalingam G. and V. S. Parthasarathy. Their exit also means they will step down from the chairperson or member roles across the committees listed in the disclosure.
Details of their committee tenures, as per Annexure I: Mahalingam G. served as chairperson of the Nomination and Remuneration Committee, the Risk Management Committee, and the Stakeholders Relationship Committee; Parthasarathy chaired the Audit Committee, the Policyholder Protection, Grievance Redressal and Claims Monitoring Committee, and the Environment, Social & Governance Committee. Both directors were part of other committees such as the Investment Committee (both), and Information Technology Strategy Committee (both).
The exit underscores the governance architecture LIC relies on: independent directors provide oversight across risk, remuneration, stakeholder experience, and ESG matters. With their term ends, the board will look to onboard new independent voices to maintain a robust mix of expertise and continuity. As LIC discloses the cessation, market observers will be watching for forthcoming appointments and how the board preserves its balance between independence and institutional knowledge.