Sat Pal Bhanoo Appointed as Interim MD & CEO of LIC

Life Insurance Corporation of India (LIC) has appointed Sat Pal Bhanoo as interim Managing Director cum Chief Executive Officer (CEO), in a key leadership transition, after getting approval from the Department of Financial Services, Ministry of Finance.

As a filing by LIC with the stock exchange noted, the government approved the move by letter dated June 7, 2025, with Bhanoo given authority to take over for three months, effective June 8, 2025. Bhanoo’s tenure will end on September 7, 2025, but it could end earlier with the appointment of a new permanent MD and CEO.

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Bhanoo, the senior-most of LIC’s four MDs, has been given all responsibilities and powers. Bhanoo’s appointment comes at an important time in the LIC’s history, with many changes in the insurance landscape.

This appointment ensures continuity, allowing current leaders to carry on their duties while the government searches for a permanent replacement.