The government also announced the appointment of Suseel Kumar and Vipin Anand as managing directors of the corporation.
Newly named chairman Kumar was earlier appointed as the zonal manager in charge of the northern zone of LIC, will hold the new post for five years, said a Personnel Ministry order.
He will be taking over the charge from Hemant Bhargava, Managing Director who has been officiating as chairman post the retirement of V K Sharma.
Suseel Kumar was earlier the zonal manager in charge of the south-central zone at Hyderabad.
All the three new appointments are valid for a period of five years, valid from the date of appointment to the date of superannuation of the officials. Besides Bhargava, LIC has two other Managing Directors — B Venugopal and Sunita Sharma.
The appointments were announced in an official communiqué issued by the Appointments Committee of the Cabinet.