The appointments committee of the cabinet (ACC) has extended the term of Life Insurance Corporation (LIC) chairman M R Kumar till March 13, 2022. This is amid the proposed initial public offering (IPO) of LIC in FY22.

Kumar was to retire on June 30, 2021. He was appointed as the LIC chairman on March 13, 2019.

A veteran in the life insurance industry, Kumar joined LIC of India in 1983 as a direct recruit officer. In a career spanning close to four decades, he has headed three zones of LIC, namely the southern zone, northern zone and north central zone.

He also headed the personnel department and pension, group insurance vertical at LIC as an executive director. Prior to taking over as the chairman, Kumar was the Zonal Manager-Delhi at LIC.

LIC's mega IPO is scheduled for the third quarter of the financial year. Sources said that this extension was to ensure that there is continuity in the pre-IPO process at the insurance company.

Finance minister Nirmala Sitharaman announced in the Union Budget 2021 speech that the initial public offering (IPO) of Life Insurance Corporation of India (LIC) will be out in FY22.

She added that legislative amendments to this effect will be launched in the Parliament in the Budget session.

Had reported earlier that LIC IPO that will be pushed to FY22 due to the Coronavirus-led delays.