Life Insurance Corporation of India (LIC) Chairman S K Roy has written to the government to relieve him from his duties from June 29 this year. Roy took charge in the post on June 29, 2013 and appointed for a five-year term.
Cabinet Committee on Appointments to take decision on his request of resignation however the reasons for his resignation are unknown. A source informed that he had sent the request, and the government would soon take a call on this matter.
This is a first time that any LIC chairmen stepping down before the completion of their tenure in last 3 decades. Before 1985, there was one case of a chairman taking voluntary retirement, according to former LIC officials.
Roy joined LIC in 1981 as a direct recruit officer. Under his chairmanship, LIC market took a boom and had a revamp. In 2014, LIC launched its e-term plan which was its first online term plan under his chairmenship. His decision may led to a big drop in new business premium collections for LIC.
In August 2015, with Roy as chairman, LIC launched another product of LIC, a new unit-linked insurance plan (Ulip). The product was an insurance-cum-investment plan. Similarly, in February, LIC launched its e-services aimed at enabling policyholders to have easy access to their policies.