Hemant Bhargava set to take over post of interim chairman of LIC

The government Tuesday appointed Life Insurance Corporation's (LIC) senior-most Managing Director Hemant Bhargava as the insurer's interim chairman, in place of V K Sharma who retired on Monday. Meanwhile, the government has already initiated a process to select a regular chairman and managing director of LIC. Bhargava was appointed as the managing director (MD) of LIC in February 2017, the insurer said in a statement.

Apart from Bhargava, there are two more MDs of LIC currently. He was instrumental in completing the design and setting up a separate microinsurance vertical which was LIC's first comprehensive enterprise-wide initiative in financial inclusion space. He also set up a new joint venture in collaboration with the banking industry and founded LIC Cards Services Ltd.