The government has extended the superannuation age of IPO-bound LIC Chairman, M R Kumar, to up to 62 years by making amendments to the Life Insurance Corporation of India (Staff) Regulations, 1960. The changes made in the rules will be called the Life Insurance Corporation of India (Staff) Amendment Rules, 2021, according to a government notification dated June 30, 2021. It is to be noted that the retirement age for the top executives of the majority of PSUs is 60 years, barring a few exceptions, including the State Bank of India (SBI).
Important takeaways for all competitive exams:
- LIC Headquarters: Mumbai;
- LIC Founded: 1 September 1956.