Vijay Kumar Sharma on Tuesday assumed charge as Chairman of the nation's largest financial powerhouse Life Insurance Corporation. The Government had on Wednesday appointed Sharma, who was named Acting Chairman on September 16, as the head of the state-run life insurer, where he will have a five-year term.
Sharma, a Managing Director, was given the role of Acting Chairman when incumbent S K Roy was relieved of his duties. Roy had resigned in June, nearly two years ahead of his term. He was appointed in June 2013 by the previous Congress-led UPA Government.
As per the appointment order issued by the Centre, Sharma's five-year tenure begins from the date of the notification of his appointment, or up to the date of his superannuation, or until further orders, whichever is the earlier. His superannuation is due in December 2018. A post-graduate in science, Sharma joined LIC as a direct recruit officer in 1981. Before he was promoted as a Managing Director in 2013, he held important positions as executive director of pension & group schemes, zonal manager in-charge of Southern zone (Tamil Nadu & Kerala).