New Delhi: On Wednesday evening Life Insurance Corporation’s Chairman S K Roy has deposited his resignation to the government. Roy’s decision to resign from the company comes two years premature, previous to the end of his term. But is not clear why Roy resolute to take this step. But now according to the sources, the chief executive resolute to resign due to personal reasons. A report in Business Standard conveyed that Roy, who took accuse of the compact on June 29 in 2013, has been advised to be reassured of his duties on the identical date this year. He had a five-year phrase. The position of LIC chairman is of the rank of secretary in the finance ministry — the similar as the chairman of State Bank of India. He had been crabby about creature badly paid. The corporation’s chairman is remunerated a gross salary of Rs 1.7 lakh per month. The corporation has assets value over Rs 21 lakh crore and is more than 20 times better than the next life insurance company.
LIC’s enormous cash hoard has approach to the assist of the government in the precedent in recapitalizing public sector banks and in stemming instability in the capital market. In current years, the government has been by means of the LIC funds for boosting investments in infrastructure. In addition being the managerial chairman of LIC, Roy is also on the plank of LIC group companies and the corporation’s candidate director in some private companies. Approximately previous chairman J R Joshi had resigned subsequent a government suggestion to tear the LIC into five local entities. His demand for resignation will be measured by the Cabinet Committee on Appointments. A few months ago, he had made a comparable demand but the Finance Ministry had asked him to think again then. Roy joined LIC in 1981 and served as the head of the International Operations division before charming charge as the managing director in 2013.