The government has extended the superannuation age of IPO-bound LIC chairman to up to 62 years by making amendment 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.

“Notwithstanding anything contained in these rules, if the central government appoints the chairman for a term of office that extends beyond 60 years of age, or extends his term of office to a period beyond the said age, he shall not superannuate till he completes such term, or till he attains the age of sixty-two years, whichever is earlier,” the gazette notification said.

Last month, the government approved a nine-month extension to LIC chairman M. R. Kumar till March next year in view of the insurer’s proposed initial public offer towards the end of the current financial year.

In her budget speech this year, finance minister Nirmala Sitharaman had said the initial public offer of LIC would be floated in 2021-22 as part of the ambitious Rs 1.75-lakh-crore disinvestment target.

The government extended the term of Kumar from June 2021 till March 13 next year, the date when he completes three years.