The government today appointed S K Roy as the Chairman of Life Insurance Corporation of India.

The Appointments Committee of the Cabinet (ACC) has already cleared his name. The notification in this regard has been issued, sources said.

Roy, who at present a Managing Director in the organisation, would be succeeding D K Mehrotra, whose term as LIC chief ended on May 31.

Roy would be at the helm of the insurance behemoth for a period of five years, official sources said, adding, he would assume charge on July 1.

The other candidates who were in fray for this top job were Managing Director Sushobhan Sarkar and Executive Director S B Mainak.

Roy joined Life Insurance Corporation of India in 1981. On May 31, 2013, he assumed charge as Managing Director of LIC along with Thomas Mathew and Sushobhan Sarkar.

Prior to his elevation, he was head of the International Operations division. He was also zonal manager of North Central Zone and Eastern Zone of the insurance firm.

LIC, which manages assets worth around Rs 14-lakh crore of over 20 crore policyholders, has the largest market share among 24 players in the industry.