New Delhi, Jan 30 (IANS): The Centre has extended the tenure of Life Insurance Corporation of India's Chairperson M.R. Kumar and Managing Director Raj Kumar by one year, officials said.

With this extension, both the top officials of the insurer will continue till March 2023.

Prior to the latest extension, the Centre had extended the term of M.R. Kumar from June 30, 2021 till March 13, 2022, which is when he was to complete three years in LIC.

This tenure extension comes at a crucial juncture when the company is expected to launch its IPO in the current financial year ending March.

The listing of LIC is poised to be India's biggest IPO to date, with the government looking to raise up to Rs 1 lakh crore by selling shares.

The government is evidently counting on the sale of shares in LIC, which has the lion's share of the life insurance market in India, to fill the fiscal deficit for FY22.

Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM) recently said that the Centre was "very sanguine" about bringing the LIC IPO in early March.