Leaders

In India's shifting corporate landscape, where governance, transparency, and strategic foresight increasingly determine long-term success, few leaders embody the role of an Independent Director as powerfully as Usha Sangwan.

Once the first-ever woman Managing Director of LIC, she now sits across the boardrooms of Tata Motors, Tata Technologies, Torrent Power, SBI Life, Trident Ltd, Tata Passenger Vehicles, Tata Electric Mobility, and the Centre for Technology, Finance & Entrepreneurship.

A member of the Financial Services Institution Bureau (FSIB) and a mentor to aspiring independent directors, Usha stands among the most respected governance voices shaping India's next era of corporate leadership.

Early Roots That Shaped a Governance Mindset

Born in Punjab and educated at Government Model Middle School in Chandigarh, Usha’s formative years were grounded in discipline and ambition. With a master’s degree in Economics from Panjab University, a PG Diploma in HR Management, and a licentiate from the Insurance Institute of India, she built a strong academic foundation long before she entered corporate corridors.

Her entry into LIC in 1981 as a Direct Recruit Officer marked the beginning of a remarkable 37-year journey. As the daughter of industrialist Lachhman Das Mittal, she grew up around business values, but her rise was built on her own merit, anchored in analytical strength, operational clarity, and a deep understanding of people and institutions.

From LIC’s First Lady Managing Director to a Boardroom Visionary

Usha’s legacy at LIC remains historic. In 2013, she shattered a six-decade ceiling by becoming the first woman Managing Director of the world’s largest insurer by number of policies. She modernised LIC during a crucial turning point, introducing digital services, e-platforms, mobile apps, SMS helplines, and social-media engagement that brought millions of young customers closer to the brand.

Her leadership delivered exceptional governance benchmarks: LIC reached claim settlement rates of 99.75% for maturity claims and 99.45% for death claims, reflecting her belief that financial service is ultimately a human service.

Her work across LIC Housing Finance, introducing risk-based pricing, project rating systems, and delinking underwriting from marketing, became case studies in ethical governance and risk discipline. She retired in 2018, becoming a national symbol of modern, values-led public-sector leadership.

The Rise of an Independent Director

Today, Usha Sangwan is one of India’s most trailblazing Independent Directors, valued for her governance depth, institutional memory, risk acumen, and ability to guide organisations through disruption.

At Tata Motors, Tata Technologies, SBI Life, Trident Ltd, and Torrent Power, she plays the strategic role of a non-executive guardian examining risk architecture, ensuring compliance, advising on operational excellence, and guiding leadership teams through transformation.

Her presence across boards in power, automobiles, insurance, housing finance, manufacturing, and technology reflects her rare ability to bring multi-sector clarity to complex challenges.

Her earlier board experience at Axis Bank, BSE, Ambuja Cements, Ultratech, Grasim, GIC Re, and LIC subsidiaries in Nepal, Sri Lanka, Bahrain, and Singapore gave her a transnational view of governance that few Indian leaders command.

Governance Leader, National Voice, and Mentor

Beyond corporate boardrooms, Usha contributes to public institution-building as a member of the Financial Services Institutions Bureau (FSIB), influencing leadership selection for India’s public financial ecosystem. Her role ensures competence, integrity, and diversity remain at the heart of national financial governance.

As a guide to aspiring independent directors, she demystifies the boardroom, helping young leaders understand their fiduciary responsibilities, the importance of independence, and the evolving demands of ESG, digital governance, and stakeholder capitalism.

Recognition and Continuing Legacy

Featured by Forbes Asia as one of the 50 Most Powerful Businesswomen and repeatedly honoured by Business Today and Business World, her leadership has shaped not just institutions but the broader narrative of women in Indian corporate power.

Usha Sangwan, Independant Director, LIC – IMG

Usha Sangwan is an Indian business executive and entrepreneur currently Managing Director at Life Insurance Corporation of India. She is the first woman to reach this position in 2013. She has now been appointed as an Independent Director at LIC of India.