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In the last days, he was working as an insurance adviser for Punjab National Bank, say his close friends.
Chief Minister Pinarayi Vijayan will present the award to Kumaran at the Kerala State Film Awards ceremony on August 13.
LIC now has a market value of around Rs 5.54 lakh crore rupees ($71.54 billion) and is India's fifth-biggest company.
India priced LIC's record-breaking IPO last week at 949 Indian rupees ($12.20), the top of the indicated range.
A bunch of policy holders had moved the apex court alleging violation of the LIC Act.
The writ petition was filed by policyholders, said Thomas Franco Rajendra Dev, Joint Convenor of NGO People First and the case is listed for Thursday.
Piyush Goyal, as the key economic minister in the present central government, would be voting for the approval of the final bid.
Against 16,20,78,067 shares on offer, 16,68,60,765 bids were received – translating into a subscription of 1.03 times, as per data on stock exchanges as of 7 pm.
The insurance behemoth is eyeing to raise about Rs 21,000 crore through the initial public offering, which will close on May 9.
The timing for placing a bid for subscription is from 10 am to 5 pm. The IPO will conclude on May 9 at 3 pm.