The former captain will replace Tony Howard, who is now the acting chief operations officer in the West Indies Cricket Board.
Howard had been managing the team since 2004.
Lloyd was seen as a major influence on the team during the Champions Trophy, where the Windies finished runners-up, and skipper Brian Lara admitted that the presence of the former captain helped in inspiring the players.
Meanwhile, Hendy Springer has been named the assistant to coach Bennett King, replacing David Moore. The Caribbean side will kick off the tour with a four-match ODI series starting January 21 at Nagpur.