India, March 7 -- With the rising awareness around insurance in the country, it is evident that individuals are recognising the pivotal role it plays in safeguarding the financial aspect of our lives. The sector is poised to grow at an unprecedented rate in the coming years. With growing income giving the desired impetus to the sector, it is expected that the Indian insurance industry will reach a US$ 222 billion market by 2026, as per the report by IBEF.

However, the industry faces the challenge of low insurance penetration, standing at 4%, owing to the major population of underserved communities finding it difficult to avail of insurance plans. Therefore, to bolster the prospects of the industry, it is essential to diversify and expand...