New Delhi, June 5 -- India's insurance sector is at a critical crossroads. On one hand, penetration remains low across several segments despite decades of regulatory evolution and growing awareness. On the other, policyholders continue to grapple with rising premiums, complex policy wording, delayed grievance redressal and persistent trust deficits around claim settlements.

In the latest Mint MoneyGuru conversation, consumer policy expert and former member of the insurance ombudsman advisory committee Bejon Misra raises difficult but necessary questions about how India's insurance system functions in practice versus how it is designed to work in theory.

The policyholder continues to remain the weakest stakeholder in an industry that is ...