New Delhi, Feb. 21 -- India's insurance sector is the tenth largest in the world, and is expected to reach $170 billion by 2027. Driven by the increased sensitization to the importance of insurance and the digitization push, the sector has grown by leaps and bounds since the pandemic. Still, only 18% of India's insurable population is covered by insurance, leaving ample scope for the sector's growth.

In 2000, the government opened up the industry to private players. And the rules of the game have been changing frequently in the constantly evolving regulatory landscape since then. The largest players in the Indian life insurance sector today include LIC, SBI Life, HDFC Life, ICICI Prudential Life, and Max Financial Services.

Despite belo...