Indian insurance industry presents a huge market opportunity with highly underpenetrated insurance market. As per IRDAI records, the insurance industry in India stood at Rs. 7.6 lakh crore in terms of total premium in FY 2020. As per Frost & Sullivan report, the insurance industry in India is expected to grow annually at CAGR of 17.8 per cent to reach Rs. 39 lakh crore by FY2030.