With foreign ownership limits lifted and competition set to intensify, India's insurance sector is entering a new phase. In a conversation with ET, Life Insurance Corporation of India's CEO & MD R Doraiswamy discusses what the Insurance Amendment Act means, why insurance penetration is slipping, and how the state behemoth is expanding by focusing on the right product mix. Edited excerpts: What do you make of the recent changes to the Insurance Act, especially the clause that allows 100% foreign ownership?