Hi Prashanthr
I faced exactly the same situation as yours and even asked this question on the forum here as well as to INSEAD Admission Team. Here I copy respose from INSEAD:
Thanks to other strong elements within an application, a file can exceptionally be completed and evaluated with an English test score slightly below our official recommended score (7.5). You will be assigned to an Admissions Officer once you have submitted your application and she will contact you within a week to confirm your application materials and if we can complete your file with your score of 7.0. Please note however that the Admissions Committee reserves the right to request further assurance of the ability to communicate in English, if necessary.
Best
Kebab
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