Vaut Agent sidecar stuck in init container

I have deployed vault in my cluster (chart - vault-0.28.1, app version - 1.17.2). Enabled auth kubernetes, attached a role, created secret and attached policy, I was trying to fetch those secrets using the following vault agent injector annotations as per documentation.

        vault.hashicorp.com/agent-inject: 'true'
        vault.hashicorp.com/role: 'web'
        vault.hashicorp.com/agent-inject-secret-config: 'secret/data/web'
        # Environment variable export template
        vault.hashicorp.com/agent-inject-template-config: |
          {{- with secret "secret/data/web" -}}
            export password="{{ .Data.data.password }}"
          {{- end }}

The side car is being injected but after that the container is stuck in init, there are no events or logs that help find the source of issue. I don’t have any networkpolicies too and the authentication seems to be working fine when tested from inside vault pod. If anyone has faced similar issues, kindly help proceed further.