IRDA launches mobile app to compare insurance products

The Insurance Regulatory and Development Authority (IRDA) has introduced a mobile application that enables one to compare insurance products and premium rates.

The application currently allows users of mobile phones with Internet connectivity to check and compare the features of Unit Linked Insurance Policies (ULIPs) introduced on or after September 1, 2010.

“The application has been developed with the objective of providing consumers a mechanism to make informed decisions by comparing features of insurance products on their mobiles,” said IRDA Chairman, Mr J. Hari Narayan, in a press release.

The application works on the Android, iPhone, Nokia and Blackberry platforms. However, a user can also access the information on any mobile that enables Internet access or can access the Web site directly.

The application enables real-time mobile-based access to the IRDA repository containing details of the products by accessing www.m.irda.gov.in.

Users will be able to compare the features of Unit Linked Insurance Products such as their premium and benefits. They will be able to search for products using three search options — search by company, by policy type and by keywords.

The search by company lists companies offering similar products and allows the user to choose the products he or she wants to compare, where the user can select up to three products.

The search by policy type lists different types of policies from which the user can select the required type and it displays the products available. Again, the user can select up to three products for comparison.

Search by keyword enables the user to search either by policy type or by company by entering a keyword.

The selected product information is displayed in a pop-up window.

deepa.n@thehindu.co.in