Buyers of unit-linked products
(ULIP) can now compare on their mobile phones
schemes offered by different life insurance companies.
The Insurance Regulatory and Development Authority (IRDA) has introduced a mobile application that would enable people to compare insurance products and premium rates.
"The application lets users of mobile phones/devices with internet connectivity check and compare features of Unit Linked Insurance Policies (ULIPs) introduced on or after 1st September, 2010," the IRDA said in a statement on Thursday.
Aviva India MD and CEO T.R. Ramachandran says Customer pull will boost Ulip sales
It would work on Android, iPhone, Nokia and Blackberry platforms and all other mobiles with internet connectivity.
"The application has been developed with the objective of providing a mechanism for consumers to make informed decisions by comparing features of insurance products through mobiles," IRDA said.
The users would be able to compare the features of ULIP, such as premium, benefits, among others.