In a bid to help prospective insurance buyers chose products best suited to their needs, Insurance Regulatory and Development Authority (IRDA) has introduced an online application which enables users to compare coverages, exclusions etc. under non-life insurance products currently being sold in the market.
The application allows users to browse through different features of products so as to help them decide which product suits them the best in the present scenario and in the future as their needs change over a period of time.
The user-friendly app, available on IRDA’s Website, asks users to first select the specific product category such as fire, motor, engineering etc. Based on the selection, users are then provided with a listing of insurance companies with approved products in the category.
For product comparison, they can simply select approved products of four insurers at a time. Product comparison of selected products across different companies can be made based on various parameters like the coverages, exclusions, discounts, deductibles etc.
The insurance regulator says that the application has been developed with the objective of providing a simple mechanism for consumers to make informed decisions by comparing features of insurance products.