Insurance helps you to feel secure for both your personal and professional life. Also it helps you to manage your finances. Now whenever the word finance appears, you have to think twice before investment because it is your hard earned money. Similar is the case when you have to buy an insurance policy. So, IRDA (Insurance Regulatory and Development Authority) has launched an online tool to compare the insurance policies.
J Harinarayan, chairman of IRDA, presented that the tool will help the customers to take an informed decision for an insurance cover. The result of the comparison will be indicative of the specific features covered or not under the policy.
Features of the online tool:
- It has been designed to compare non life insurance products.
- The products are compared based upon the Lines of Business (LOB) and Sub-LOB.
- You can compare any of the approved products by IRDA based on above selections.
- Maximum four products can be compared at a time.
- The result will help you to take the decision without any misleading factor.
How to Compare?
The tool is self explanatory and easy to use. You can go through the description below to understand it more conveniently.
- Select the LOB from the drop down menu. It can be either Fire, Motor, Engineering and Industrial All Risks. You can compare insurance polices which falls under these categories only.
- Based on the above selection different Sub – LOB will be available in the drop down menu.
- Then you have to select four Companies whose products you have to compare.
- Their corresponding products will be displayed below them. In case a company provides more then one product for that purpose, you can choose one from the drop down menu.
- Click on Compare.
The snapshot below displays how you can choose to compare between the approved policies.
Result of the comparison:
- The result will display: Coverages, Exclusion, Add Ons, General Condition, Dedutible and Rating Factors. The headings may differ a bit for different policies comparison.
- There is no text comparison regarding the grading of the policy or any highlights for a particular one.
- You can just get the answers is yes/no or cross/tick format to compare different availability and non availability. So, the results indicates the best available according to your requirements.
Now onwards, be self informed before buying any insurance policy. Pay the insurers after complete, easy and fast research.
To compare the non life insurance policies: Click Here