Mobile App for Comparing ULIPs

IRDA has introduced a mobile application that enables comparison of Unit Linked Insurance Policies (ULIPs) introduced on or after 1st September, 2010, when the new ULIP guidelines came into force. Here is how it works:

• It is a mechanism to make informed decisions on buying ULIPs.
• It works on Android, iPhone, Nokia and Blackberry platforms.
• You can access the site www.m.irda.gov.in with any mobile device.
• You get real-time access to IRDA’s repository of ULIPs.
• You can compare features of ULIPs like premium and benefits.
• You can search by Company, by Policy type and by Keyword.

Disclaimer: While every care has been taken while giving the product features and rates based on the information provided by the respective insurance companies, neither IRDA not any of its officials would be liable or responsible for any accidental or inadvertent mistakes or any of the consequences of purchases made by any of the consumers/prospects or any third parties, as regards the use of the said information or the investment risk or any adverse consequences thereof, and that it is made abundantly clear that the decision to purchase/invest is purely that of the consumer or user of the information.

 When you decide to buy an insurance policy:

• Check if the company selling the policy is registered with IRDA.
• Make sure you buy the policy through a genuine licensed agent or broker. Ask for an identity card or licence.
• You can also buy policies from the company directly.
• Read the policy brochure/ prospectus carefully and get to know what the policy covers and does not cover.

what is insurance and what we do and don't

To Protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto.

As per IRDA, policy holders should Buy With Care: Some Dos and Don'ts

 

 You buy insurance for security. So be extra careful when you buy it. It is worth taking care of a few crucial aspects during this process.

Mis-selling by insurers and their intermediaries is something you have to be cautios about. IRDA keeps a tab on unethical practices by entities selling insurance based on unfounded promises.

Your insurance company and intermediary have to act according to the Code of Conduct prescribed by IRDA, the industry councils and the relevant recognised professional association

In case of complaints about misselling IRDA examines the matter and issues an appropriate notice of caution on its website for public information.

Here are some Dos and Don’ts for buying insurance carefully:

Dos

• Buy only from a registered insurer or through his authorised intermediary
• See the list of insurers on IRDA's website. Ask them if your intermediary is genuine
• Ask the intermediary for all information to make a decision
• Evaluate if he is advising you dispassionately
• Fill the proposal form yourself and give complete and factual information; False or misleading information could lead to disputes at the time of a claim
• Do not sign a blank proposal form or leave any portion unanswered
• If you are not filling it up yourself, ensure that the contents are fully explained to you
• Remember you have to sign a certificate as part of the proposal form taking responsibility for its contents
• Make sure you understand clearly:
• Whether your policy has a single premium or regular premium
• What your policy term and premium paying term are. They can be different
• What your surrender value is. It can be less than the premiums you have paid
• What is covered and what is not covered
• Understand the returns and bonuses, what is guaranteed and what is not

• In the case of Unit-Linked insurance policies (ULIPs):
• Make sure you understand the implications of bearing the investment risk yourself
• Evaluate the performance of the funds before you invest
• Understand the various charges levied under the policy

• When you receive the policy bond:
• Make sure it matches the terms proposed/ agreed by you
• If they don’t, you can cancel it during the 15 day "free-look" period from the date you receive the policy bond
• Premium will be refunded to you with some deductions

Don’ts

• Do not sign a blank proposal form or leave any portion unanswered

Do not conceal relevant information or make any misstatements as it may lead to disputes at the time of a claim