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

With the new application, mobile phones or devices users can compare features of Unit Linked Insurance Policies (ULIPs) introduced on or after 1 September 2010 online.

The application is designed to provide a mechanism for consumers/prospects to make informed decisions by comparing features of insurance products through mobiles.

It works on Android, iPhone, Nokia and Blackberry platforms. In addition to any mobile devices through which Internet can be accessed.

The application enables real time mobile based access to the IRDA repository containing details of the products by accessing, while enables users to search products for comparison through three search options – by company, by Policy type and by Keywords.

It allows a user to select up to three products at a point in time for comparison, and the selected product information is displayed in a pop-up window.