All you need to know about sites comparing insurance products

All you need to know about sites comparing insurance products

General Insurance, IRDA Updates, Life Insurance

You might have come across many websites which are comparing the insurance plans premiums and collecting data about the interested person through their online portals. These sites are called Web Aggregators.

“Web Aggregator” – For the purpose of these guidelines, a web aggregator is a Company registered under Companies Act, 1956 (1 of 1956), approved by the Authority under these guidelines, in whose behalf a website offers information pertaining to insurance products and / or price comparisons of products of different Insurers.-IRDA(Web Aggregators) Regulations, 2013

Do you know that all the sites which are working as Web aggregators have to be registered with IRDA and only after the approval of the IRDA any website can work as Web Aggregators? A Web Aggregator cannot be an insurance agent.

You can find the list of IRDA approved web aggregators at the end of this post, as published by IRDA on 24/08/2016 on its websites.

IRDA has laid down the regulations about the Web Aggregators called as IRDA(WebAggregators) Regulations, 2013; these regulations are about the registration process, lead generations, affiliation with insurers, the number of insurers that an aggregator can work with, sharing of information collected through websites with insurers and many others.

As per the regulations a Web Aggregator has to follow these points:

  1. Web aggregator shall display on the website the premium rates and Key Features of the insurance products of all the Insurers for each class of insurance business.
  1. The price comparisons that are displayed shall be up to date and reflect a true picture of the products.
  1. If you have provided your information on a web aggregators site but didn’t show your interest in any particular insurance product/company, then a web aggregator can share your information with maximum up to 5 insurers in same insurance class (life/nonlife/health). He can also share your information in these case to any insurance broker but not to both.
  1. Web aggregator has to transmit the data of clients to Insurer/Broker:
    1. within five days of the client’s visit to the website.
    2. must be secured from unauthorized access and misuse;
    3. with a reasonable level of suitability, reliability, and correctness;
    4. in compliance with generally accepted security procedures;
  1. Web aggregator can only transmit any leads generated through clients visiting their sites
  2. If a lead was given to an insurer/broker convert into a sale then insurer/broker pay the remuneration to web aggregator which is not more that 25% of the first-year premium.

Obligations of web aggregators

  1. Web aggregator should display the particulars of the validity of approval obtained from the IRDA on its website.
  2. Web aggregator must state clearly and unequivocally that insurance is the subject matter of solicitation.
  3. At no point of time of its functioning, a web aggregator shall have net worth below rupees fifty lakhs
  4. At no point of time of its functioning, a web aggregator shall have the referral arrangement with any Insurer.
  5. Web aggregator shall maintain the records and the reports of its activities under the agreement with insurer / broker, in the manner specified in the agreement entered into between the insurer / broker and the web aggregator.
  6. Web aggregator shall along with its employees (whatever their designation may be) comply with all the provisions of the Act, the IRDA Act, 1999, the rules and regulations framed thereunder and such other directions issued by the IRDA from time to time.

You can find the list of approved Web Aggregator below:


LIC may soon withdraw Jeevan Akshay VI

LIC may soon withdraw Jeevan Akshay VI

IRDA Updates, Life Insurance

After the gazette notification issued by Insurance Regulatory and Development Authority of India (IRDAI) on 14/10/2015 for annuity plans offered by Life Insurers, LIC of India may soon withdraw or relaunch (with modifications) its Immediate Annuity Plan Jeevan Akshay VI.

The Authority may issue separate instructions for withdrawing the products which are not in compliance with these Regulations but are currently offered by the Life Insurers and which are approved by the Authority prior to the date of notification of these Regulations.-F. No.IRDAI/Reg/14/104/2015

In the gazette notification IRDAI restrict an insurer to pay or undertake to pay an amount of benefit excluding any profit or bonus on any policy of insurance issued, less than:

  1. Annuity of 1,000 per month
  2. Gross sum of 5,000 (Except under Micro Insurance and Health Insurance Business)
  3. Gross sum of 1,000 for Micro Insurance and Health Insurance Business:

Jeevan Akshay VI is a immediate annuity plan of LIC of India, where annuity/pension is payable for life as per the option and  immediately after a month or whatever the mode chosen by Annuitant. Jeevan Akshay VI policy is available for the age group between 30 to 85 years, with minimum premium of 100000 for policy taken offline and 150000 for policy taken online (Excluding Service tax). Monthly Pension in Jeevan Akshay VI policy on minimum amount ie 100000 is mentioned below

Monthly annuity amount under options on min amount of Rs. 100000 in Jeevan Akshay VI

 Options mentioned above are

    1. Annuity payable for life at a uniform rate.
    2. Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
    3. Annuity for life with return of purchase price on death of the annuitant.
    4. Annuity payable for life increasing at a simple rate of 3% p.a.
    5. Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
    6. Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
    7. Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor.

To know more about the Jeevan Akshay VI plan and its benefits contact you LIC agent or visit your nearest branch. You can know more about Jeevan Akshay VI policy and buy it online Click Here

To read and download the gazette notification of IRDAI please Click Here