MyInsuranceClub.com on Monday said it has got regulatory approval to compare premiums and features of insurance policies online.

"Being the first to receive this approval is a landmark event and we will now focus on providing a much improved and superior offering to the customer," MyInsuranceClub CEO Deepak Yohannan said in a release issued in Mumbai.

"Insurance Comparison is one big game changer that could have happened to the insurance space. User can easily compare premiums and then proceed to buy the policy online on the insurance company's website. It is safe and transparent," Yohannan added.

Online insurance aggregation is a big hit with consumers in many developed markets and there is no reason why consumers in India should not get the benefits of simple and accurate comparison of policies.

The presence of insurance web aggregators is a boon to the Indian customers, as they now have access to premiums of insurance policies from multiple companies in one place.

This platform helps customers to independently choose a product, which meets their preference of price, brand and policy benefits.

MyInsuranceClub is the flagship website of iGear Financial Services Private Limited which was launched in late 2009.

The website solely focuses on comparison of insurance products and displays premiums, features and other product benefits for policies of life insurance, health insurance and car insurance - three of the most popular products for retail customers.