Accidental Medical Expense will cover a sum of Rs 1 lakh, hospital daily allowance will be Rs 500 per day - to a maximum of 7 days, with accidental death, permanent total disability, and permanent partial disability with a cover of Rs 5 lakh.
Lost your baggage, mobile phone, other belongings while travelling from cabs? Ola will now cover your loss through its new insurance program. The users will now be able to insure their trip for Rs 1 per day for intra city travel, Rs 10 for Ola Rentals and Rs 15 for Ola Outstation. India’s cab-hailing behemoth has launched a comprehensive in-trip insurance program for its customers across the country. This program kicks in as a part of its campaign ‘Chalo befikar’ and will mark Ola as the first company in the country to offer insurance on cabs, auto, black and yellow taxis and e-rickshaw rides.
Further, the company has partnered with Acko General Insurance Ltd to design the program and extend it to its customers in over 110 cities.
According to slab provided by Ola, Accidental Medical Expense will cover a sum of Rs 1 lakh, hospital daily allowance will be Rs 500 per day – to a maximum of 7 days, with accidental death, permanent total disability, and permanent partial disability with a cover of Rs 5 lakh. If you’ve missed your flight, Ola will pay you Rs 5,000 for the same, while loss of baggage, personal effects and electronic equipments will cover a sum of Rs 20,000. For daily commuters, loss of baggage and electronic enquipments is not covered, it’s only a part of Ola outstation. People will still have to go through the lengthy process of calling the driver, calling the call centre or reporting on the app.
For now, the program is being launched for customers in major cities and will later be extended to other markets. The program will cover loss of baggage or laptops, missed flights, accidental medical expense, ambulance transportation cover, among many others. The insurance option will be optional and can be purchased the app. The claims can be made through the app as well as well as the insurance company’s website, mobile app and helpline number. Further the company has partnered with ICICI Lombard General Insurance and will be covering insurance through the same in coming months.
Commenting on the development, Vishal Kaul Chief Operating Officer (COO) at Ola said, “We are thrilled to introduce in-trip insurance for our customers under the ‘Chalo Befikar’ insurance program. Just for INR 1, Ola customers can avail an insurance policy of INR 5 lakh which will also provide cover for missed flights, loss of baggage, loss of laptop, emergency hotel requirements, and many more. The launch of this initiative, a first of its kind in India, reiterates our resolve of building customer-first solutions.”
How to activate the insurance option
- New user → in-app communication while booking a ride
- Menu → profile → ride insurance → toggle insurance ‘on’ (once a customer has given his/her consent, insurance is charged on all his/her future rides unless the toggle is put to ‘off’)
It’s important to note that, once activated users will have to manually turn it off for the company to stop charging for the insurance.
Acko is an independent general insurance company with its entire operations offered through a digital platform. It will provide personalized products after measuring customer behavior using data analytics. Founded by Varun Dua, previously founder of Coverfox, Acko has raised $30 million, which in effect makes it one of the largest seed rounds for a startup in India. The company is backed by Narayan Murthy’s Catamaran Ventures, Accel and SAIF Partners, Kris Gopalakrishnan, Co-founder Infosys, Hemendra Kothari of DSP Blackrock, Atul Nishar – Founder & Chairman of Hexaware Technologies, Rajeev Gupta, veteran investment banker and Founder of Arpwood Capital, Venk Krishnan and Subba Rao of NuVentures, Swiss Re & Transamerica Ventures.