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Now, insure your Ola Cabs ride for just Re 1

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Next time you take a ride with Ola Cabs, you will get an option to pay Re 1 for a trip insurance cover worth Rs 5 lakh for riding from one point to another. For Ola Rentals, the premium will be Rs 10 while it will be Rs 15 for Ola Outstation.

In India, Ola is one of the first smart mobility platforms to offer an in-trip insurance cover to its users, across all categories viz. cabs, auto, kaali-peeli, and e-rickshaw. Ola has partnered with Acko General Insurance Ltd to launch this program designed to benefit its customers across more than 110 cities.

For now the programme is being rolled out for customers in major metros. Ola plans to scale up the programme to other cities it operates in. The comprehensive insurance programme provides benefits in cases of loss of baggage or laptops, missed flights, accidental medical expense, ambulance transportation cover, and much more.

Several digital insurance companies, large and small, like Acko and Fairfax-based Digit Insurance, as well as players like ICICI Lombard General Insurance, Bajaj Allianz General and HDFC ERGO General Insurance are actively tapping the small-ticket insurance market.

In fact, Bajaj Allianz General launched a Bharat Bhraman policy that covers travel by bus, train, cabs, bicycles or air within India. This covers personal accident as well as hospitalisation.

Several insurance companies have been in the race to enter into tie-ups with Ola, Uber, Flipkart and Amazon in India in an attempt to have a wider reach and audience for their products. For example, Ola says it clocks 2 million rides a day across the cities it operates in.

In August 2017, Uber, in partnership with ICICI Lombard General Insurance, rolled out an insurance programme for drivers.

In the case of the Ola trip insurance for customers, the optional policy can be purchased through the Ola app. The claims can be made through the Ola app as well as Acko’s website, mobile app and, call center. In the near future, Ola will also partner with ICICI Lombard General Insurance for this programme. Post this, customers could get an option to choose between insurers for the product.

Vishal Kaul, Chief Operating Officer at Ola said, “Just for INR 1, Ola customers can avail an insurance policy of Rs 5 lakh which will provide cover for missed flights, loss of baggage, loss of laptop, emergency hotel requirements, and many more.”

There is an in-app communication while booking a ride. Once a customer has given his/her consent, insurance is charged on all his/her future rides unless the toggle is put to 'off'.

Varun Dua, Founder & CEO, Acko General Insurance said that this policy will ensure that daily commute is stress-free for daily commuters.

Among other sectors, the Indian Railways also offers an insurance cover at a premium of 92 paise. This product offers families a compensation of Rs 10 lakh in the event of death or total disabilty, Rs 7.5 lakh for partial disability, upto Rs 2 lakh for hospitalisation expenses and Rs 10,000 for transportation of mortal remains due to an accident.

Royal Sundaram General Insurance, Shriram General Insurance and ICICI Lombard General Insurance are the insurers for this scheme.

For air travel as well, travel insurance is available for the duration of the flight. Customers booking tickets through online platforms get an option to add insurance for a few hundred rupees.