Ola, India’s most popular mobility platform, today announced the launch of a comprehensive in-trip insurance program, customized for its driver partners across India. To make for a locally relevant and more robust insurance program, Ola has designed it with feedback and recommendations from driver partners themselves and has added a variety of features to truly build a first-of-its-kind risk cover. Ola has partnered with Bajaj Allianz to launch this innovative program designed to benefit both, driver partners and their families.
‘Chalo Befikar’ Insurance will be provided to all active driver partners on the Ola platform offering a cover of upto INR 500,000. Unlike traditional life insurance programs, this comprehensive scheme also provides daily benefits in case of hospitalization that covers business losses, apart from taking care of outstanding car loans and children’s education. Today, a majority of driver partners across India do not have access to comprehensive medical insurance, or even a life insurance cover; Ola’s insurance program is thus aimed at alleviating the financial burden for driver partners and their families.
More details on the unique features
- Covering outstanding vehicle loan obligation of driver partners, irrespective of the loan amount
- Children’s education fee (up to INR 24,000 per year) per child till class 10th – over and above a cover of INR 500,000
- Business loss reimbursement of upto INR 750 per day for 3 months, in case of temporary disability
Speaking on the launch of the insurance program, Vishal Kaul, Chief Operating Officer at Ola, said, “Over the course of this year, we have spoken with thousands of driver partners across the country to understand their needs to build a policy that better addresses their needs. This new program illustrates how a company can leverage local intelligence and work together with its beneficiaries to create an offering that is extremely relevant, but unavailable so far in the traditional structure. This policy also ensures that a crucial aspect of their children’s future – education, is not compromised despite an unfortunate incident”
He further added, “Driver partners as stakeholders are playing a key role in the mobility revolution in India, and our vision is to bring them at par with one of the best social security schemes in the world. We are certain that the launch of this insurance program will make a significant impact on their lives and go a long way in supporting their entrepreneurial journey. Ola is committed to creating an inclusive and empowering environment in which our driver partners can operate and thrive.”
Mr. Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance Company, said, “We are delighted to take our partnership with Ola to the next level, with a comprehensive insurance cover for all its cab drivers. These drivers are partners of Ola and it is critically important to financially protect them against a possible accident. I am confident this is a step in the direction to ensure the entire driver partner ecosystem of Ola is protected and insured.”
Santosh Kumar, Ola driver partner in Bengaluru, said, “Getting a comprehensive insurance plan is not only expensive but also challenging in terms of selecting the right policy that suits our needs. Ola has now changed that. All my peers are delighted to know that Ola has helped us with a free insurance package that meets our needs as driver partners. I am especially happy to know that the benefits are not only restricted to me but also cater to the needs of my family and children. I can now worry less and focus more on growing my business.”
