At just Re 1, Ola offers its riders Rs 5 lakh insurance policy

Homegrown ride-sharing app Ola has launched in-trip insurance cover for all its riders.The insurance cover will be charged at a premium of Rs 1 per ride for intra-city travel, Rs 10 for Ola Rentals and Rs 15 for Ola outstation rides.

It will also provide cover for missed flights, loss of baggage, loss of laptop and emergency hotel requirements. It will be available to all users, including cabs, auto, kaali-peeli, and e-rickshaws.

Cab aggregator has tied up with Acko General Insurance and ICICI Lombard General Insurance to launch the program across over 110 cities.

Earlier in December, Ola announced the launch of a comprehensive in-trip insurance programme, Chalo Befikar, customised for its driver-partners across the country.

Unlike traditional life insurance programmes, the scheme also provides daily benefits in case of hospitalisation, that covers business losses, apart from taking care of outstanding car loans and children’s education.

Last month, drivers of Ola and Uber were on strike. They were demanding from the companies to make business commitment worth Rs 1.25 lakh every month, lucrative incentives, full KYC of the riders, reinstatement of blacklisted drivers among others.

Meanwhile, Ola acquired end-to-end public transport-focused app Ridlr in an all-stock deal. Post acquisition, Ridlr is expected to help Ola to integrate its mobility platform with the public transportation infrastructure.

This is the second acquisition for the SoftBank-backed ride-hailing firm in last four months after it acquired food delivery startup Foodpanda. Overall, this deal marks Ola’s seventh investment in India.

Ola which competes with global cab major Uber also takes a forward step to give a tough fight to the San Francisco-based company. The recent expansion of Ola in cities of Australia also hints about the upcoming battle on foreign soil between the two. At present, Ola commands 16% more marketshare than Uber in India

Founded in 2011, Ola claims to have 12.5 crore registered users in India and more than 10 lakh driver partners in more than 110 cities. The company serves as many as a billion rides in India annually through its platform.

The development was sourced from Ola Blog.