Homegrown cab aggregator Ola has launched a comprehensive in-trip insurance program, customised for its driver partners across India called ‘Chalo Befikar’. Ola has partnered with Bajaj Allianz to launch this 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 scheme provides daily benefits in case of hospitalization that cover business losses, apart from taking care of outstanding car loans and children’s education.
The insurance covers outstanding vehicle loan obligation of driver partners, irrespective of the loan amount. It covers children’s education fee (up to Rs 24,000 per year) per child till class 10th and this is over and above a cover of Rs 500,000. The business loss reimbursement offered is up to Rs 750 per day for three months, in case of temporary disability.
“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,” Vishal Kaul, Chief Operating Officer at Ola said in a statement.
Drivers will not be charged any premium for availing this policy and every driver that signs up as an Ola driver can avail this policy.
Ola says that a majority of driver partners across India do not have access to comprehensive medical insurance, or even a life insurance cover and Ola’s insurance program is thus aimed at alleviating the financial burden for driver partners and their families.
“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,” Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance Company, said.
Ola has also created a special hotline for all its driver partners, where all queries and claims can be sought.