The deceased were identifed as Kumari Radhika and her daughter Bhadra, a fifth standard student of a local school.
Her husband Ajay Kumar (40), a senior civil police officer at the Poojappura police station and another daughter were admitted to a hospital with injuries, police said.
The condition of Kumar was said to be serious, police said.
People, irked over the incident, attacked the bus belonging to a private englieering college.
State Home Minister Ramesh Chennithala visited the house of the bereaved family and said legal action would be taken against the person responsible for the accident.
