Ride-hailing firm Ola is rolling out a health insurance solution in partnership with Religare Health Insurance, through its financial services arm, OlaMoney. The tie-up marks Ola’s debut in the health insurance space.
The OlaMoney-Religare Hospicash, which allows policyholders to claim Rs 5,000 per day of hospitalisation, will be available to all registered Ola users and can be bought directly on the company's app.
The policy, which costs as little as Rs 3 per day, is available as both, as individual and a family plan, and can be purchased monthly or for a period of one year renewable thereafter. The product offers comprehensive health protection and is also an addition to an existing health cover. The product offers reimbursements by simply providing proof of hospitalisation and simple enrolment for all ages between 91 days and 65 years.
Annual policy renewal happens through the Ola app and its coverage includes hospitalization for accidents, general treatment and critical illnesses.
“It is a thoughtfully designed product that effectively complements any existing health insurance plan and even competently serves as standalone health coverage,” said Anuj Gulati, managing director and chief executive, Religare Health Insurance.
“The financial needs of Indian customers are fast changing with the myriad of uncertainties that surround us. More and more consumers are forced to use their savings to pay for unplanned hospitalisation expenses,” said Nitin Gupta, chief executive of OlaMoney. “With our unique Hospicash product, we aim to create seamless access to quality healthcare for millions, forever alleviating the typical hurdles that most policyholders today face,” he added.
In February this year, Ola said that it has achieved a unique milestone of facilitating the issue of 20 million in-trip micro-insurance policies to its customers every month under its flagship and industry-first programme, in association with a new age insurer. The product was designed to cater to the needs of customers during their cab rides, specifically for city rides and outstation rides on the Ola platform.
Launched in April last year, Ola had said the in-trip insurance saw acceptance from all age groups with key metros like Bengaluru, Delhi, Chennai and Mumbai registering the fastest adoption growth rates.
Ola’s rival Uber, as well as companies such as Flipkart, Amazon and Paytm, are also eyeing the Indian insurance space, which is expected to grow to $280 billion by 2020, according to a joint study by industry body Assocham and research firm APAS. On Wednesday, ride-sharing company Uber unveiled rider insurance at no extra cost, an initiative in partnership with Bharti AXA and TATA AIG. The plan will cover all riders in cars and autos up to a maximum of Rs 500,000 in case of accident.
The insurance provides cover for physical injury caused by an accident that might occur while on a trip with Uber, from the point the rider enters the vehicle until the end of the trip.
Pavan Vaish, head of central operations (rides) for India and South Asia said that he expects the initiative to be “well-received by the rider community and their families, giving them a greater sense of security and assurance when they take an Uber ride.’’