Olamoney, Religare launch hospital insurance cover
Ride-hailing firm Ola is rolling out a health insurance offer in partnership with Religare Health Insurance.
It is doing so through its financial services arm, Olamoney. This is the first time Ola’s is entering health insurance. The Olamoney-religare Hospicash offer enables policy holders to claim ~5,000 a day of hospitalisation. Available to all registered Ola users and can be purchased directly through the Ola app. “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 (this) product, we aim to create seamless access to quality health care for millions."
The policy, with a premium as low as ~3 a day, is available as individual and family plans. It can be purchased monthly or for a year, renewable. Unlike traditional health insurance policies which are accepted only at preferred network hospitals, this can be used to reimburse expenses at “any hospital across India,” said the company. The product includes reimbursements by providing proof of hospitalisation and simple enrolment open to all ages between 91 days to 65 years. Annual policy renewal happens through the Ola app; coverage includes hospitalisation for accidents, treatment and critical illness.
“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, Religare Health Insurance. “We believe this is a landmark initiative."
Uber's offer
On Wednesday, the Indian arm of Ola's Us-based rival, Uber, announced a rider insurance offer at no extra cost, in partnership with Bharti AXA and TATA AIG. This will cover all riders in cars, autos and motos, up to a maximum of ~500,000. The insurance provides cover for physical injury as a result of any 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 at Uber, said he expected 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 a Uber ride.”