Hero Cycles to Tie Up With Insurance Firms

The world’s largest bicycle maker Hero Cycles said it is in talks with insurance firms to provide health cover to its rural customers as part of its initiative to uplift the poor.

The company, which has tied up with Allahabad-based Sonata Finance for financing bicycle by providing loans of Rs 100 per week in rural areas, is considering paying health insurance premium for the poor customers on purchase of the company's bicycles.

“About 500 million people in India cannot afford to buy a bicycle. We want to give them mobility and for that we have tied up with a micro finance firm to offer loans. Now, we want to secure their lives,” Hero Cycles Managing Director Pankaj Munjal said.

He said the company is currently talking to one public sector and one private sector health insurance provider to tie up for this purpose. The company will introduce the health insurance services soon, he added.

“Hero Cycles want to contribute with its limited strength by giving them a sense of security. These people will be given health insurance policies when they come to buy our bicycles,” Munjal said.

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