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Hero Cycles To Offer Health Insurance
Hero Cycles has already tied up with Allahabad based Sonata Finance to provide bicycle financing and loans of Rs.100 per week in rural areas. Pankaj Munjal, the managing director of Hero Cycles while speaking about the finance scheme said: “ 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 has not disclosed which insurance provider it was in talks with. It has only said the insurer would be a public sector firm. Hero Cycles is yet to confirm if it will be paying the premiums for the health insurance scheme for its customers.
The health insurance cover will be provided to Hero Cycles' customer from next month. MR Munjal said: “ 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."
Hero Cycles manufactures bicycles priced between Rs.1,800 and Rs.3,000 and sells them through more than 2,400 dealerships spread across the country. The bicycle manufacturer will soon enter the premium bicycle segment by manufacturing bicycles costing between Rs.3,000 and Rs.20,000. The company will continue to focus on the rural markets which generated more than 65 per cent of its sales.
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