Hero Cycles to tie up with insurance firms to cover poor.

Monday 15, August, 2011 The world's largest bicycle maker Hero Cycles on Monday 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 to pay 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 told PTI. Without sharing details, he said the company is currently talking to one public sector and one private sector health insurance provider to tie up for this purpose.

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