PremiumEscorts Ltd, the country’s second largest tractor manufacturer, on Wednesday announced a scheme that offers health protection benefits for its prospective customers. As part of the scheme, the company will pay part of the hospital charges if a customer gets hospitalized due to covid and will also bear the cost of home treatment.
“In the programme named ‘Escorts Covid Kavach’, Escorts, in association with an insurance partner, will extend covid aid up to ₹150, 000 in case of covid-19 related hospitalization and up to ₹15,000 to cover home treatment expenses. The aid is available to all customers who purchase any Escorts tractor effective 25 May 2021. The cost of this cover shall be borne by Escorts and its Authorized Dealers," the company said in a statement.
The Faridabad-based company has also asked it dealers to start vaccinating its employees in collaboration with local hospitals.
“Our country is going through some tough times. The farmers of our country have shown utmost courage and have worked hard during the pandemic, ensuring that all of us have food on our plates. It is our moral duty to reciprocate to the farming community with whatever we can do for their well-being. We hope our collective efforts will help our country to soon overcome this crisis," said Shenu Agarwal, chief executive officer, Escorts Agri Machinery.
The tractor industry has been hit hard by the intense spread of covid-19 in the rural areas and the industry is likely to see sharp decline in sales in the first half of the fiscal year. Hence, this is also a strategy of the company to grow sales in the coming months.
According to sector analysts, Escorts could report low single-digit increase in volumes in FY22 due to the impact of the second covid wave in rural areas and the high base of last year. Continuous increase in commodity prices will also have a negative impact on the operating margins of the company during the fiscal.
Never miss a story! Stay connected and informed with Mint. Download our App Now!!