Mahindra & Mahindra Ltd on Sunday announced an initiative to support its new tractor customers amid the second wave of the COVID-19 pandemic with provisions for health insurance of Rs 1 lakh and pre-approved emergency financial support to farmers.

Under its 'M-Protect COVID' plan, the company said it aims to safeguard new Mahindra tractor customers and their families against the eventuality of contracting COVID-19.

M&M said the plan includes a health cover of Rs 1 lakh through a unique COVID-19 Mediclaim policy to cover the customer in case they contract COVID-19 with home quarantine benefits.

Besides, it will also provide financial support by providing pre-approved loans to support medical expenses incurred during COVID-19 treatment.

The company said it will ensure a customers' loan under 'Mahindra Loan Suraksha' in case of loss of life.

''The M-Protect COVID Plan will be available on Mahindra's entire range of tractors purchased in May 2021,'' M&M said in a statement.

M&M President (Farm Equipment Sector) Hemant Sikka said the new 'M–Protect Covid Plan' is a new initiative targeted at farmers,'' as we stand by them to drive positive change even in these tough times''.

''With M-Protect we are privileged to serve and support them to reduce the impact of a COVID related eventuality. With M-Protect we hope our farmers continue to have a healthy life,'' he added.

M&M Chief Executive Officer, Farm Division Shubhabrata Saha said May and June are important months for the livelihood of the farming community and COVID-19 has brought in several challenges.

''Our new M-Protect Covid Plan is intended to ease farmers' worries as we support them in these crucial farming-related months,'' he added.