CII has demanded from the government that the Pradhan Mantri Awas Yojana should be relaunched and the facility of life insurance should be made mandatory in it.
New Delhi: A big news has come out under PM Awas Yojana 2021. Industry organization CII has demanded from the government that the Pradhan Mantri Awas Yojana should be re-launched and the facility of life insurance should be made mandatory in it. Along with this, a demand has also been made to provide compulsory insurance for the people who get the loan of Pradhan Mantri Awas Yojana (PMAY).
Home for all Actually, the government has planned to provide houses to all the people of the country under the Pradhan Mantri Awas Yojana (PM Awas Yojana Benefits). Under this, if the borrower dies or becomes disabled, the government has also been demanded to give the benefit of life insurance along with the loan to realize the dream of his house.
Most prominent among the government’s missions
Pradhan Mantri Awas Yojana PMAY is one of the major schemes of the central government (PM Awas Yojana Eligibility). Under this, the central government has set a target of providing housing to all by the year 2022 i.e. till the completion of 75 years of country’s independence. To fulfill this goal, CII has demanded from the government to give the benefit of life insurance to the beneficiaries along with the housing scheme.
What is the demand of CII
If the government accepts this demand of CII and PM Awas Yojana 2021 List is relaunched with life insurance, then it will be a big achievement for the people. As of now there is no facility of any kind of cover for the person taking loan in this scheme. There is no provision for in-built insurance plan with the loan. CII says that if you get the benefit of insurance with the loan of PM Awas Yojana, then in adverse circumstances the cost of the house will also continue and the work of construction of the house will not stop.
Benefits of life insurance
CII Director General Chandrajit Banerjee said, “There is a need to relaunch the PMAY scheme with which the benefit of credit linked insurance or essentially life insurance can be extended to every borrower. This will not cause any problem in the goal of ‘Awas for all’. The construction of the house will not stop even on the death or disability of the borrower. There should be some arrangement that families should get houses and not loans. Life insurance can play a big role in this. For rapid development in the country, providing cheap houses is the biggest need. Under PM Awas Yojana, if the borrower dies, the construction of the house will stop and the effect of the loan will be different. The family will also be in trouble.
More need of insurance in Corona
There has been a serious impact on the livelihood of the people during the Corona period. The second wave saw a rapid increase in the death rate. In such a situation, financial assistance is a great need. Financially troubled people can get big benefits by giving the benefit of life insurance with PMAY scheme. Under the plan, the government can fix a standard premium for life insurance if it wants. Through this, the insurance company can give credit cover to the beneficiaries of PM Awas Yojana. The facility should be that the benefit of insurance cover should be given at the time of taking the loan equal to the loan amount.
