Insurance provisions should also be added to Pradhan Mantri Awas Yojana: CII

The Confederation of Indian Industry (CII) has advocated a fresh introduction of the Pradhan Mantri Awas Yojana (PMAY). The industry body said that by re-introducing PMAY, there is a need to mandatorily add the provision of loan linked life insurance to all the lenders. This will ensure that the goal of providing houses to all is not deviated even in the event of death or disability of the principal borrower. India is completing 75 years of its independence in 2022. PMAY is the government’s ambitious mission of home for all. The industry body said in a statement that the provision of insurance has not already been added to this scheme. As such, the scheme does not cover the risk of death or disability of the borrower. CII said that if insurance is included in the scheme, the targeted benefit of home for all would be achieved in all circumstances.

CII Director General Chandrajit Banerjee said the PMAY scheme needs to be re-introduced. There should be a provision for insurance in this in advance. With this, we will be able to meet the target of housing for all under this scheme even if a borrower dies or becomes disabled.