PM Awas Yojana 2021: The Government of India can soon make a big change in the PM Awas Yojana. Now the beneficiaries of Pradhan Mantri Awas Yojana can also get the benefit of insurance scheme. In fact, industry organization 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. If the government accepts the demand of this organization, then the beneficiaries of Pradhan Mantri Awas Yojana will also be given compulsory insurance facility.
Under the Pradhan Mantri Awas Yojana, the Government of India wants to give a house of its own to every citizen of the country. For this reason, the government gives financial help to all the families of the country to build houses gradually. In such a situation, CII says that if the person taking the loan to build a house dies or becomes disabled, then his dream of his own house is broken. To make this dream come true, the government should also give the benefit of life insurance along with the loan.
Every family will have a house by 2022
In the year 2022, 75 years of India’s independence will be completed. The Government of India wants to give a house to every family of the country till this day. With this purpose, the Government of India is running the Pradhan Mantri Awas Yojana. CII says that in order to fulfill the government’s goal in the true sense, it is also necessary to give the benefit of life insurance facility in this scheme. However, doing so will increase the budget of this scheme a lot.
What did CII say
CII says that in this scheme there is no facility of any type of cover for the person taking the loan nor is there any provision of in-built insurance plan with the loan. In such a situation, if you get the benefit of insurance along with the loan of PM Awas Yojana, then even in adverse circumstances, the cost of the house will continue and the work of building the house will not stop.
What will be the benefit of life insurance
According to CII Director General Chandrajit Banerjee, there is a need to relaunch the Pradhan Mantri Awas Yojana and now every loan taker should be given the benefit of life insurance. By doing this, every family will be able to get a home in the true sense. After this facility, the construction of the house will not stop even on the death or disability of the borrower. He said that there should be some system so that families get houses and not loans. Life insurance can play a big role in this. Providing affordable houses is of paramount importance to accelerate development. In the present system, if the borrower dies, then the household work stops and the family also becomes miserable under the pressure of repaying the loan.
The need for insurance increased during the Corona period
Corona has badly affected the livelihood and health of the people. Especially in the second wave of Corona, a large number of people have died. In such a situation, people need financial help. Financially troubled people can get a big benefit by giving the benefit of life insurance with the Pradhan Mantri Awas Yojana. 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. According to CII, the benefit of insurance cover equal to the loan amount should be given to the beneficiary at the time of taking the loan.