CII suggests relaunch of PMAY with inbuilt credit-linked insurance

The Confederation of Indian Industry (CII) has suggested the central government to relaunch the Pradhan Mantri Awas Yojana (PMAY) with an in-built credit-linked insurance cover for the borrowers. At present, the PMAY scheme, which aims to provide housing for all by 2022, falls short of covering the risk of death or disability of the borrower as the loans sanctioned under the scheme do not have an in-built insurance provision. An in-built credit-linked insurance or a mandatory life insurance for all borrowers will ensure that the intent of providing housing for all does not take a hit due to death or disability of the primary borrower, the chamber stated.