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Sunday, 5 April 2015

Insurance and Loan for Students and Teachers

Insurance for Students:
Insurance State Insurance and Provident Department provides insurance for students. The premium is Rs 25 and 50 per year and the sum assured is Rs 25000 and 50000. The principals of schools and colleges can contact the nearest office.
Insurance for Students and Teachers: There are several insurance plans available in the market. They require a considerable amount of premium. An alternative is to opt for State Bank’s Group Insurance (General Insurance) available to all Saving Bank account holders. The premium is Rs 100, Rs 200, Rs 400 ... per year and the assured amount is Rs 200000, Rs 400000 and so on. This is the best option since it is very cheap and reliable plan from highly reputed banks: SBI, SBBJ, SBT, SBP, SBM etc (State Bank Group).
Loan for Students and Teachers: Education loan is available from various banks. If you plan to apply for an education loan or any other type of loan from a bank, consider these points:
1. Always apply to reputed bank. Avoid applying to credit societies and non-banking entities. They may be cheaters.
2. Always apply through online application instead of offline. Avoid meeting the manager right away. S/he may insist on bribe for passing the file.
3. Ensure you have an active Saving Account with the bank which is at least 6 or 12 months old. Customers are given preference in loans. Better have a fixed deposit with bank. It will improve your reliability for considering for a loan.
Avoid giving bribe for passing of loan. Make written complaints to the higher officers if you are asked for bribe.

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