Things which you are Unaware of Indemnity Insurance for Doctors: As reported by an official government panel of India, only 15 of all the cases of negligence reported against doctors are genuine.
Nonetheless, once a lawsuit is filed, the finances required to meet all legal obligations can be substantial, imposing an excessive financial burden on medical practitioners.
Doctors can avail a professional indemnity insurance policy for the necessary financial coverage against such instances.
The insurer covers up the legal fees incurred during court proceedings. Several other benefits of such insurance plans make it an attractive option among all medical professionals in the country.
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Features of professional indemnity insurance cover
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Extensive coverage
Insurance aggregators financially cover any lawsuit filed against doctors on grounds of negligence with patient care, provided they come under the following categories:
- Any damage to patient health which is not directly due to wilful neglect.
- Lawsuits filed due to breach of confidentiality.
- All expenses for court proceedings are borne by the policy as per terms of coverage.
- Cases concerning defamation are also covered under such professional indemnity insurance plans.
High sum assured of up to Rs. 1 Crore is extended by major insurance aggregators, ensuring adequate financial support for a medical practitioner.
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Major financial institutions extend such insurance plans against nominal premiums, ensuring comprehensive coverage. You can choose the best professional indemnity insurance policy for doctors by comparing the annual premium expenses and claim settlement ratio of insurance aggregators.
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AOY or AOA
Financial institutions primarily offer two kinds of indemnity insurance plans, viz. –
1.Coverage yearly (AOY)
Under a professional indemnity insurance plan, all cases registered in one financial year are covered. Nonetheless, the total sum assured remains constant and is disbursed accordingly among all instances.
2.Coverage against accidents (AOA)
Compensation is provided against one negligence case under AOA. The entire sum assured can be disbursed in such cases, depending upon the stipulated requirement. This policy ensures substantial coverage against extensive legal costs for just one dispute, respectively.
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High claim settlement ratio
Major non-banking financial institutions such as Bajaj Finserv have high claim settlement ratio, implying hassle-free, and instant disbursal of coverage amount when claims are raised. Relevant documents have to be submitted either online or offline in such cases for verification and similar other requirements.
These pointers should be considered while availing an indemnity insurance policy for doctors. Such insurance plans pay for all legal expenses incurred, allowing medical practitioners to save substantially.
Doctors can also avail a professional loan to fulfil such requirements or meet any high-end personal expense.
Such customised loans are tailor-made to satisfy a multitude of expenses respectively at attractive interest rates.
Different types of professional credits of varying loan amounts are available to meet several requirements.
Types of professional loan for doctors
1.Business loan for doctors
Medical practitioners looking to raise funds to finance their start-up business, or undertake any expansionary projects can avail such loans from renowned financial institutions. High loan amount of up to Rs. 37 Lakh is extended by NBFCs such as Bajaj Finserv in the form of unsecured advances.
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They also provide pre-approved offers that make availing loans quick and easy.
2.Personal Loan
Credits without any collateral guarantee are extended to meet all personal requirements of medical professionals. These advances are an ideal method of financing expenditures such as wedding, travel, higher education of children, etc.
Apart from such professional loans for doctors, home loans and loans against property are also extended to such individuals at customised interest rates.
While personal and home loans meet all personal expenditures, business loans ensure higher revenue generation through increased business opportunities.
Possessing indemnity insurance for doctors can also significantly increase the number of profits realised through reduced legal expenses.