A Guide to Financial Products and Services Tailor-Made for Doctors in India

There are numerous products and services offered by financial institutions for doctors including loans and insurance policies.

Professional indemnity insurance in India is becoming an important pre-requisite for most doctors working at large-scale healthcare setups as well as for those with specific expertise and specialisations.

A general practitioner will be less inclined to be charged with a litigation case of medical negligence than, say, a heart surgeon or a critical disease specialist. Yet, there is no guarantee that the practitioner will not be charged with such a legal dispute.

A professional indemnity insurance policy can help with adequate financial coverage in case such a situation comes up.

On the other hand, doctors are also offered with customised loans by financers to help meet various professional and personal monetary needs. A doctor may require funds to finance a wedding or a vacation.

Or the requirement may be solely to expand an existing healthcare setup for better prospects. Professional loans are offered by numerous financers customised as per the borrower profile of doctors and their monetary requirements.

Professional indemnity for doctors

Insurance policies with the sole purpose of providing professional indemnity for doctors are offered by certain leading financiers. These policies offer financial coverage for doctors to cover the legal expenses of court proceedings in cases of medical negligence levelled against them.

Coverage offered by professional indemnity insurance in India generally include –

  • Comprehensive high-value financial coverage

Financers like Bajaj Finserv offer Indemnity Insurance for Doctors with coverage of up to Rs.1 crore against premiums of under Rs.12,980. The coverage sum depends on the doctor’s scale of professional operations, identifiable risks and on various other variables including his/her budget.

This financial coverage can be availed if the medical professional in concern is charged with a medical negligence lawsuit.

Note that such legal action can be levelled against a doctor on numerous grounds including the unprofessional discharge of duties, inappropriate advice while in a professional capacity, negligence while on duty, etc.

The doctor can be charged for being liable for damages caused to the patient, fatal or non-fatal.

A professional indemnity insurance policy can assist by providing financial coverage to defend against such allegations in court. It can also help cover the monetary penalty charged on the doctor.

The policy can cover for varied financial repercussions which may become up due to such legal proceedings against the insured doctor.

  • Deductibles to initiate policy cover

All high-value insurance policies come with a deductible clause. Deductibles are the funds which the insured must pay to the insurer for initiating the insurance coverage.

It is important for a doctor to have such funds available to initiate the policy benefits in case of litigation levelled against him/her.

Deductibles are meant to cover the lower limit of expenses to such litigation instants against a doctor.

The insurance policy instead is meant to financially cover the sum of legal expenses and other outcomes if the legal proceeding leads to a negative verdict or if it is long-drawn a general occurrence.

For instance, the Bajaj Finserv Indemnity Insurance for Doctors requires only a 4% deductible per claim for a coverage amount of Rs.50 lakh.

  • Easy claims redressal

It is always important to opt for a financer who offers the easiest claim redressal process. Claiming should include intimating the financer on the requirements, providing necessary documents pre-determined for the insurance and settlement for the claim amount.

  • Optional add-ons

There are various optional add-ons with the best professional indemnity insurance in India. For instance, leading financiers offer add-on coverage for legal expenses to help a doctor charge the third-party on account of defamation, Libel & Slander, intentional misinterpretation of facts to sway litigation, etc.

Medical professionals loan for doctors

Financers also provide various other financial products and services customised for doctors. A healthcare professional can choose secured and unsecured loans for doctors including personal loans, business loans, home loans and loan against properties.

They can even choose to avail specific healthcare medical equipment finance, tailor-made financial advances provided by only the leading financers to help doctors easily purchase equipment and seamlessly upgrade their healthcare set up to offer a larger range of services.

These are among the customised financial products and services offered by leading financers only for healthcare professionals in India. Refer to a leading financial institution for the most beneficial terms and features.

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