The Indian education system sadly lacks any training on financial matters. So whether you are a CA, doctor or an engineer, you actually have no clue on how to plan your personal financial life.
THIS ARTICLE is a request to doctors to see an INSURANCE professional of decent repute to understand their complex insurance requirements. There are various types of insurance that a doctor requires. Let us look at some of them:
1. Life Insurance: This is the easiest. As soon as you start earning (even a small stipend) you are eligible for TERM INSURANCE, so go and get that. If you are earning a stipend of say Rs. 50,000, many insurance companies will give you about Rs. 2 crores of LIFE INSURANCE – pure term insurance, please take it from a company you are comfortable with, and for heavens sake buy it ONLINE. YOU DO NOT NEED AN AGENT.
2. Non life insurance on the other hand should be bought through an agent who can explain to you how it works. What all need protection?
a. Medical Insurance: why does one need to explain to doctors that they need medical insurance against real big disease like cancer, kidney failure, etc. so at current prices you need to have say a Rs. 10lakh cover. This can come as a Rs. 3 lakh insurance and a Rs. 7 lakh top up cover. That combination should be cheaper.
b. Accident Insurance: buy it as a stand alone cover -NOT AS A RIDER…this works out cheaper.
c. What if you are handicapped and unable to earn? Disability insurance.
d. Insurance to cover the assets of your practice – all the equipment kept in your dispensary / clinic / hospital
e. Malpractice: with a frenzied media and a cruel, vicious anti doctor voice, the courts are actually incompetent to judge a medical case. However, they are powerful. So be very very careful about this.
Seriously speaking general insurance is far more complicated than life insurance. So seek the services of a good non life agent. In my mind this is a 35+ year old guy/female who has been dealing with doctors / hospitals for at least the past 10 years, and is up to date on all the insurance that is available. My own general insurance is bought from a guy who fits that bill – but then my life is much simpler than doctors. My agent is not very knowledgeable but fits my bill as my requirements are simple. He brings a lot of energy and surely ensures that my simple things like paying the premium on time, etc. are taken care of.
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