I am a doctor by profession. A friend suggested I buy an indemnity policy. What risks are covered under this policy and how is it different from a usual death cover?
You can avail a Professional Indemnity Policy, which covers professionals for any shortcomings or disputes related to discharge of duties. In this case, it would cover you against any claims made by patients or relatives of patients pertaining to diagnosis, treatment and so on. In addition, if there are any legal proceedings, the expenses incurred on defence of the case, such as payment of fees to the attorneys would also be covered.
An indemnity policy is different from a death cover. In the case of a death cover, a lump sum amount is payable in the event of death of the insured. On the other hand, an indemnity policy is a liability policy and applicable to a professional, as explained earlier.
I am 26 and have been working for three years. As of now, I only have a term plan for Rs 30 lakh. What health cover would you recommend for me? Also, will I have to buy personal accident cover separately?
You can avail of a health insurance plan which provides you cover against expenses incurred on hospitalisation and day care procedures.
You can choose a family floater (which would provide cover to you and your family members) or an individual plan.
You would also need to decide on the appropriate sum insured, based on the age of individual family members, family size, city of residence, health condition and so on.
With regard to the personal accident cover, you can either purchase a separate personal accident policy or choose a health insurance plan which offers personal accident cover as a rider. The latter might be a more convenient option, since a single plan would take care of both your requirements.