{"id":2351,"date":"2016-03-05T05:18:22","date_gmt":"2016-03-05T05:18:22","guid":{"rendered":"http:\/\/securenow.in\/blog\/?p=2351"},"modified":"2023-03-20T09:00:28","modified_gmt":"2023-03-20T09:00:28","slug":"professional-indemnity-cover-premium-depends-on-speciality","status":"publish","type":"post","link":"https:\/\/securenow.in\/insuropedia\/professional-indemnity-cover-premium-depends-on-speciality\/","title":{"rendered":"Professional indemnity cover premium depends on speciality"},"content":{"rendered":"
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Published in Mint on 23rd Dec 2014, Written by Abhishek Bondia <\/em>
\nI might need a joint replacement surgery soon. Can I take an insurance policy to meet my surgery related expenses?
\n\u2014Vaibhav Ghosh<\/strong>
\nInsurers will consider your joint replacement as a pre-existing ailment and exclude it for a few years. Many insurers also explicitly include a waiting period for joint replacements. From an insurer\u2019s perspective, the economics do not justify immediate cover. Consider that an individual Rs.5-lakh sum assured plan for a 60-year-old costs about Rs.18,000. But a knee replacement surgery costs between Rs.2 lakh and Rs.10 lakh, depending on the implant. Be careful of \u2018schemes\u2019 that promise such cover immediately.
\nThe only exception is to avail cover through group medical insurance<\/a> provided by employers. When a large number of members are covered together, insurers forego individual underwriting for members and waive off waiting period for pre-existing conditions. You can be covered under a group insurance<\/a> as an employee yourself or a dependent, i.e., spouse or parent.
\nWhat is the coverage under ahttps:\/\/securenow.in\/profession\/doctor-professional-indemnity-insurance professional indemnity (PI) policy for doctors<\/a>?
\n\u2014Rajesh Shukla<\/strong>
\nPI for doctors covers legal expenses arising out of suits filed against the doctor for negligence in performing duty. The policy covers defense costs\u2014lawyer fees and compensation awarded by the court. If an out of court settlement is authorized by the insurer, that is also covered. The policy gets triggered as soon as a notice is served on the insured.
\nSome scenarios of doctors facing litigation are a patient alleging negligent diagnosis or providing sub-standard course of treatment or loss of patient records.
\nDoctors often face legal threats irrespective of whether they were at fault. A PI policy cover<\/a> is initiated even if there is a mere allegation. It costs around Rs.50,000 for Rs.1-crore cover for a plastic surgeon. For physicians, and other categories of doctors, it is substantially cheaper.
\nThe rates depend on the doctor\u2019s speciality, equipment used and the extent and quality of nursing staff.
\nI am 50 years old and had an angioplasty a year ago. What is the cover I can expect to get and how much costlier will my premium payments be?
\n\u2014Mahesh
\n<\/strong>
\nInsurers hesitate to issue health insurance<\/a> if you have recently had a serious hospitalization. The cover offered will vary considerably across insurers.
\nSeveral insurers will not issue a policy at all, while some may issue up to Rs.5 lakh with 50-200% loading on the base premium.
\nThe good news is that some insurers have introduced plans exclusively for people with cardiac ailments. Such plans have relatively lower waiting period for cardiac ailments. However, these plans are expensive and have a few restrictions, for example, room rent capping. If you meet their conditions for issuance, I will recommend you take one of these plans.<\/p>\n","protected":false},"excerpt":{"rendered":"

Published in Mint on 23rd Dec 2014, Written by Abhishek Bondia I might need a joint replacement surgery soon. Can I take an insurance policy to meet my surgery related expenses? \u2014Vaibhav Ghosh Insurers will consider your joint replacement as a pre-existing ailment and exclude it for a few years. Many insurers also explicitly include […]<\/p>\n","protected":false},"author":4,"featured_media":2304,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_lmt_disableupdate":"","_lmt_disable":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[410,319],"tags":[36,192,1587],"class_list":["post-2351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-media-coverage","category-media","tag-health-insurance","tag-group-insurance","tag-pi-policy-cover"],"acf":[],"modified_by":"Aishwary Mishra","_links":{"self":[{"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/posts\/2351","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/comments?post=2351"}],"version-history":[{"count":3,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/posts\/2351\/revisions"}],"predecessor-version":[{"id":25579,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/posts\/2351\/revisions\/25579"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/media?parent=2351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/categories?post=2351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/tags?post=2351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}