Top 7 Insurances For Dentists – Dental Practice Management
What are the various insurance cover that a dentist must know and use in order to financially safeguard his preofessional set up and his/her family. How to pay for consumer cases? This post will give information on the insurance policies that canfinancially protect dentists, their family and their clinical practice/career.
Insurances for Dentists: Life Insurance (With No maturity benefits)
Term Insurance
After Life Insurance with maturity (explained in the previous page), the next must have insurance policy is the term insurance. It can be used in the following scenarios:
- The loss of life of a dentist (with a dependent family) due to illness or accident.
- The loss of limbs/working capacity due to accident or disease.
In both the above scenarios, there is a sudden stop to the earnings for the family of the dentist. This can seriously hamper the financial and future plannings of the dentists and their family. So, every sensible dentist must have a term insurance. It works just like life insurance but without maturity. The dentist needs to pay a regular monthly or yearly premium. In the case of any eventuality mentioned above, the nominees of the will receive a lump sum of insurance coverage of 1 crore INR or more (depending on the plan taken and premium amount)
There are many companies that provide term insurances. The most popular in this category is SBI, ICICI & Max. You can have a detailed look at their plans at the official websites.
Health Insurance
Health Insurance for you and your family
This is the 3rd insurance that every dentist must have. Health insurance is also non-maturity type in nature. Here you pay a certain premium every year for an insurance coverage amount. This insurance amount will vary depending on the age of the dentist and the premium amount. There are many Govt. and private companies providing this insurance. For a healthy, non-tobacco user 30-year-old dentist, a yearly payment of 5000 INR can get a health insurance coverage of 10 Lakhs.
The most popular health insurances currently are Star Health Insurance & CIGNA TTK in the private sector. Do not be in a hurry. Read properly all the points in the official brochures of the health insurances. These health insurances can be very careful in managing the financial requirement in the case of health issues.
Health Insurance for People working in your clinic
Running private dental clinics is coming more and more under govt. scrutiny. If you are running a clinic with multiple people working in it or a chain of clinics, then as per the labors law you also need to provide your employee’s health coverage.
In such cases, insurances covering your employee’s health helps you in managing the additional financial burden in case if any eventualities.
There is both private and govt. the company providing such insurances. Once again before deciding, consult an experienced lawyer or insurance agent.
Concluding Statements:
- In the fast-paced world today, insurance has become a necessity. As a dentist who works hard to make a life for yourself and your family, insurance is something that you cannot afford to neglect. In this article, we have tried to provide you the basic information on the possible insurances that a dentist should have to protect his/her professional set up and family.
- The premiums of the insurances vary depending on many factors including current health status, monthly/yearly income or the amount of coverage.
- Always take the help of experienced insurance agents and lawyers before deciding on an insurance plan. Read properly to know what is covered under the insurance plan and what is not covered.
- Always check the IRDA website. It’s the regulating body for all insurances. From IRDA you can get the official and most accurate information regarding the quality of an insurance company. Also, keep a track of the annual IRDA claim settlement percentage of various insurance companies. Always go for the companies which are having a high claim settlement ratio and avoid companies having a low rate of claim settlement.
Disclaimer: This article just tries to give the basic insurance options available to dental surgeons. It’s just the initial information and does not claim to be accurate. So, do not decide on any insurance based on this article only. It is mandatory that you must discuss with the official sources and your financial agents before deciding on anything.
