If there is a profession in the world that is regarded with the greatest esteem and gratitude, it is that of being a doctor. Helping heal wounds, illnesses, providing relief and protecting human health - all of these are the noble efforts of the physicians in our society. But as a doctor yourself, who looks after your concerns?

As a doctor, you must be acutely aware of the many risks that life can throw. This is where term insurance proves its worth. Among the many options available as insurance for physicians, term insurance is truly a great one. But which type of term insurance is the best of them all? Here are a few pointers to help you determine the best plan of action:

• Provide comprehensive term life insurance coverage for your family.

  As a physician, you are in the best place to understand how sudden medical emergencies can be. You must also be familiar with the type of financial strain that an illness or medical condition can bring to a family. However, as many as 75% of all Indians currently have no form of insurance to protect themselves from sudden losses ^[1].
  
  As doctors, you can lead by example and ensure that your family’s finances are secured against any dire circumstances. The best type of term insurance plan for doctors is one that promises to leave behind ample coverage for your family in the event that you, unfortunately, pass away.

• Opt for lower term insurance premiums

  Becoming a doctor can take a toll not only on your energy levels, but also your finances. Moreover, household expenses are going through the roof, such as the recent hikes in fuel prices ^[2] and essential food items like onions ^[3]. Hence, it may be difficult to be financially equipped to manage bills while also being able to pay increasing premiums to secure your family’s future.
  
  It might also be the case that you have only recently set up your practice or ventured into your medical career. Which is why, if you have responsibilities to carry, opting for lower term insurance premiums could be the way to go.
  
  That is why, when it comes to insurance for physicians, you could consider term plan options that offer some of the lowest and best priced premiums in the market. As a new or up-and-coming doctor, you should be able to focus on your practice, instead of the financial strain that comes with it. So, going for a term insurance plan at economical premiums is the wisest move to stay insured.

• Has potential for flexibility:

  Another benefit of term insurance that makes it the perfect insurance for doctors is that they can make the most of the limited premium payments feature. As per this feature, policyholders can pay their term insurance premiums during a specific period period of time. However, their insurance coverage can continue for a much longer period.
  
  This feature is a prime choice and a real lifesaver for self-employed individuals such as doctors. Due to the varying nature of your profession, they may be hesitant to sign on for long-term premium payments. With the benefit of limited premium payments, you can pay off your premiums within a short duration. Hence, these short-term payments can free you up and help you realign with your professional goals.
  
  

• Provides proper protection from liabilities:

  As you might know quite well, establishing a medical career is no cakewalk. Apart from hard work, a medical career is often built on extensive financial requirements that can lead the average person to avail loans and rely on other financial planning methods.
  
  According to theNational Sample Survey Office, the annual cost of education expenditure increased by as much as 175% between 2008 and 2014 ^[4] . Moreover, securing a medical education is becoming more expensive than ever. As recently as last year, a private medical college in Lucknow charged Rs. 1.5 crore for its MBBS course^[5]. As a result, in order to afford your medical education, you might currently be in the process of paying off certain loans.
  
  However, in the unfortunate event of your demise, it might fall upon your family to bear the financial strain of these loans and their cumulative costs. To avoid such a circumstance, find a term insurance for physicians that promises the type of sizeable life insurance coverage that can protect your family against such liabilities and keeps their future secured. 

As a professional in the medical field, you know too well the importance of preparing for the worst and securing the future of one’s family. Which is why hopefully, this guide can help you determine all the major factors you need to avail the best term insurance for doctors.

The income tax is levied on all earning individuals who fall under a taxable income bracket. The income tax is paid to the Government of India and is charged annually. However, there are several tax deductions and exemptions that you can claim to lower your tax liability. The Income Tax Calculator helps you ascertain your tax output for a financial year based on your taxable income. This can help you plan well and save tax using the tax-saving deductions and exemptions, if possible. 

Browse the website to know more about the various Life Insurance policies on offer from PNB MetLife.

Disclaimer: 
The aforesaid article presents the view or an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ before making any decision.

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