• A well-known Indian film star faced the unseen challenge of depression during the peak of her career. Frequently feeling a sense of emptiness and struggling against waves of melancholy, she found it difficult to discuss her experiences. Nevertheless, she recognized the necessity of addressing the issue. This dialogue was merely one of the numerous occasions that shifted the perception of mental health in India.

• To consider that someone like her—accomplished, renowned, and financially secure—could feel ensnared by depression raises questions about the millions of others. What about those who endure in silence, uncertain about their financial prospects?

• Unlike a visible injury, mental health issues do not come with a cast or a bandage. Nonetheless, their effects are equally significant. Crucially, mental health disorders do not render an individual less worthy of financial stability. Still, many might not understand that life insurance is available to them. Some worry they will not meet the qualifications, while others may not even contemplate it. But should a diagnosis of anxiety or depression result in exclusion from financial security? The response is unequivocal—it should not.

Mental health Is Health

• The National Mental Health Survey 2015–16 indicated that almost 15% of Indian adults need active intervention for one or more mental health conditions, with one in 20 Indians experiencing depression*. However, in spite of these concerning statistics, mental health has been historically neglected in various areas of life—including financial planning and insurance.

• Medical science has established that the mind and body are interconnected. Anxiety, depression, bipolar disorder, and other disorders impact one’s well-being as significantly as a physical ailment.

• The Indian Mental Healthcare Act of 2017 was a transformative development. It required that insurers must provide medical insurance for the treatment of mental illnesses in the same manner as it is offered for the treatment of physical health issues+.

• Nevertheless, the stigma persists among individuals. Many are reluctant to apply, fearing denial. Some refrain from revealing their conditions, concerned it may influence their premiums or policy approval. Others think life insurance is beyond their capabilities. But that’s far from the reality.

Life insurance for individuals with mental health conditions

• Mental illness does not determine a person’s value or capabilities. Everyone is entitled to a financially stable future. This is where life insurance can create a safety net, guaranteeing that loved ones are cared for, even during the most difficult situations. Here are ways it can assist.

Financial protection for families

• Life insurance guarantees that dependents are not left in distress in the case of an unexpected death. A policyholder grappling with depression or anxiety may not wish for their family to be concerned about finances. Life cover offers that reassurance.

Loan and debt clearance

• An individual with an existing mortgage or personal debt wouldn’t want to impose a financial burden on their family. Insurance can clear these debts, ensuring security for those who remain.

Peace of mind

• Living with a mental health issue can be overwhelming. Being aware that one’s family is financially secure alleviates anxiety. It serves as a safety net that provides solace, even during tough times.

Access to additional riders

• Numerous insurers now provide riders covering critical illnesses, accidental disability, and even hospitalization costs. These additional options can be especially beneficial for individuals coping with long-term mental health challenges, ensuring all-encompassing protection.

Addressing the concerns: Can you get insured?

• The biggest question most individuals with mental illnesses have is: Will I be approved? The reality is that insurance companies evaluate applications holistically. They consider various factors such as age, medical history, lifestyle habits, and the severity of the condition. Here are a few things to keep in mind.

• Disclosure is crucial. Hiding a pre-existing mental health condition can lead to claim rejection later. It’s always best to be honest.
• Medical assessments vary. Some insurers may require additional medical tests or doctor reports, but this does not mean rejection is certain.
• Policy terms differ. Some insurers may offer standard policies, while others may have slightly modified terms based on individual risk assessments.
• What’s important to remember is that coverage is available. Your insurer will provide options that cater to different needs.

Industry is changing

• The conversation around mental health has grown stronger. Insurers are evolving. Many are now offering policies that include mental health conditions under their coverage. This shift is not just about compliance with laws—it’s about recognising the fundamental truth that every life holds value.
• Leading insurers have begun including mental health coverage within critical illness riders, allowing policyholders to get financial assistance during treatment. While there’s still progress to be made, the trend is promising.
• Insurance is not just for those in good health. It is for anyone who wants to secure their family, protect their assets, and ensure their loved ones don’t suffer financial hardship. The process may require a few extra steps, but the outcome is worth it. With the right policy, individuals with mental health conditions can find a plan that meets their needs.

Bottom line

• Mental health issues should never be a justification to deny financial stability. In fact, individuals coping with these conditions deserve the comfort of security even more. Society is progressing, shattering outdated stigmas, and recognizing that every person—irrespective of their mental health condition—and their families possess the right to financial welfare.

• Similar to physical health problems, mental health conditions can be effectively handled. Ultimately, life insurance is not solely about policy details or premium costs—it is about safeguarding those dear to you.