The Long Read
Everything you *need to know* is right above this. Scroll down, only if you'd still like to read more (honestly, why?)
Yes, you can!
Firstly, we are very happy to see that you are taking good care of your mental health. We believe that #MentalHealthMatters and kudos to you for being so brave and strong.
Coming back to your question, yes, you can get term insurance as long as you meet the following criteria:
Your age should be between 18-65* years
You need to have an active income with income proof
You must be an Indian citizen - resident, PIO, or NRI
*varies from insurer to insurer
Even if you are a homemaker with no active income, you are still eligible to get term insurance, provided you meet the other eligibility criteria.
But remember, you have to disclose your mental health status to your insurer.
You need to inform your life insurance company about your mental health condition and treatment to
Get the best term insurance plan for your needs
Ensure a hassle-free claim experience for your nominee
As a rule, always disclose all health-related information to your life insurance company when buying a term plan. Failing to do so can result in a claim rejection later on.
When you are undergoing treatment for mental health problems and are applying for a term plan, you have to disclose it during the application process.
Based on that information, there is some additional information the insurer may require from you/your doctor to do a proper assessment of your health such as
Nature, severity, time of diagnosis
History of hospitalization
History of substance abuse and/or suicide attempts
Employment status
Present condition
Treatment plan and medication - ongoing and past
Depending on your health assessment by your insurer, you can expect one of the following results of your term plan application:
Approved - If you’re medically stable and meet all the eligibility criteria
Rejected - In case of serious nervous disorders or repeated suicide attempts
Postponed - Till your condition stabilizes, especially if you are recently diagnosed
Increased premium - If you have combinations of nervous disorders (e.g: depression + anxiety)
It will, of course, vary on a case-by-case basis.
Remember, it’s ok not to be ok. But do not be discouraged from buying term insurance to secure your family’s financial future.