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Insuring the Unseen: Why Mental Illness Shouldn't Stop You from Financial Security

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Insuring the Unseen: Why Mental Illness Shouldn’t Stop You from Financial Security
February 18, 2025

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A famous Indian movie star struggled with the invisible ailment of depression at the height of her career. Often feeling empty, battling waves of sadness, it was hard for her to talk about what was happening. However, she knew she had to talk about it. This conversation was just one of the many instances that changed the way mental health was perceived in India.

To think, if someone like her—successful, well-known, financially stable—felt trapped by depression, what about millions of others? What about those who struggle silently, unsure of their financial future?

Unlike a visible injury, mental illnesses don’t carry a cast or a bandage. Yet, their impact is just as profound. Importantly, mental health conditions do not make a person less deserving of financial security. Yet, many may not realise that life insurance is an option for them. Some fear they won’t qualify, while others may not even consider it. But should a diagnosis of anxiety or depression mean exclusion from financial protection? The answer is clear—it should not.

Mental health Is Health

The National Mental Health Survey 2015–16 revealed that nearly 15% of Indian adults require active intervention for one or more mental health issues, with one in 20 Indians suffering from depression*.  Yet, despite these alarming numbers, mental health has long been overlooked in many aspects of life—including financial planning and insurance.

Medical science has proven the mind and body are not separate. Anxiety, depression, bipolar disorder, and other conditions affect one's well-being just as much as a physical illness.

The Indian Mental Healthcare Act of 2017 was a game-changer. It mandated that insurers shall make provision for medical insurance for treatment of mental illness on the same basis as is available for treatment of physical illness+.

However, the stigma lingers among people. Many hesitate to apply, fearing rejection. Some avoid disclosing their condition, worried it may affect their premium or policy approval. Others believe life insurance is out of their reach. But that’s far from the truth.

Life insurance for those with mental health conditions

Mental illness does not define a person’s worth or potential. Everyone deserves to have a financially secure future. This is when life insurance can provide a safety net, ensuring that loved ones are taken care of, even in the most challenging times. Here are ways it can help.

  • Financial protection for families

    • Life insurance ensures dependents are not left struggling in the event of an untimely demise. A policyholder with depression or anxiety may not want their family to worry about finances. Life cover provides that assurance.

  • Loan and debt clearance

    • A person with an existing home loan or personal debt wouldn’t want to leave their family with a financial burden. Insurance can settle these liabilities, ensuring stability for those left behind.

  • Peace of mind

    • Living with a mental health condition can be stressful. Knowing that one’s family is financially protected reduces anxiety. It’s a safety net that brings comfort, even in difficult times.

  • Access to additional riders

    • Many insurers now offer riders# covering critical illnesses, accidental disability, and even hospitalisation expenses. These add-ons can be particularly useful for individuals managing long-term mental health conditions, ensuring comprehensive 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.

  1. Disclosure is crucial. Hiding a pre-existing mental health condition can lead to claim rejection later. It’s always best to be honest.

  2. Medical assessments vary. Some insurers may require additional medical tests or doctor reports, but this does not mean rejection is certain.

  3. Policy terms differ. Some insurers may offer standard policies, while others may have slightly modified terms based on individual risk assessments.

  4. 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 illness should never be a reason to be denied financial security. If anything, those managing such conditions deserve the assurance of protection even more. The world is moving forward, breaking old stigmas, and acknowledging that every individual—regardless of their mental health status— and their families have the right to financial well-being.

Just like physical ailments, mental health conditions can be managed. Because at the end of the day, life insurance isn’t just about policy terms or premiums—it’s about protecting the ones you love.

Source

*https://www.who.int/india/health-topics/depression

+https://www.indiacode.nic.in/bitstream/123456789/2249/1/A2017-10.pdf

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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