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Can I Get Life Insurance if I Suffer From Anxiety or Depression?

dateKnowledge Centre Team dateAugust 02, 2021 views334 Views
Life Insurance for Anxiety and Depression | Buy the Best Life Insurance Plan

Life insurance policies are contracts between the policyholder and the insurance company. The insurance company pays a certain sum to the insured individual's family in the event of his death. The life insurance sum is paid in exchange for a certain amount of premium. The main idea behind these policies is to give you and your family the right financial support. Life insurance plans give financial assistance to individuals and their families in unforeseen circumstances, such as demise or retirement. But how do these policies work for those suffering from anxiety and depression?

Life insurance for those with anxiety and depression

Although many people are affected by mental issues, some are still confused if life insurance policies are valid for those who suffer from anxiety and depression.

Those who have been diagnosed with depression and anxiety can invest in a life insurance policy. Life insurance for depression sufferers can affect the price of the policy. However, it is not limited to those who don't suffer from mental illnesses.

Life insurance for anxiety is calculated based on the severity of your condition. Some insurers will ask questions related to your condition's severity to help them establish a price based on your current condition. Regular insurers may sometimes exclude life insurance with depression.

Life insurance with anxiety and mental illness takes much longer than regular life insurances. An insurer might ask the following questions to determine the best options for you. You need to be prepared enough to provide them with accurate information about your condition.

  • What is the nature of your diagnosis?
  • When did you get your diagnosis?
  • What is the condition's severity?
  • Have you ever sought help or received therapy for this problem?
  • What are your symptoms, when did they begin, and how long did they last?
  • Have you ever taken time off work because of your illness?
  • How has the condition affected you?
  • Is there a valid reason behind your condition?
  • Has your condition ever hospitalized you?
  • Is this condition something that recurs? If yes, then how frequently?

Rating for anxiety and mental health

The severity of your condition will determine the rating for your life insurance policy.

a. Plus rating - This rating is for those who have very mild symptoms of anxiety or depression. It is for those who are barely taking any medication. You can expect to get the best coverage and prices if your diagnosis has no impact on your overall health.

b. Standard rating - Standard rating is for those who have mediocre mental illness issues. It includes those people who have been hospitalized regularly or require attention.

c. Table rated - The table rating is for those who have severe mental illness issues that take a toll on their overall health. The life insurance coverages for table-rated conditions are significantly expensive.

Seven Benefits of Life Insurance Plans

With Canara HSBC Oriental Bank of Commerce Life Insurance, you can get assured benefits if you are willing to invest in their plans. Our life insurance plans are reliable and efficient and ensure full coverage to your family members financially.

1. Life risk cover

Insurance plans ensure coverage for an individual when an unforeseen circumstance or uncertain events occur. Generally, these include the death of an individual.

2. Death benefits

Life insurance plans give an individual's family various death benefits through aiding them in financial support. Life insurance also secures the interest on individuals who receive less income.

3. Returns

The investments made for life insurance have more beneficiaries compared to other investment options. Apart from this, they are increasing sum assured and a safe investment option.

4. Tax benefits

Under Section 80C of the Income Tax Act, it is possible to avail tax benefits and deduct the amount of income tax up to 1,00,000 rupees. The amount invested in any investment options such as life insurance, retirement plans, and loans is tax-deductible.

5. Financial goals

Life insurance allows you to make long-term financial goals. It helps you prepare for unforeseen circumstances, either death or retirement or even accidents in the future. It also assists you in balancing your income and expenses.

6. Assured income benefits

Life insurance schemes assure income benefits after the loss of a family member. A family can avail beneficiaries through financial support from the life insurance plans that the earning member of the family has previously invested in.

7. Loans

Life insurance can allow an individual to avail of a policy loan in the case of an emergency. The loan amount can be availed in cash, a sum assured under the policy depending on one's convenience.

You can opt for the iSelect Star Term Plan by Canara HSBC Oriental Bank of Commerce Life Insurance to ensure the return of premium pay through limited premium payment options. Apart from that, our benefits have increased sum assured life insurance. When faced with adversity or death, our beneficiaries have the option of covering a spouse.

You can also avail other beneficial plans such as Guaranteed Income4Life Plan, Guaranteed Savings Plan that provide guaranteed regular income and have assured loyalty additions.

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Frequently Asked Questions (FAQs) Related to Life Insurance Policies

The premium is one of the most important factors to consider before buying a life insurance policy. Many people buy a life insurance policy with a high sum assured but are unable to process the premiums for the entire premium payment tenure. You can get a better idea of the premium outgo with the premium calculator available in the 'Tools and Calculator' section of

Life insurance plans come with several riders which increase the efficiency of the policy for the buyer. For instance, if you have a history of terminal illness in your family it would be advisable to opt for terminal illness rider with your term insurance plan. Riders or add-ons help in customising the standard policy benefits for the requirement of different families. The iSelect term insurance plan comes with a built-in cover for terminal illness, and option for protection against accidental death or disability. You can also opt to cover your spouse's life under the same policy by paying an additional premium.

Life insurance companies calculate the premiums based on several factors such as age, gender and occupation.

Age: It is one of the biggest factors that influence life insurance premiums. Premiums tend to be low when the life insured is younger as the chance of contracting diseases is low. Young people also opt for the best life insurance policies with longer tenures and pay premiums for a longer duration, which makes the policy cheaper for young people.

Gender: The insurance premium for women is generally lower when it comes to life insurance plans. Women live longer and pose a lesser risk of a claim leading to lower premiums for them.

Lifestyle habits: The premiums for people who smoke or drink is always higher due to higher health risks.

Policy term: Policy terms are also taken into consideration by insurers while deciding the premium amount. Life insurance policies with longer tenure are cheaper as compared to short-duration policies.

Mode of purchase: The platform that you use to buy the best life insurance policy also determines how much you will have to pay for the plan. People who buy life insurance policies online have to pay lower premiums as compared to offline policies.

Occupation: The nature of your work is an important factor that influences the premium amount. Certain occupations like shipping and mining are considered more dangerous as compared to jobs in services industries. The insurance premium rises with the risk profile.

Processing life insurance claim is a transparent and smooth process with Canara HSBC Oriental Bank of Commerce Life Insurance.

In case of the death of the life insured, the nominee will have to intimate the company by filling a Death Claim Form and sending it to the nearest branch office.

Once the form is received, the claim is registered by the insurer.

After the registration of the claim, the company will send the claims pack along with the related forms such as physician’s statement form and employer certificate that need to be filled.

Along with the duly filled forms a few documents such as original [policy document, death certificate, copy of bank passbook, hospital or treatment records, photo identification and address proof have to be provided.

The claim is processed on the submission of relevant documents. Once the documents are verified, the claim amount is released post all due diligence.

Household expenses rise with age. The cost of children's education increases along with other lifestyle expenses. The iSelect term plan offers an option to increase the cover according to the life stage. If opted, the insurance cover increases by 25% at every 5-year terminal till the 20th policy year.

Even though a life insurance policy is bought to protect your family in your absence, there are chances of the claim being rejected due to several factors.

False information: If the policyholder provides false information or conceals important information while buying the life insurance policy, the insurer has the right to reject the claim after his/her death.

Type of death: Deaths due to suicide in first policy year, intoxication or pre-existing disease is not covered under life insurance plan.

Premium payment: The payment of premiums on time is of utmost important to avail the benefits of life insurance. Life insurance policy may lapse on the failure to pay the premiums

Nominee details: A life insurance company can put the claim on hold if the nominee details have not been filled or not been updated by the policyholder.

Suicide: If the life insured commits suicide within 12 months of buying the life insurance policy, the insurance companies generally pay 80% of the total premiums paid.

Buying the best life insurance plan online is not only safe but a better option. Online life insurance policies have lower premiums and the individual is not required to visit the insurer's branch or a bank. The best life insurance policies online insurance offer higher benefits. Customers should, however, buy online life insurance policies only from credible insurers and should check for SSL certificate on the website to ensure that the website is legitimate.

The cost of life insurance policies varies depending on factors like age, gender and occupation. The average cost of life insurance plans, especially term plans, is very low compared to the amount of coverage offered.

An individual is allowed to have multiple life insurance policies. People opt for more than one life insurance policy to increase the cover or avoid claim rejection. In case of multiple life insurance policies, even if the claim is rejected by one insurer, the beneficiaries may receive the benefit from a different insurer.

Life insurance policies are of different types. In case of unit-linked or endowment policies the policyholder receives the maturity benefit at the end of the policy term. However, in the case of term insurance plans, there are no maturity benefits. The death benefit is only paid out after the death of the life insured.

When you buy a life insurance policy, the insurance company asks for the nominee details. Only the person named as the nominee in the life insurance plan can cash out in case of death of life insured.

A life insurance policy is generally taken for a specified period. After the policy duration of a term plan gets over, the policy simply terminates and ceases to exist. However, in case of unit-linked plans or endowment, you can use the policy as a tool for retirement planning and the accumulated corpus is used by the insurer to pay you monthly amounts for your entire life.

If a policyholder purchases a term plan for 25 years and dies during the policy term, the beneficiary receives the death benefit. In case of iSelect term plan, the policy provides four payment options to the beneficiaries. If the regular payment option is chosen, the policy works as a source of regular income.

It is a popular misconception that life insurance plans are only for accidental deaths. A term life insurance plan like iSelect Star Term Plan also covers terminal disease along with death. A terminal illness cover is important as health insurance pays only for the cost of treatment and hospitalization, but a terminal illness cover pays you a lump-sum amount which takes care of other expenses. On the other hand, unit-linked policies such as Invest 4G cover death and also provide decent returns for other financial goals such as buying a house of child's education.

It is ideal to buy a life insurance plan in your early 20s because it is the time when people have just started with their professional life and so there are lesser responsibilities and financial liabilities to take care of. Also, if you buy the best life insurance plan at this age, you will be paying relatively lower insurance premiums since it’s a due fact that mortality rate in case of young people is low. And that is why life insurance companies offer lesser premium rates to younger people as they think that they are most likely to be fit and healthier with less chances of filing a claim in future.

Once you have cancelled your life insurance policy, you will instantly lose your life insurance cover. Afterwards, your insurance company will get in touch with you and ask for valid reasons regarding the cancellation of your policy. In case you cancel your life insurance policy within the grace period, i.e. 15 to 30 days, depending on your insurer, then insurance company will reimburse the premium amount paid by you. But, no refunds will be paid to you if the policy is cancelled after the grace period.

Yes, you can take life insurance under Married Women’s Property (MWP) Act, 1984 only if you are a married man and a resident of India. Buying a life insurance plan under MWP Act would be helpful in saving your family’s financial well-being when you are not around. As per this policy, only wife and children would be eligible to receive the death benefits. You can also buy a policy if you are a widower or a divorcee. However, in that case, you can give your child’s name as your beneficiary. It is very simple to buy a life plan under MWP Act. All you need to do is to fill up an MWP addendum while purchasing an insurance policy.

Yes, there are different payment options for you to pay premiums. Here’re some of them

    1. Regular premium payment option – This premium payment option allows you to pay premiums equal to your policy term either monthly, quarterly, half yearly or annually.

    2. Single payment option – Through this premium payment option, you can pay the lump-sum amount in one single payment.

    3. Limited payment option -In this premium payment option, you can pay premiums for a specific period of time less than policy term either monthly, quarterly, half yearly or annually, but benefits of insurance can be enjoyed for a longer period of time.

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