Who can get into an insurance contract?

Obviously Insurance is a contract. So when you get into an insurance plan you get into a contract. Actually, Insurance is a contract of “Indemnity” (Learn more). 

So getting an insurance plan you need to have a minimum eligibility to form a contract.

Minimum Eligibility to Form a Contract:

• You have to be a major one a minor person cannot form a legal contract and so the insurance contract.
• Mentally distress person cannot form any contract.
• A bankrupt or insolvent person gets hindrance to form or carry on insurance contract.

In general the above are the precondition to form any certain contract. But there are certain exceptions as well.
A minor or a mentally distress person cannot directly form any insurance contract but can get insurance coverage if someone eligible acted on behalf of them. For example, father takes an insurance plan for his daughter