While contemporary psychology focuses on developing a cohesive self for wellbeing, Indian philosophical traditions such as Advaita Vedanta, Buddhism and the teachings of J. Krishnamurti provide a critique of the notion of a fixed self-identity. This conceptual paper compares them at a phenomenological and functional level and relates these comparisons to contemplative neuroscience, particularly the default mode network, self-referential processing, and meditation-related changes in self-experience. Furthermore, It proposes a spectrum model: self-referential processing as an ordinary mode, meta-awareness as a trainable capacity, and non-self experience as a transformed outcome. The framework suggests that wellbeing may involve flexible regulation of self-identification rather than simple self-enhancement. Finally, implications for research, clinical practice, and cultural interpretation are discussed.