I discontinued my Mediclaim policy 12 years ago when my premium suddenly increased by 40 %.The policy was only for 2.5- 3 Lacs and I was paying premiums for 10 years without a single claim.....with 2-3 increases but 40 % was a steep increase. So decided that I will invest that premium saved in good stocks which in 5 years will become the cover I was getting plus I will have freedom to spend it on different heads should me/my wife fall sick needing hospitalisation. It was a big decision that I will not have mediclaim cover anymore but 3 L was an amount which I could spend without disturbing my other priorities....that decision proved right.But if one has some ailments, then continuing could make sense despite high premiums.Premium also increases as per the age bracket and if there is a claim/ any illness.
Companies keep increasing the mediclaim premiums due to malpractices at the hospitals which insurance companies are fully aware of but have very little control on.......and customers pay the increased premium as they get reimbursement from their companies and tax incentives....