I am a 63-year-old retired banker. In 2016, Indian Banks’ Association entered in an agreement with a general insurance company to provide a mediclaim of ₹4 lakh at a premium of ₹16,000 so I discontinued my long running policy and bought this one. Next year with a top-up, they raised the premium to ₹23,000 and this year from 1 November, they are asking for ₹40,000, which is a lot. My wife and I require a cataract surgery within the next 2-3 months. Now if I change the insurance company, they will not pay till the next two years. What should we do? Changing the insurer means no support for two years or paying a hefty premium which is equal to 45 days of our pension.
—Name withheld on request
