Downgrading health insurance for my mother
I bought a Rs 25 lakh health insurance policy for my mother a decade ago. Over the years, its premium cost has risen substantially.
Next month is the policy renewal and I will have to pay nearly Rs 70,000 for the renewal. Last year I had paid Rs 65,000.
Her age is 66. I am wondering if I should reduce the coverage from Rs 25 lakh to Rs 15 lakh to reduce the premium.
How much can I save if I do this? What are the other downsides of this?