Would you keep paying for insurance if your payments increase every year or would you try to look for an alternative?

I would not instantly look out for other options. However, I will first check the reasons of increased payments and compare them with the services offered by the vendor. If my vendor agrees to give me some value added services as per my organisation requirement during the insurance renewal, I will stick to my current vendor.

The rapport and and understanding which has been created over the years with the current vendor will also matter for me before looking out for other options.

Investments ought to be liquid. After all, it's your money and if you really need it, you should be able to get your hands on it. However, the investment part of your insurance policy is locked in for enormous periods of time. Sure, there are investments like public provident fund and other tax-saving investments which are recommended. However, those offer a far better deal in some other way, either in tax exemptions, or in sovereign guarantees or in the relatively short period of lock-in and often a combination of these. The investment part of insurance offers moderate returns and decades-long lock-in. This just doesn't make sense.

In insurance practice its usually that the insurance company charge the same insurance rate or even discount it when his regular insured keep and / or renew his insurance policy annually with clean record , however when the insured had suffered a loss and the insurance company payed him the amount of the claim, it is also usually that the insurance company increase the premium rate upon renewal depending on the insured past experience and also in this case the insured accept the newly increments in premium rate.

Thanking you

Will try to look alternatives available but definitely will not compromise on service offerings.