That's not how insurance work. Insurance works by collecting everyone money into a pool which is use to pay someone whenever claims are make.

Now if everyone don't claim then the pool remain constant. If people start claiming, it will come a time when there is not enough money for everyone. So because you are in the pool, you are also forced to pay up even though you never claim. Cause not everyone so good hearted don't want to claim.

Think of it as a reservoir. When reservoir no water, water rationing affects everyone.

Imagine you already pay so much for insurance, to get back some of the money back, you need to get yourself admitted or else money wasted right? So if one person think like that, you bet there will be others who also think like that.

Also the coverage amount is the same but the sustainability (means the insurance can last until xyz years) will decrease if you don't agree to increase the premium.

This is what my agent said not I said, standalone tends to follow the projected rate increase and yes there are some years which are exception while ILP won't follow the timetable. So some people get increase in price as early as 2 years.

That's why I didn't go with ILP. I was like I already pay so much and you want me to pay extra money every now and then when the insurance company request? Nope. Not going to happen.