the insurance policy now is the premium start from low if you are young and going up until the sky and force you to stop the policy.
you need to check the premium increase as you getting older + another 10~20% on it(inflation) and see yourself can afford it or not by that time.
No use give you figure big big sum insured but later at old aged really needed it but cannot afford the premium anymore.

we normal person as we getting older, income will be stagnant/reduce or worse, redundant.

A lot young persons only think now and buy the biggest policy but forgot the biggest part, the policy premium will increase in time.
the keys point is make sure you buy a basic and can afford it really really long term first. 
as u going, can just buy another and upgrade and add on whatever you fancy and afford.
the bold part

me got a similar policy as well like yours. as me is cancer survivor. Me cannot add any insurance anymore from the date me diagnose cancer and got done angioplasty.
I still got 1 policy with balance around 40+k lifetime and yearly premium around 3k. Me also need to make decision on this sooner or later.
I do foresee myself will use it in 10 years' time as me need do angiogram and colonoscopy in future as precaution step

the rates in the past are not comparable to rates of today

last time early 2010s my annual medical coverage only RM60k was considered "basic". now annual RM1mil is "basic"

maybe you too young for now.
you need to understand, previously there is not so much condition in the insurance plan to be able to take it up and approved
even the insurance claim is much straight forward. The clause term in newer insurance plan is getting longer and complex.

Now, if your immediate family members got any case of cancer, heart disease or even history of hypertension/high cholesterol, most properly will not accept yours to buy their insurance.

If you over 40, they might need you to do medical test and check your background b4 they even want your money 

buying when young is a way of securing insurance protection earlier before your parents start showing symptom of long term medical complication.
In my case, as parent, buying when my kid is young, they have some form of protection if something happens to me.
Me got buy a rider during that time, me no need pay anything until my son reach 25 years old since I got diagnosed with cancer during in my 30-ish.
Yes, I agreed, the protection is lesser comparing with current policy but that doesn't mean they won't be able to claim.

Beside there are many types of medical insurance out there.
I have an auntie buying a policy with medical protection of RM100k per year. the condition is premium won't increase. Just need to continue pay in order to be inforce. She have a lot complication now due to kena Covid severely. Last year already claim the max 100k. During Covid era, also got 
Imaging without this amount insured, how difficult her kids need to fork out this figure.

the key words is "future planning" and "spread the risk"

Remember, insurance company only insured healthy people. They are after all business entity, not charity biz

may I know your age group and which provider?

usually i heard providers don't like those with family history...