I am 33 years old and have a medical insurance. I plan to go to the US for higher studies. I am not sure if I will come back to India. However, if I discontinue my policy now and happen to come back to India after two years, I will lose the benefits accrued on my current policy. What should I do?

You are right. Choice is yours.

It is better to retain policy as you may need hospitalization when you are in India for holidays during this 2 years period.