It is recommended to pay the premiums to ensure you enjoy all benefits in an insurance policy. In case of non-payment of due premiums, the policy can become Lapsed or Paid-up. A Lapsed policy typically will not have any value and will terminate if you do not revive it. A Paid-up Policy will typically offer reduced benefits in case you discontinue premium payments. The status depends upon the minimum number of premiums required as per your policy terms and conditions.