In case you fail to pay up your premium, the company gives you a grace period for you to pay up your premium for that period. Normally this grace period is for 15 - 30 days depending on the company policy. In the failure to pay up even after the grace period, the policy gets lapsed. However in case of a ULIP like the new Future Generali plan 'Select Investment Plan', the policy can be revived after it has lapsed. This may not be possible in the case of other ULIPs