Can a discontinued life insurance policy be revived by the insured and if so under what circumstances and on what terms?

Yes, a discontinued life insurance policy can be revived by the insured. If the life policy has lapsed, it may be revived during the lifetime of the assured, but within a period of 3 years from the date of first unpaid premium and before the date on which the Annuity Vests, on payment of arrears of premium together with interest as may be decided by the insurer. Revival is a fresh contract wherein the insurer can impose fresh terms and conditions. It varies from policy to policy, insurer to insurer; Generally, a declaration of the insured state of health at the time of reinstatement is taken by the insured.