Saisrisri - There are various revival methods.
1- REVIVAL ON THE STRENGTH OF MEDICAL REPORTS SUBMITTED IN RESPECT OF A NEW PROPOSAL
2- Special Revival Scheme
3- Instalment Revival Scheme
As you have mentioned, you are studying at the moment, it's better to discuss with your current teacher. And it's also different for different products and decided by underwriter. I hope you are talking about LIC. Please see example below -

Instalment Revival Scheme :
DOC: 28.02.2001
S A : Rs 1,00,000
Plan : 14 – 25
Mode: Half yearly
Premium: Rs. 2850/-
Date of lapse: 28.02.2004
Date of revival: 25.08.2005

The calculation of revival arrears works out to be:
(1) 3 half yearly premiums due 02/2004 to 02/2005 @ Rs 2850/- : Rs 8550/-
(2) Late fee : Rs 702/-
Total : Rs 9252/-

Less Consideration amount
(equal to minimum of one half yearly premium) : Rs 2850/-
Balance of revival arrears to be spread over : Rs 6402/-
Date of lapse : 28.02.2004
Date of Revival : 25.08.2005
New premium due date : 28.08.2005
Policy anniversary : 28.02 every year

So the balance of revival arrears will be recovered along with the usual premium due under the policy from 28.08.2005 to 28.02.2007 (both inclusive) i.e. 4 half yearly premiums in this case.
(1) Total balance to be spread over : Rs. 6402/-.
(2) Factor ( 2 years Hly, i.e. m=2, t=2 & k=0) : 26.46

Then, the installment will be 6402 X 26.46/100 = Rs 1694 plus

Usual premium = Rs 2850
Then revised premium = Rs 4544/-