Reviving a Life insurance policy comes with fair share of costs, and if you have already missed several premiums, it could prove expensive as the interest on the policy begins to compound. In the simplest of cases, you have to pay all the premiums that you missed with an 8% interest, which is the rate stipulated by LIC.
What to do now -
Sometimes, insurers offer special revival schemes, though this does not happen too frequently. So Wait for this.