Lapsed Policy

#1
I purchased a Young Care Life Insurance policy of Bajaj Allianz in March 2008 for a yearly premium of 40,000/-. I somehow could pay only the first premium and will need to pay 40,000 now to revive the policy. I have been advised to pay this and then convert the premium to a quarterly or half yearly format to reduce one time burden at year end. Is the policy worth reviving?
 

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