A grace period of 30 days from the date of expiry of policy should be maintained. (policybazaar.com)
If death occurs within the period from date of commencement of risk to 5 years before the date of expiry of policy term: Sum Assured + Vested Simple Reversionary Bonuses + Final bonus (if any) (policybazaar.com)
However the NCB is applicable only if the policy is renewed within 90 days of the expiry date of the previous policy. (policybazaar.com)