(1) An industrial life policy on which not less than one year's premiums have been paid shall not be forfeited by reason only of the non-payment of any premium, unless the premium has remained unpaid for not less than 4 weeks after it became due.
(2) An industrial life policy on which not less than one year's but less than 2 years premiums have been paid shall not be forfeited by reason only of the non-payment of any premium, unless the premium has remained unpaid for not less than 8 weeks after it became due.
(3) An industrial life policy on which not less than 2 years premiums have been paid shall not be forfeited by reason only of the non-payment of any premium, unless the premium has remained unpaid for not less than 12 weeks after it became due.
(4) Where an industrial life policy on which not less than 3 years premiums have been paid has been forfeited by reason of the non-payment of any premium, the company shall, without requiring any application from the policyholder, issue a paid-up policy for an amount not less than that specified in the table included in the policy.
(5) Where a paid-up policy is issued under subsection (4) and the contingency occurs which would have rendered the company liable under the original policy the company shall thereupon be liable under the paid-up policy limited to its paid-up value.
(6) The company shall notify the policy holder in writing of the fact that the paid-up policy has been granted and shall specify the amount of the policy and the contingency upon which the policy is payable.
(7) An industrial policy shall not be forfeited by reason only of the non-payment of any premium where the non-payment is as a result of non-collection by the company.