LIC policy not claimed within due date?

What happens if the LIC policy is not claimed within due date? Will it be cancelled?

For eg, if the due date is = 5th October and you do not claim it, and after that you get another notice to claim within 15th October. What will happen if i do not claim even after 15th October? Will i be able to get another one month time.

when is the due date for filing returns of partners of a partnership concern which is liable for tax audit?

normally due dates for individuals is 31st july, but for partners of a partnership concern which is liable for tax audit,will the due date be 30th september,i;e due date of the firm, as the partners personal details cannot be finalised until the tax audit of the firm is completed. also if we file the individual partners return by 30th september, whether they will get the benifit of carrying forward the losses if any for the further years.