Section 50. Notice of options available to the assured on the lapsing of a policy

50. Notice of options available to the assured on the lapsing of a policy. —An insurer shall, 4[before the expiry of three months from the date on which the premiums in respect of a policy of life insurance were payable but not paid,] give notice to the policy-holder informing him of the options available to him[5] [unless these are set forth in the policy.]