During Active status, you're able to use your ookyo credit and Google Play Rewards. You can also make outgoing calls and SMSs.
In Grace status, your ookyo and Google Play credit balance will remain but you won't be able to spend it until you re-activate your service. You will also be able to receive incoming calls and SMSs but not making any outgoing ones. Grace status will last for 50 days.
After the 50 days Grace, your service Terminates, and all ookyo credit and Google Play Rewards will be forfeited.