Yes. Virgin will keep your old number for up to six months (if I remember correctly) after you stop paying your monthly plan. All you have to do is top up your account and restart your month, and you'll be back in business.
The only possible issue you may have is that, when you come back, Virgin may change their monthly plan rates. When you are an existing customer, you get to stay on your rate even if they increase the price (I currently have the $35 plan, but my rate is $25, since that was the price before they increased it last summer).
Since they recently increased the prices for the 'Beyond Talk' plans, it is unlikely that they'd do it anytime soon again.
So, YES, you can take your iPhone overseas, use it with their local micro-SIM, then come back and resume your old plan. If your number has expired (you failed to top-up for more than six months), you'll just register the phone again with VM and get a new number.
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