The process to close your SBI Life Insurance policy before maturity is called 'surrendering' the policy. When you surrender your policy, the insurance company will cancel the policy and provide you with a payout based on the surrender value of your policy.
The surrender value is determined by the insurer and is typically a percentage of the premiums you have paid minus any penalties or charges. The surrender value will be greater if you have held the policy for a longer period of time or if the policy has performed well.
To surrender your SBI Life Insurance policy, you will need to contact the customer service team and request the surrender forms. Once you have completed the forms, you will need to submit them to SBI Life Insurance along with any required documents.
Once your policy is surrendered, you will no longer have life insurance coverage. If you decide that you need life insurance coverage in the future, you will need to apply for a new policy.