Hi Maqsood, LIC sends the Policy Discharge form usually 2-3 months before the maturity date. If the insured fills and submits the discharge form quickly, they tend to receive the maturity amount cheque before the maturity date. If this is the case with you, you can surely encash the cheque before the actual maturity date.

However, if the maturity date of your policy is still a couple of years away, and you want to end the policy, this is called surrendering the policy. The surrender value is typically much less than the maturity value. Different LIC plans may have different terms regarding surrender and you need to check your plan details for the exact terms. However, typically, you can surrender
1. single premium policies: from the second year of the policy issuance
2. limited and regular premium policies with tenure of fewer than 10 years: from the third year of the policy issuance
3. limited and regular premium policies with tenure of more than 10 years: from the fourth year of the policy issuance

To surrender the policy, you need to follow the steps below:
1. Visit a LIC branch
2. Seek a Surrender Discharge Voucher (Form 5074)
3. Fill and submit along with required documents either in the branch or by courier to the LIC’s head office

Once the request is processed, you would receive the surrender value in your registered bank account.

Hope this helps.