Yes, you can exit from a life insurance policy before the completion of the tenure. This is called surrendering the plan and when you do so you get a surrender value. Surrender value is, however, not available under all types of life insurance policies, like term plans. Thus, in the plans without any Surrender Value, if you exit before policy completion, you would not get any benefit and the premiums paid would be forfeited by the insurance company. Thus, you need to check if that particular plan offers Surrender Value or not.