I am not personally familiar with Bajaj Allianz Life Insurance however cancelling a policy is usually the same for all companies. You can either just stop paying premiums (for term policies) which will cause the policy to lapse. If you have a permanent policy, if there is cash value, you will want to officially notify them you want to cancel the policy and receive any available cash value. There will be a form for such a request.
That is an excellent question! You should start by contacting your agent, and asking what the surrender value of the policy is. Ask if there are any charges or fees that would be applied, and what the balance payable to you would be. If that amount is what you hoped it would be, ask for a surrender form, and send it in after filling it out. However, if it is just a matter of paying too much, ask to reduce your coverage amount, or how much paid up insurance your policy would convert to. If it is just a matter of needing some quick cash, you might consider taking out a loan as opposed to ending the policy. Again, ask your agent for some help before you do anything, okay? Thanks for asking!
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I hope this helps.