No, once your policy has been accepted by the Accounts Officer for GPF financing, you cannot change its terms or exchange it for a different policy without first getting their explicit permission. You must provide them with all the details of any proposed alteration or new policy.
Source: GPF Rule 22
What happens if I retire or resign before the full amount is recovered?
What if I use the policy as collateral for a personal loan?
What if my alternative payments (like insurance premiums) exactly match or exceed my minimum GPF subscription?
What if my policy gives me a choice to take the bonus now or let it accumulate?
Can I get my GPF paid to my bank account outside India?
This answer is for informational purposes only and does not constitute legal advice. Always refer to the original rules and consult competent authorities for official interpretation.