Hey Hitesh

Thanks for reaching out to the community.

For instance, if you downgrade to the free Starter plan, you won’t lose any of your files. However, if you have more than 3 Figma and 3 FigJam files, your team will be locked - meaning you can only view your files but you can’t edit them. Files in your drafts stay unaffected and can still be edited.

Please see our Help Center article how to cancel or downgrade Professional plan for further guidance here: https://help.figma.com/hc/en-us/articles/360039829734-Cancel-or-downgrade-Professional-plan