Seeing an unfamiliar acronym on your bank statement can be alarming. If you have recently noticed a transaction labeled or "PLIC-SBD CLAIM" credited to your account, you may be wondering about its origin and validity.
Here is where most people get confused. The word "Claim" suggests you are losing money. However, in banking terms, a claim settlement is a gain . plic-sbd insurance claim on bank statement
However, due to its technical abbreviation, account holders sometimes mistake this legitimate credit for fraud or an error. If you see this entry and do not recall having a PLIC policy or filing a claim, you should immediately contact your bank and the Post Office. But in the vast majority of cases, the "PLIC-SBD Insurance Claim" is a welcome and expected deposit. Seeing an unfamiliar acronym on your bank statement
| Date | Transaction Description | Debit | Credit | Balance | | --- | --- | --- | --- | --- | | 2023-02-15 | LIC Claim Payment | ₹ 0 | ₹ 5,00,000 | ₹ 5,50,000 | The word "Claim" suggests you are losing money
: Many people see this when they transition to paying for benefits directly, such as during
If you suspect fraud, do not spend the money. Inform your bank in writing that the credit is "unauthorized/unexplained." If the money is eventually reversed by PLIC, you won't be held liable. However, if you spend fraudulent funds, you may owe the bank.