Think of it like Amazon labeling a package "Fulfillment Center" regardless of whether you bought a book or returned one. Similarly, Is This Transaction Fraudulent? Usually, no. However, you should always follow a verification protocol.
Why would a "claim" result in a deduction? In banking and insurance jargon, a "claim" can also refer to an adjustment or recovery related to a policy. plic-sbd insurance claim on bank statement
Situation: John noticed a debit of ₹3,200 labeled "PLIC-SBD" every 15th of the month. He was certain he had canceled his policy two years ago. Outcome: Upon calling Pramerica, John learned that his cancellation request was never processed due to missing paperwork. He had been paying premiums for 24 months unknowingly. He recovered 50% of the amount via a goodwill refund. Think of it like Amazon labeling a package
You (or a beneficiary of a policy) have successfully filed an insurance claim, and the insurance company has transferred the settlement amount directly into your bank account via an electronic funds transfer. However, you should always follow a verification protocol