: If you see this on your bank statement, it is usually a monthly premium deduction for a policy you or your employer established. Claim Purpose
If the PLIC-SBD INSUR CLM charge is unexpected, take the following steps to get a definitive answer.
: For disability or illness claims, your doctor must complete a specific section of the form. Employer Statement
To understand the entry, it helps to break it down into its individual components: plic-sbd insurance claim on bank statement
If you notice a line item on your bank statement reading , it typically indicates a pre-authorised direct debit or transaction related to an insurance product. This specific acronym is most commonly associated with Protective Life Insurance Company (PLIC) , often processing transactions through their State Bank Division (SBD) or a similar structural acronym used by banking partners.
| Date | Transaction Description | Debit | Credit | Balance | | --- | --- | --- | --- | --- | | 2023-02-15 | LIC Claim Payment | ₹ 0 | ₹ 5,00,000 | ₹ 5,50,000 |
Think of it like Amazon labeling a package "Fulfillment Center" regardless of whether you bought a book or returned one. Similarly, : If you see this on your bank
Renewal Premium. Despite the word "claim," many banks categorize all insurance-related automated debits (ECS/NACH) under a generic "claim processing" header. In reality, it is simply your regular monthly, quarterly, or annual premium.
File a dispute with your bank regarding an unauthorized ACH debit. Financial institutions have strict windows (often 60 days from the statement date for consumer accounts) to reverse unauthorized electronic fund transfers.
James relaxed slightly. It wasn't a scammer; it was an insurance company. But there was a problem: James didn’t recall buying a policy from PNB MetLife. Employer Statement To understand the entry, it helps
If you independently purchased a life insurance policy, an individual disability policy, or an annuity from Principal Financial Group, you likely set up recurring monthly payments. These automated drafts routinely generate the PLIC-SBD descriptor. 3. Account Errors or Fraud
Ask your bank to place a temporary or permanent stop-payment order on any future ACH drafts originating from that specific Principal company ID.