Plicsbd Insurance Claim On Bank Statement

This is critical. An insurance claim is often tax-free under Section 10(10D) of the Income Tax Act (India), provided the premium paid did not exceed 10% of the sum assured (or 15% for policies issued before 2012).

Warning: If the PLICSBD transaction was a refund of premium (not a claim), it might be taxable. Check your policy status: Was it "Lapsed" or "Surrendered"? Surrender values are tax-free only for single-premium policies held for 5+ years.

If you did not actively file a claim, here are the top three reasons "PLICSBD" appears on your statement: plicsbd insurance claim on bank statement

Your bank’s mobile app shows a truncated name. Call customer support and ask: "Can you provide the full merchant name and contact number for the transaction coded PLICSBD on [date]?"

Banks have a backend system that stores the raw merchant data. They can usually tell you the exact insurance company name (e.g., "Pragati Life Insurance Ltd.") and a phone number. This is critical

If you have verified that you own no SBI Life policy and you did not file a claim, you must act fast.

Option 1: Contact SBI Life directly (Do not call the number on the email) Warning: If the PLICSBD transaction was a refund

Option 2: Bank Dispute (Chargeback)

Option 3: File a Cyber Crime complaint (If fraud is suspected)

While rare for insurance companies to use this specific descriptor for withdrawals (usually premium payments come out as "PRIMERICA" or similar), if you see a debit you did not authorize:

Once you resolve the PLICSBD issue, take these steps to ensure it doesn't happen again: