This is the most frequent source of confusion. When you set up an auto-debit mandate for your insurance policy, the bank creates a standing instruction. The insurance company's backend system often routes all financial transactions—whether premium collection or claim payout—through a single processing gateway named "Claims Department."
Think of it like Amazon labeling a package "Fulfillment Center" regardless of whether you bought a book or returned one. Similarly, "PLIC-SBD" is the fulfillment gateway for your insurance money movement. plic-sbd insurance claim on bank statement
If you see this credit on your statement, it is likely due to one of the following reasons: This is the most frequent source of confusion