Insurance claim received .

Booking entry
Claim received from LIC

Life Insurance company A/c Dr
To Insurance claim A/c Cr
( Being claim receivable )

When you received amount

Bank. A/c Dr
To Life insurance company A/c Cr
( Being insurance claim received )

Note - Insurance claim A/c Under indirect Income , Profit and Loss A/c .

You can  pass entry  given  bellow  , please  treat  above  entry  as Cancelled 

Bank                   A/c   Dr 

To Insurance  Claim     A/c    Cr 

(  Being Insurance Claim  received  form  Insurance  company ) 

Agree with the above entries