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I have linked my policy with DEMAT account before 28 Feb'2022. But my policy has been matured on 01.03.2022. Can I apply in policy
holder quota?

As per RHP, definition of Eligible policyholder is as below:

Policyholders (excluding such other persons not eligible under applicable laws, rules, regulations and non-Individual policy holders) of our Corporation having one or more policies of our Corporation as on the date of the DRHP and Bid / Offer Opening Date and are residents of India would be eligible to apply in this Offer under the Policyholder Reservation Portion. Note: A policyholder of our Corporation was required to ensure that his / her PAN details are updated
in the policy records of our Corporation at the earliest. A policyholder who did not update his / her PAN details with our Corporation before expiry of two weeks from the date of the filing of the Draft Red Herring Prospectus with SEBI (i.e., by February 28, 2022) shall not be considered as an Eligible Policyholder.

So, for you to become eligible policyholder, you need to have the active policy as on the date of the DRHP AND Bid / Offer Opening Date (i.e. 4-5-2022). Since your policy is lapsed in April 2022, you are NOT eligible to apply in Policyholder category.

NO. You are not eligible for policyholder category as you policy is matured and not valid now. The detailed explanation is given above by @Ashok Manjhi