No, policies that have matured (paid out) or have been converted into 'paid-up' policies (where no further premiums are due) are specifically excluded when computing the maximum number of policies.
Source: GPF Rule 18
What if one of my policies matures or becomes paid-up? Does it still count towards the four-policy limit?
Related Questions
What happens if I retire or resign before the full amount is recovered?
What if I use the policy as collateral for a personal loan?
What if my alternative payments (like insurance premiums) exactly match or exceed my minimum GPF subscription?
What if my policy gives me a choice to take the bonus now or let it accumulate?
Can I get my GPF paid to my bank account outside India?
This answer is for informational purposes only and does not constitute legal advice. Always refer to the original rules and consult competent authorities for official interpretation.