LIC Corporation Bank is a subsidiary of the Life Insurance Corporation of India. It was established in 1906 and currently the Bank has around 8970+ service centers. Life Insurance Corporation of India was formed through the LIC Act, 1956 by the Indian Government.
LIC Corporation Bank Credit Cards are provided solely for the benefit of LIC agents, LIC policy holders (Salaried, Self-employed and HNC segment) and other LIC employees. The main card holder can also extend these privileges as well as share the credit available on his/her card to their family members by availing maximum 3 add-on cards. The credit cards offered by LIC Corporation Bank offers attractive benefits such as opportunity to earn more reward points by paying LIC policy premiums using the card, lower rate of interest, credit shield, personal accident cover, purchase protection, and so on.
|Free of Cost||There are no charges levied as Joining Fee, Annual fee or Renewal Fee.|
|Incomparable Interest Rates||Interest rate of 3% per month on both Gold and Platinum EMV credit cards.|
|Validity||The LIC Corporation Bank Credit Cards are valid for 5 years.|
|Additional Security||The LIC Corporation Bank Credit Cards come with the borrower’s photo and imprint of his/her signature.|
|Add-on Cards||There is a provision for add-on cards as well for all LIC Corporation Bank Credit Card holders.|
|Cash Withdrawal||The cash withdrawal limit on this card is maximum 30% of the credit limit.|
|Interest Free Credit||An interest free credit period ranging from 15 days to 45 days is offered to all cardholders.|
|Insurance/ Cover||The credit card comes with insurance coverage on related fields such as Personal Accident Insurance, Purchase Protection valid for a period of maximum 60 days and Rs. 50,000 worth of Credit Shield, if the cardholder is permanently disabled.|
Key Highlights: A lifestyle credit card with a host of features and benefits for the cardholder.
Joining Fee: Nil
Annual Fee: Nil
Features and Benefits:
Key Highlights: A lifestyle credit card offering a wide range of benefits including a comprehensive insurance package.
Joining Fee: Nil
Annual Fee: Nil
Features and Benefits:
|Type of Charge||LIC Corporation Bank Platinum EMV Credit Card||Corporation Bank International Credit Card|
|Add-on Cards||3 add-on cards. First add-on card free and next cards will be charged Rs. 200 each.||3 add-on cards.|
|Interest on Revolving Credit||3% per month and 36% annually.||2.25% per month for gold credit card. 2.50% per month for classic credit card.|
|Cash Advance Limit||30% of Credit Limit||Not Available|
|Over Limit Charges||2% of the over limit amount or a minimum of Rs. 250, whichever is the highest.||2.5% of the over limit amount or a minimum of Rs. 100, whichever is the highest.|
|Standing Instruction Failure/ Cheque Return Penalty||Rs. 250 for each failed transaction.||Rs. 250 for each failed transaction.|
The LIC Corporation Bank Credit Cards offer an exclusive rewards programme to its customers. You can earn twice the number of Reward Points on transactions made on the card towards payment of premium on LIC Policies. The accumulated Rewards Point can also be used to settle the outstanding dues on the credit card account. The cashback offered on the Gold Credit Card is Rs. 0.25 and the cashback offered on Platinum Credit cards is Rs. 0.50. Corporation Bank International Credit Card offers exclusive rewards of one point per Rs. 200 Spent on the Classic credit card and one point per Rs. 150 spent on the Gold credit card.
In order to be eligible for the LIC Corporation Bank Platinum Credit Card, the following prerequisites must be fulfilled:
|Photo-Identity Proof||Address Proof|
|Driving Licence||Ration Card|
|Passport||Staff Quarter Allotment Lette|
|Government-issued Voter’s ID||LIC Policy Bond|
|Government or PSU issued Employee ID card||Driving Licence|
|Aadhar Card||Lease Agreement|
|Ration Card||Rental Agreement|
|IRDA Licence||Aadhaar Card|
|Copy of Bank Passbook provided by a nationalized Bank||Utility Bills such as Telephone bill, Electricity bill, Gas, Postpaid Mobile bill, Water, Maintenance Bills, etc.|
|ID Card provided by LIC/Group Companies.||Passbook|
|-||PSUs/ Government/ Bank/ LIC issued Official Identity Card with Residential Address|
|-||Policy Status Report or LIC Premium Receipt|
The documents to be submitted by the applicant at the time of application for the LIC Corporation
Bank Credit Cards are as follows:
Proof of Income (Documents Required)
Any one documents from the following list can be submitted as income proof for LIC policyholders who are salaried:
The two documents that are provided below have to be submitted by self-employed LIC policy holders as income proof:
Applicants falling under this segment need not provide a separate proof of income. Those who hold policies that are /Fully Paid-Up or In-force, with Non single premium, that has a tenure of not less than 3 years, can submit the Premium Receipts or Certified Status Reports instead of the Income Proof. Additional income proof can be submitted, and the higher value between the notional income and the actual income will be accepted as the Net Annual Income.
Applicants who are LIC Agents can submit any one of the following income documents as proof of income:
Surrogated Income Documents for LIC Agents: Applicants falling under this segment need not provide a separate proof of income. The LIC agents who are member of the LIC Club can provide the Certified Agency Status Report that indicates the Club Membership Status and this can be used as a substitute for the Income Proof.
Surrogated proof of income will not be accepted under this segment. It is mandatory that the LIC employees should provide any one document among the following as income proof:
All LIC Corporation Bank Credit Card holders can avail the Visa Bill Pay feature. This is offered only to card holders who have Visa issued cards. By registering online through Visa’s portal, the LIC Corporation Bank Credit Card holders can become a Visa member and can then enjoy the easy-to-use bill pay facility. The Visa Bill Pay facility can be availed by all VISA card holders in India.
The LIC Relationship proof is one of the documents that is to be submitted at the time of application to show the applicant’s connection to LIC, since the LIC Corporation Bank Credit Cards are offered only to LIC Agents, LIC Policyholders and Employees of LIC.
If you are employed in a PSUs or under the Indian Government, a handwritten Salary Slip will be accepted by the LIC Corporation Bank as income proof. However, it is valid only if it is signed and sealed by an Authorized Signatory.
If the LIC Corporation Bank Credit Card has been stolen/ is lost, the cardholder should report the loss or theft to the Customer Helpline available 24/7, as soon as possible. This is also applicable in the case of loss or theft of an add-on card. Once this is done, the bank will hot list/ block the credit card.
The fuel surcharge that is applicable on purchase of petrol using the LIC Corporation Bank credit cards is 2.5% of the transaction or a minimum of Rs. 10/-, whichever is the highest.
The different ways by which you can apply for a Corporation Bank credit card are mentioned below:
The different methods by which you can check the credit card balance are mentioned below:
The step-by-step procedure to generate the Corporation Bank credit card PIN is mentioned below:
You can also generate the PIN by using mobile banking.
The interest rates for the different types of credit cards are mentioned below:
The below-mentioned individuals are eligible to receive an Add-on card:
The different ways by which you can pay your credit card bill are mentioned below:
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.