Corporation Bank Credit Cards

Rewards:

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.

Eligibility:

In order to be eligible for the LIC Corporation Bank Platinum Credit Card, the following prerequisites must be fulfilled:

• The applicant must be a citizen of India. Applicants who are NRIs, PIOs and Foreign Nationals are not accepted.
• A minor or an illiterate person cannot apply.
• The applicant should have valid Permanent Account Number/ PAN, issued by the Income Tax Department.
• The primary applicant/card holder should not be below 18 years of age. The maximum age criteria for eligibility of a primary card holder is 60 years and below.
• An Add-on Card holder should not be aged below 18 years and should not be more than 65 years of age.
• LIC Agents are eligible for Corporation Bank credit cards. They should be members of LIC clubs such as CM Club, Corporate Club, MDRT, DM Club, ZM Club and the BM Club.
• LIC Policy Holders can also apply for LIC Corporation Bank Credit Cards if they fulfill the following conditions:
• Salaried and Self-Employed Applicants: A salaried or self-employed LIC policy holder is eligible to apply for this credit card if he/she has at least one Fully Paid-up or In-force Non-Single Premium LIC Policy, which has been in existence for a period of 3 years or more from the commencement date of the Policy till Date of Application.
• HNI Segment (GC): Under this segment, the policy holder would fall under the GC category if he/ she has at least 1 or more Non-single premium policies with an Yearly Total premium amounting to Rs. 30,000/- or above. The premium on this policy must have been payed for not less than 3 successive years (latest) and the policy must either Fully paid-up or In-force from the Date of Application.

Documents required:

The documents to be submitted by the applicant at the time of application for the LIC Corporation

Bank Credit Cards are as follows:

• KYC Documents such as Photo-Identity Proof and Proof of Residence
• Proof of Income or Income-surrogated Documents
• Proof of Relationship with LIC

Photo-Identity Proof: One of the mandatory documents to be submitted while applying for LIC Corporation Bank Credit Cards is the PAN Card copy. However, if the PAN No. is available but the PAN Card is not, any of the documents given below can be submitted by the applicant as an alternative proof of identity:

• Driving Licence
• Passport
• Government-issued Voter’s ID
• Government or PSU issued Employee ID card
• Aadhar Card
• Ration Card
• IRDA Licence
• Copy of Bank Passbook provided by a nationalized Bank
• ID Card provided by LIC/Group Companies.

These documents must have a photo attached and should be submitted for KYC documentation. It must be valid. Any expired document will not be recognized as valid identification.

Address Proof: The documents that can be submitted as as proof of residence by LIC Corporation Bank Credit Card applicants are as follows -

• Ration Card
• Passport
• Driving Licence
• Bank Passbook
• Utility Bills such as Telephone bill, Electricity bill, Gas, Postpaid Mobile bill, Water, Maintenance Bills, etc.
• Rental Agreement
• Aadhaar Card
• Lease Agreement
• PSUs/ Government/ Bank/ LIC issued Official Identity Card with Residential Address
• Staff Quarter Allotment Letter
• LIC Policy Bond
• Policy Status Report or LIC Premium Receipt

If the applicant is an employee of LIC, then he/she can submit the Employer's Certificate in prescribed proforma as address proof. Certified Agency Status Report taken from the LIC Database using the eFEAP Program can be submitted as address proof if the applicant is an LIC Agent.

Proof of Income (Documents Required)

LIC Policyholders:

• Salaried Individuals: Any one documents from the following list can be submitted as income proof for LIC policyholders who are salaried:

• The Form 16 of the Assessment Year that precedes the Financial Year.
• Salary slip or Salary Certificate of the last 3 months.
• The latest IT Return that has been submitted.
• Self Employed Individuals: The two documents that are provided below have to be submitted by self-employed LIC policy holders as income proof -

• Bank Statement of the past 6 months (latest).
• The latest Income Tax Return that has been submitted. This should be in the individual’s name and not in the company’s name.
• HNI Segment (GC):

  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.

• LIC Agents:

  Applicants who are LIC Agents can submit any one of the following income documents as proof of income:

  • The latest Income Tax Return that has been submitted.
  • The Form 16-A of the Current Assessment Year.

  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.

• LIC Employees:

  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:

  • The Form 16 of the Current Assessment Year.
  • Latest salary slip of the past 3 months which has been issued in the Salary Module under the Branch eFEAP Program.
  • The latest Income Tax Return that has been submitted.

List of Corporation Bank Credit Cards:

• LIC Corporation Bank Gold Credit Card:

  The LIC Corporation Bank Gold Credit Card offered by the LIC Corporation Bank can be availed free of cost. The interest rate applicable on revolving credit is 33% per annum and 2.75% per month. There are a host of privileges and benefits offered to the credit card holders, such as - Rs. 50,000/- worth of Purchase Protection valid for a period of maximum 60 days, Rs. 1 lakh Personal Accident Insurance and Rs. 50,000 worth of Credit Shield that can be availed if the primary cardholder is permanently disabled.

• LIC Corporation Bank Platinum Credit Card:

  LIC Corporation Bank Platinum Credit Card provides credit at a competitive rate of 36% per annum. i.e., 3% per month. There are no additional charges on this card, such as the joining fee, annual fee or renewal fee. This credit card comes with the photo and signature of the credit card holder and this helps to minimize the risk of fraud, theft or misuse of the credit card. The validity period of this card is 5 years. The LIC Corporation Bank Gold Credit Card is provided to LIC Employees, Agents and LIC Policyholders only and they can share the available credit limit with their family by applying for add-on cards.

• LIC Corporation Bank Platinum EMV Credit Card:

  The LIC Corporation Bank Platinum EMV Credit Card comes with a host of privileges including competitive interest on credit, greater reward points received on payment of LIC policy premiums, credit shield, purchase protection, personal accident cover and more. There are no additional charges levied such as annual fees, renewal fees or joining fees. Card holders can avail up to 3add-on cards for their family members and the first add-on card comes free of charge. The next two add-on cards will be charged a fee of Rs. 200 for the issue of each card. LIC Corporation Bank extends its Platinum EMV Credit Card customers the benefit of availing an enhancement in the credit limit for a value that does not exceed 30% of the available credit limit.

• Corporation Bank International Credit Card:

  This is a globally accepted Visa credit card and comes with the additional security offered by the Verified by Visa (VbV) program. The Corporation Bank International credit card is therefore safe to use when you wish to make purchases at PoS terminals or online. The Corporation Bank International Credit Card is offered to individuals who have an existing relationship with the Bank with a good track history. There are two variants to the Corp Bank International Credit Card - the Gold credit card or a Classic credit card, which has a validity of up to three years.

Corporation Bank Credit Card FAQs:

1. What is Visa Bill Pay facility?

   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.

2. What is “proof of relationship” document that has to be submitted by the applicant?

   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.

3. Can I submit a Handwritten Salary Slip as income proof?

   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.

4. My LIC Corporation Bank Credit Card has been stolen/ is lost. What should I do?

   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.

5. What is the fuel surcharge applicable on purchase of petrol using the LIC Corporation Bank Credit Cards?

   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.

*Note: All the rates are subject to change, therefore, the customer has to keep on checking the rates from time to time.