Corporation Bank Credit Card

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.

Why choose Corporation Bank Credit Cards?

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.

Features and Benefits of Corporation Bank Credit Cards:

List of Corporation Bank Credit Cards:

LIC Corporation Bank Platinum EMV Credit Card:

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:

• Interest free Credit Period for a minimum 15 days to maximum of 45 days.
• 1 reward point given for every Rs.150 spent.
• Credit Shield of up to Rs.50,000 in case of permanent disability.
• Personal Accident Insurance.
• Purchase Protection of maximum of Rs.50,000/- up to 60 days.

LIC Corporation Bank Gold EMV Credit Card:

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:

• Interest Free Credit period ranging from 15 to 45 days.
• Personal Accident Insurance of Rs.1 lakh.
• Purchase Protection of maximum Rs.50,000 for up to 60 days.
• Credit Shield offered up to Rs.50,000/- in case of Permanent Disability.
• Get 1 reward point for every Rs.150 spent.

Charges and Interest Rate:

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

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.

FAQs on Corporation Bank Credit Card

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.

6. What are the different ways by which I can apply for a Corporation Bank credit card?

   The different ways by which you can apply for a Corporation Bank credit card are mentioned below:

   • Online
   • By visiting the nearest Corporation Bank branch.
7. What are the different ways by which I can check the credit card balance?

   The different methods by which you can check the credit card balance are mentioned below:

   • Net banking
   • Mobile banking
   • By calling customer care on 1800 22 6606
8. How do I generate the credit card PIN?

   The step-by-step procedure to generate the Corporation Bank credit card PIN is mentioned below:

   • Visit the official website of Corporation Bank. 
   • Login to the net banking account. 
   • Choose the ‘Credit Card’ option. 
   • You will find the option to change the PIN. 

   You can also generate the PIN by using mobile banking.

9. What are the interest rates for the different types of Corporate Bank credit cards?

   The interest rates for the different types of credit cards are mentioned below: 

   • Signature: 36% p.a. 
   • Platinum: 33% p.a. 
   • Gold: 27% p.a. 
10. Who is eligible to receive an Add-on card?

    The below-mentioned individuals are eligible to receive an Add-on card: 

    • Parents 
    • Spouse 
    • Siblings who are above the age of 18 years 
    • Children who are above the age of 18 years 
11. What are the different ways by which I can pay my credit card bill?

    The different ways by which you can pay your credit card bill are mentioned below:

    • Internet banking of another bank 
    • Corp-Net 
    • Visa Money Transfer 
    • Auto Debit 
    • DD/Cheque 
    • Cash