Corporation Bank Credit Card Overview

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 has a strong presence in India with its network of 2048 branches and 550+ Satellite Sampark offices. The credit cards offered by LIC Corporation Bank are - LIC Corporation Bank Gold Credit Card, Corporation Bank International Credit Card, LIC Corporation Bank Platinum Credit Card and LIC Corporation Bank Platinum EMV Credit Card.

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:

• Free of Cost:

  There are no charges on availing the LIC Corporation Bank Credit Cards, it comes free of cost. There are no charges levied as Joining Fee, Annual fee or Renewal Fee.

• Incomparable Interest Rates:

  LIC Corporation Bank Credit Cards are offered at competitive rates of interest. The interest charged on revolving credit is 33% per annum and 2.75% per month for Gold Credit Card and 3% per month and 36% annually for LIC’s platinum 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. This offers additional security while using these credit cards.

• Add-on Cards:

  There is a provision for add-on cards as well for all LIC Corporation Bank Credit Card holders. 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.

• Cash Withdrawal:

  The cash withdrawal limit on this card is maximum 30% of the credit limit.

• Interest Free Credit:

  LIC Corporation Bank Credit Card holders can also enjoy an interest free credit period ranging from 15 days to 45 days by paying all the dues on the previous month’s billing cycle.

• Insurance/ Cover:

  LIC Corporation Bank Credit Cards offer 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.

• Credit Limit:

  LIC Corporation Bank Credit Card holders have the flexibility to set the credit limit available on their credit card as well as on the add-on credit cards availed by them. This can be availed by the card holder anytime, the condition being that the credit limit set by the customer must be below the actual credit limit offered by the Bank. Any alteration on actual limit that is requested, will be reflected in the credit card account from the next billing cycle.

• Temporary Credit Limit Enhancement:

  LIC Corporation Bank Credit Cards also offer the flexibility to the borrower to avail extra credit to meet his/her specific requirements on a temporary basis. The Credit Card holder can request a temporary increase in his/her available credit limit. LIC Corporation Bank Credit Card holders can avail an enhancement in the credit limit for a value that does not exceed 30% of the credit limit available in the borrower’s account. The predetermined credit limit is reset once the next billing cycle starts.

• Revolving Credit Facility:

  The LIC Corporation Bank Credit Card holder has multiple options of repayment available when he/she receives the credit card statement for a particular month. The revolving credit facility permits the credit card holder to:

1. Pay the total outstanding dues as stated in the credit card statement.
2. The card holder can pay just the Minimum Amount Due on the credit statement and the remaining balance on the account will be adjusted to the next month’s statement. If the total amount due is not paid off by the due date, then a nominal rate of interest is applicable on non-payment of the same.
3. The flexibility in repayment that is available to the LIC Corporation Bank credit card holder also extends to making payments greater than the Minimum Due Amount and lesser than, equal to or greater than the total amount outstanding on the credit card account. Any additional amount that is paid is adjusted against the next credit statement.
• Balance Transfer Facility:

  The LIC Corporation Bank Credit Cards also offer Balance Transfer facility through which the credit card holder can transfer the credit due on their other Bank credit cards to the LIC Corporation Bank Credit Card account.

• VISA Bill Pay facility:

  Another facility offered to the LIC Corporation Bank credit card holders is the Visa Bill Pay facility which is a unique feature available on all VISA branded cards. All the LIC Corporation Bank Credit Cards are VISA branded cards. Hence, the card holders are eligible to enjoy the benefits provided to all Visa members, which includes the VISA bill pay facility. This facility enables the card holder to pay all their utility bills such as electricity bill, water bill, gas bill, and so on, with ease. However, in order to avail this facility the credit card holder must should register himself/ herself in the program through the online Visa portal. More than 120 service providers are available on this payment network.

• EMI Facility:

  EMI (Equated Monthly Installments) facility can also made available to the card holders under the LIC Corporation Bank Credit Card scheme. This facility can be used by the card holder to convert their high value transactions to easily payable EMIs. In order to be able to use this facility, the transaction amount has to be more than Rs. 2500. The repayment tenure that customers can choose from are - 6 months, 12 months and 24 months. An interest charged on EMI to be paid over a period of 6 months is 16% per annum and the EMI to be paid over a period of 12 months or 24 months is 18%, annually.

Charges and Interest Rate:

Charge	LIC Corporation Bank Gold Credit Card	LIC Corporation Bank Platinum Credit Card	LIC Corporation Bank Platinum EMV Credit Card	Corporation Bank International Credit Card
Joining Fee	Nil	Nil	Nil	Nil
Annual Fee	Nil	Nil	Nil	Nil
Renewal Fee	Nil	Nil	Nil	Nil
Add-on Cards	3 add-on cards. First add-on card free and next cards will be charged Rs. 100 each.	3 add-on cards. First add-on card free and next cards will be charged Rs. 200 each.	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	2.75% per month and 33% annually.	3% per month and 36% annually.	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	20% of Credit Limit	30% of Credit Limit	30% of Credit Limit	Not Available
Over Limit Charges	2% of the over limit amount or a minimum of Rs. 100, whichever is the highest.	2.5% of the over limit amount or a minimum of Rs. 250, whichever is the highest.	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. 200 for each failed transaction.	Rs. 250 for each failed transaction.	Rs. 250 for each failed transaction.	Rs. 250 for each failed transaction.

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.

LIC Employees are eligible for LIC Corporation Bank Credit Cards if they are currently employed under LIC or LIC Group Companies.

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.