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    LIC Corporation Bank Gold Credit Card

    The LIC Corporation Bank Gold Credit Card offered by the LIC Corporation is a free card, i.e., it comes free of cost. There are no charges such as entry fee, annual fee or renewal fee. It is a credit card which comes with photo and signature of the borrower to reduce risk of theft and misuse and it has a 5 year validity. It offers extra reward points for payment of premium on LIC policies using this card. The LIC Corporation Bank Gold Credit Card is offered only to LIC Employees, Agents and Policyholders, who can share this credit limit with their family through add-on cards.

    Benefits of LIC Corporation Bank Gold Credit Card:

      • Zero Cost:

    Borrowers can avail this card free of cost. There is no Joining Fees, Annual fees or Renewal Fees charged on this card.

      • Low Interest Rate:

    The rate of interest charged on revolving credit is 33% per annum and 2.75% per month.

      • Validity:

    This credit card has a validity of 5 years.

      • Secure:

    This credit card comes with provision for the cardholder’s photo and is also signature imprinted.

      • Add-on Cards:

    The primary cardholder can apply for maximum three add-on cards for their family members.

      • Cash withdrawal:

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

      • Interest Free Credit:

    Upon paying all the dues on the previous month’s billing cycle, the cardholder can enjoy a credit period without interest, for a period ranging from 15 days to 45 days.

      • Cover:

    This credit card also provides additional benefits such as Rs. 1 lakh Personal Accident Insurance, Rs. 50,000/- worth of Purchase Protection valid for a period of maximum 60 days and Rs. 50,000 worth of Credit Shield, in the unfortunate event of permanent disability.

      • Rewards:

    For each Rs. 150 spent on the credit card, get one reward point which is worth a cashback of Rs. 0.25. These Rewards Points can be redeemed to repay the outstanding amount. When the credit cardholder uses this card to make payment towards premium on LIC policies, he/she can avail double Reward Points.

    Features of LIC Corporation Bank Gold Credit Card:

      • Credit Limit:

    LIC Corporation Bank Gold Credit Card holders can set a credit limit on their card as per their requirements. This can be any amount lesser than the credit limit offered by the company. This flexibility in determining the credit limit is also applicable on the add-on cards issued against a particular credit card account. This predefined limits can be altered whenever the cardholder places a request for the same.

      • Temporary Credit Limit Enhancement:

    By placing a request for a temporary increase in credit limit, the LIC Corporation Bank Gold Credit Card holders can avail an enhancement in the same for a particular period of time. This enhancement can be made for maximum 30% of the borrower’s existing credit limit. The normal credit limit will be re-installed in the next billing cycle.

      • Revolving Credit Facility:

    The credit card holder has the option of choosing any one of the following methods of repayment, once he/she receives the credit card statement:

        • The card holder can pay the Minimum Amount Due on the card and the remaining amount will be carried over to next month’s billing statement.
        • He/she can also opt to pay for an amount greater than the Minimum Amount Due and/ or the total amount due.
        • Finally, he/she may choose to pay the total outstanding amount i.e., total due amount on the credit card account.
      • Balance Transfer Facility:

    This card comes with the unique feature of balance transfer. It enables the primary cardholder to transfer the outstanding dues on other Bank credit cards to the LIC Corporation Bank Gold Credit card account.

      • VISA Bill Pay facility:

    LIC Corporation Bank Gold Credit Card holders are also offered the VISA bill pay facility through which they can easily pay their utility bills and make payments toward other services as well, using their credit card. In order to use the VISA bill pay facility, the cardholders should register for the facility. Once this is done, they can initiate payments to more than 120 billers. This service is provided by VISA International to all its cardholders.

      • Equated Monthly Installment Payments:

    Cardholders can convert their high value purchases or other transactions which is worth more than Rs.2500/-, into EMI (Equated Monthly Installments) over a period of 6 months, 12 months or 24 months. A nominal rate of interest will be charged on this conversion and payments which will be at 16% per annum for a tenure which is less than 6 months and interest rate will be 18% per annum for a tenure above 6 months.

    Fees and Charges:

    Interest Rate on Revolving Credit 2.75% per month and 33% annually.
    Cash withdrawal limit 30% of the credit limit
    Interest Free Credit period Ranges between 15 days to 45 days
    Personal Accident Insurance Rs. 1.00 lakh
    Purchase Protection Maximum Rs. 50,000/- for not more than 60 days.
    Credit Shield Up to Rs. 50,000/- in the event of Permanent Disability.

    Eligibility:

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

    • He/she must be a citizen of India. PIOs, NRIs, Foreign Nationals, etc. are not eligible for this credit card.
    • The applicant should not be illiterate or a minor as per law.
    • He/she must have a valid PAN (Permanent Account Number) which is issued by the Income Tax Department.
    • The Primary Cardholder must be at least 18 years old and not more than 60 years of age.
    • The Add on Cardholder must be at least 18 years old and not more than 65 years of age.
    • LIC Employee: The applicant is considered eligible for this credit card if they are currently employed under LIC or LIC Group Companies.
    • LIC Agent: The applicant is considered eligible for this credit card if they are LIC Agents, falling under clubs such as CM Club, Corporate Club, MDRT, DM Club, ZM Club and the BM Club.
    • LIC Policy Holders: Applicants who are LIC policy holders are eligible to apply for this credit card if they fall under the following categories and fulfill the terms and conditions as specified below:
      • Salaried and Self-Employed Individuals: A salaried or self-employed LIC policy holder who has a minimum of one Fully Paid-up or In-force Non-Single Premium LIC Policy, that has been in place for a period not less than 3 years from the commencement date of the Policy till Date of Application, is eligible to apply.
      • HNI Segment (GC): Under the HNI segment, customers fall under the GC category if he/ she has 1 or more Non-single premium policies that has a Yearly Total premium worth 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.

    Income Eligibility Criteria:

    In order to be eligible for the LIC Corporation Bank Gold Credit Card, applicants must also fulfill the following income eligibility criteria:

    • Employees of LIC/Group Company must have an annual income of not less than Rs. 1.80 Lakhs.
    • LIC Policy Holders who are salaried individuals must have an annual income of not less than Rs. 1.80 lakhs.
    • LIC Policy Holders who are Self Employed individuals, must have an annual income of not less than Rs. 1.80 lakhs.

    Documentation:

    The following documents have to be submitted at the time of application for the LIC Corporation Bank Gold Credit Card:

    Photo-Identity Proof: One of the mandatory documents to be submitted while applying for this credit card is the PAN Card copy. However, in the event that 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, Indian Passport, Voter ID Card, Government or PSU issued Employee ID card, Aadhar Card, Ration Card with Photo, IRDA Licence with photo, Copy of Bank Passbook with photograph provided by any nationalized Bank, ID Card provided by LIC/Group Companies. These documents that are submitted for KYC documentation must be valid. Expired documents will not be accepted.

    Address Proof: Documents that are accepted by the bank as proof of residence are - Ration Card, Passport, Driving Licence, Bank Passbook, Utility Bills such as Telephone bill, Electricity bill, Gas, Post-paid 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. In case the applicant is an LIC Employee, the Employer's Certificate in prescribed proforma can also be submitted as address proof. If the applicant is an LIC Agent, he/she can submit the Certified Agency Status Report taken from the LIC Database using the eFEAP Program.

    Income Proof:

    LIC Employees: Surrogated documents will not be accepted as proof of income under this segment. It is mandatory to provide the proof of income, which can be any one document among the following:

    • Latest salary slip of the past 3 months which has been issued in the Salary Module under the Branch eFEAP Program.
    • The current assessment year’s Form 16.
    • The latest Income Tax Return that has been filed.

    LIC Agents:

    Any one of the following documents can be submitted as proof of income for applicants who are LIC Agents:

    • The Current Assessment Year’s Form 16-A.
    • The latest Income Tax Return that has been filed.

    Surrogated Income Documents for LIC Agents:A separate proof of income need not be submitted for this segment. The eligible agents who are Club members, have to provide the Certified Agency Status Report that shows the Club Membership Status as a substitute of the Income Proof.

    LIC Policyholders:

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

    • Salary slip or Salary Certificate of the last 3 months.
    • The Form 16 of the Assessment Year that precedes the Financial Year.
    • The latest Income Tax Return that has been filed.

    ii) Self Employed Individuals: Both of the documents specified below have to be submitted as income proof for LIC policyholders who are self-employed:

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

    iii) HNI Segment (GC):

    A separate proof of income is not required for this segment. 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, if submitted, the higher value between the notional income and the actual income will be considered as the Net Annual Income.

    LIC Corporation Bank Gold Credit Card FAQs:

      1. What is the relationship proof to be provided if the applicant is an LIC employee?

    Any one of the following documents can be provided as relationship proof if the applicant is an LIC Employee:

        • The Employer's Certificate in the prescribed format.
        • Identity Card that has been provided by LIC of India or Group Companies.
      1. What is the relationship proof to be provided if the applicant is an LIC agent?

    If the applicant is an LIC Agent, the relationship proof that can be submitted at the time of application for this credit card is the Certified Agency Status Report taken from the LIC Database using the eFEAP Program.

      1. What is the relationship proof to be provided if the applicant is an LIC policy holder?

    If the applicant is an LIC policyholder, any one of the below-mentioned documents can be submitted as relationship proof:

        • LIC Policy Bond copy.
        • The Policy Status Report.
        • Receipt of the LIC Premium paid.
      1. What if an applicant under the HNI Segment (GC) does not have a salary slip that clearly states the Net Annual Income?

    80% of the gross income will be taken as the Net Annual Income, if an applicant falling under the HNI Segment (GC) does not have a salary slip that clearly states the Net Annual Income. If the applicant has submitted a salary slip, then Annual Net Income will be calculated as 12 times the Average Monthly Net Income.

      1. Will Handwritten Salary Slip be accepted as income proof?

    If the applicant is an employee of PSUs or the Government, then handwritten Salary Slip will be accepted, as long as it is signed and sealed by an Authorized Signatory.

      1. Will electronically submitted ITR be accepted by the Bank as income proof?

    Income Tax Returns that is submitted electronically/ online, will be accepted as proof of income.

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    LIC Corporation Bank Gold Credit Card Reviews

    • Corporation Bank Credit Card
      "Good service"
      0.5 4.0/5 "Great!"
      I use the LIC CORPORATION BANK GOLD CREDIT CARD for past 3 years. The customer support is good with the Corporation bank and the credit card service is good with the gold credit card. The credit limit value is low with this card but I use this card very rarely.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 28, 2017
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