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.
Borrowers can avail this card free of cost. There is no Joining Fees, Annual fees or Renewal Fees charged on this card.
The rate of interest charged on revolving credit is 33% per annum and 2.75% per month.
This credit card has a validity of 5 years.
This credit card comes with provision for the cardholder’s photo and is also signature imprinted.
The primary cardholder can apply for maximum three add-on cards for their family members.
The cash withdrawal limit on this card is maximum 30% of the credit limit.
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.
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.
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.
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.
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.
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:
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.
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.
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.
|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.|
In order to be eligible for the LIC Corporation Bank Gold Credit Card, the following prerequisites must be fulfilled:
In order to be eligible for the LIC Corporation Bank Gold Credit Card, applicants must also fulfill the following income eligibility criteria:
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.
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:
Any one of the following documents can be submitted as proof of income for applicants who are LIC Agents:
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.
i) Salaried Individuals: Any one documents from the following list can be submitted as income proof for LIC policyholders who are salaried:
ii) Self Employed Individuals: Both of the documents specified below have to be submitted as income proof for LIC policyholders who are self-employed:
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.
Any one of the following documents can be provided as relationship proof if the applicant is an LIC Employee:
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.
If the applicant is an LIC policyholder, any one of the below-mentioned documents can be submitted as relationship proof:
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.
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.
Income Tax Returns that is submitted electronically/ online, will be accepted as proof of income.
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