The LIC Corporation Bank Platinum Credit Card is a unique credit card issued by the LIC Corporation. This credit card scheme can be availed by LIC Employees, LIC Agents as well as LIC policyholders. There are no additional charges on this card, such as the joining fee, annual fee or renewal fee. It is a credit card which comes with the credit card holder’s photo and signature and thus it minimizes the risk of theft and misuse. This credit card is valid for 5 years. By paying LIC policy premiums using this credit card, you can enjoy 2X reward points. Add-on card facility is available on this card.
The interest rate charged on revolving credit availed on the LIC Corporation Bank Platinum Credit Card is 36% per annum and 3% per month.
Eligible applicants can avail this card free of charge. Joining Fees, Annual fees or Renewal Fees are not charged on this credit card.
The LIC Corporation Bank Platinum Credit Card is valid up to 5 years.
This credit card is highly secure since it comes with the card holder’s photo and verified signature. This eliminates the risk of fraud, theft and misuse to a great extent.
The primary card holder can share his/her credit limit with their family by applying for add-on cards. The maximum number of add-on cards they can avail are three.
You can also withdraw cash using this credit card at an ATM that accepts VISA. The available cash withdrawal limit is up to 30% of the credit limit.
The LIC Corporation Bank Platinum Credit card holders can enjoy an interest free credit period when they pay the total outstanding dues as per the previous month’s billing cycle. The interest free credit period can range from 15 days to 45 days.
This credit card also provides additional insurance coverage of up to Rs. 2,50,000 as Personal Accident Insurance, Purchase Protection worth Rs. 50,000 which is valid for a period of up to 60 days and a Credit Shield worth Rs. 50,000, if the primary card holder is permanently disabled.
The LIC Corporation Bank Platinum Credit card holders can earn 1 reward point for every Rs. 150 used up on the card. One reward point is worth Rs. 0.50 cashback. The accumulated Rewards Points can be converted to cash and settled as payment towards the outstanding amount on the credit card account. Payments made by the credit card holder towards LIC policy premium, will enable him/her to earn 2X Reward Points.
LIC Corporation Bank Platinum Credit Card holders have the flexibility of setting the credit limit on their card as per their requirements, as long as it falls below the credit limit determined by the company. This feature is also available on the add-on cards issued against a primary credit card, i.e., the credit limit available on the add-on card can be fixed by the primary card holder. Alterations to this predefined limit is applicable from the next billing cycle, as and when the card holder places a request for the same.
LIC Corporation Bank Platinum Credit Card holders can place a request for a temporary increase in the credit limit available on their card and enjoy an enhancement in the same for a specific period of time. This temporary credit enhancement will be made for an amount worth not more than 30% of the borrower’s available credit limit. The prevailing credit limit will be applicable from the next billing cycle onwards.
Once the LIC Corporation Bank Platinum Credit Card holder receives the credit card statement, he/she can choose from the following options for making a payment towards the outstanding amount:
Balance transfer facility is also available on this credit card. The LIC Corporation Bank Platinum Credit Card holders can use this facility to transfer all the outstanding amount on their credit cards issued by other Banks to this credit card account.
LIC Corporation Bank Platinum Credit Card holders can also avail the VISA bill pay facility available on this card to conveniently make payment towards all their utility bills and other services, using this credit card. The credit card holders should register for the facility through the Visa portal, in order to be able to use the VISA bill pay facility. Payments towards utility bills generated by more than 120 service providers is enabled through this unique feature. VISA International provides this service to all VISA card holders.
EMI facility is also available on the LIC Corporation Bank Platinum Credit Card through which the credit card holder can convert any purchase/ transactions made on the card, which is above Rs.2500/-, into Equated Monthly Installments. The tenure of payments can be split over a period of 6 months, 12 months or 24 months. A rate of interest will be charged on this EMI payments which will be as follows:
|Interest Rate on Revolving Credit||3% per month and 36% annually.|
|Cash withdrawal limit||30% of the credit limit|
|Interest Free Credit period||Ranges between 15 days to 45 days|
|Personal Accident Insurance||Rs. 2.5 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 Platinum Credit Card, the following prerequisites must be fulfilled:
In order to be eligible for the LIC Corporation Bank Platinum Credit Card, applicants must also meet the following income eligibility requirements:
The documents to be submitted by the applicant at the time of application for the LIC Corporation Bank Platinum Credit Card are as follows:
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:
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 the applicants are as follows -
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.
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:
Applicants who are LIC Agents can submit any one of the following income documents as proof of income:
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.
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: The two documents that are provided below have to be submitted by self-employed LIC policy holders as income proof -
iii) 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.
The photo ID proofs that can be submitted by the applicant as a part of the KYC documentation procedure are:
The proof of income that has to be submitted by applicants who are LIC Agents can be one of two following documents:
Relationship proof refers to the documents that has to be submitted by the applicant at the time of application for the LIC Corporation Bank Platinum Credit Card, which shows the applicant’s relations with LIC.
As per the category, the proof of relationship that have to be submitted are as follows:
Visa Bill Pay is a feature offered online for card holders who have Visa issued cards. They automatically become a Visa member and by registering through Visa’s online portal, customers can enjoy the easy-to-use bill pay facility through their Visa branded cards. All VISA card holders in India can avail the Visa Bill Pay facility.