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    LIC Corporation Bank Platinum Credit Card
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    LIC Corporation Bank Platinum Credit Card

    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.

    Benefits of LIC Corporation Bank Platinum Credit Card:

    • Attractive Rate of Interest:
    • The interest rate charged on revolving credit availed on the LIC Corporation Bank Platinum Credit Card is 36% per annum and 3% per month.

    • Zero Cost:
    • Eligible applicants can avail this card free of charge. Joining Fees, Annual fees or Renewal Fees are not charged on this credit card.

    • Validity:
    • The LIC Corporation Bank Platinum Credit Card is valid up to 5 years.

    • Secure:
    • 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.

    • Add-on Cards:
    • 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.

    • Cash Withdrawal:
    • 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.

    • Interest Free Credit Period:
    • 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.

    • Coverage:
    • 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.

    • Rewards:
    • 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.

    Features of LIC Corporation Bank Platinum Credit Card:

    • Credit Limit:
    • 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.

    • Temporary Credit Limit Enhancement:
    • 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.

    • Revolving Credit Facility:
    • 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:

      • Firstly, he/she can pay the total outstanding amount, i.e., the total amount due as per the billing statement.
      • The card holder can also opt to pay the Minimum Amount Due stated in the credit bill for the month and the balance amount will be carried over to the next billing cycle.
      • The credit card holder also has the flexibility to pay an amount greater than the Minimum Amount Due and lesser than the total amount due or an amount equal to or greater than the total outstanding amount.
    • Balance Transfer Facility:
    • 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.

    • VISA Bill Pay facility:
    • 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 (Equated Monthly Installments):
    • 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:

      • 16% per annum for a tenure less than 6 months
      • 18% per annum for a tenure above 6 months.

    Fees and Charges:

    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.

    Eligibility:

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

    • The applicant must be an Indian citizen. NRIs, PIOs and Foreign Nationals are not eligible to apply for the LIC Corporation Bank Platinum Credit Card.
    • The individual should not be an illiterate person or a minor (as stipulated by law).
    • The applicant should own a valid PAN (Permanent Account Number) that has been 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 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: Those who are LIC policy holders can also apply for this credit card if they fall under the following categories and fulfill the specifications given below:
      • 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 Employee: The applicant is considered eligible for this credit card if they are currently employed under LIC or LIC Group Companies.

    Income Eligibility Criteria:

    In order to be eligible for the LIC Corporation Bank Platinum Credit Card, applicants must also meet the following income eligibility requirements:

    • LIC Agents should have a surrogate income limit worth lesser than Rs. 30000.
    • Employees of LIC/Group Company must have an annual income of not less than Rs. 1.80 Lakhs with a limit lesser than Rs. 30000.
    • LIC Policy Holders who are salaried individuals must have an annual income of not less than Rs. 3,00,000.
    • LIC Policyholders falling under the HNI (GC) Segment should have a surrogate income limit worth lesser than Rs. 30000.
    • LIC Policy Holders who are Self Employed individuals, must have an annual income of not less than Rs. 3,00,000.

    Documentation:

    The documents to be submitted by the applicant at the time of application for the LIC Corporation Bank Platinum Credit Card 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 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
    • 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 the 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.

    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.

    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 Policyholders:

    i) 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.

    ii) 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.

    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.

    LIC Corporation Bank Platinum Credit Card FAQs:

    1. What are the Photo ID Proofs that can be submitted at the time of application?
    2. The photo ID proofs that can be submitted by the applicant as a part of the KYC documentation procedure are:

      • 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.
    3. What is the proof of income that has to be submitted by applicants who are LIC Agents?
    4. The proof of income that has to be submitted by applicants who are LIC Agents can be one of two following documents:

      • The Form 16-A of the Current Assessment Year.
      • The latest Income Tax Return that has been submitted.
    5. What is relationship proof?
    6. 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.

    7. What are the relationship proofs that have to be submitted as a part of documentation?
    8. As per the category, the proof of relationship that have to be submitted are as follows:

      LIC Employee:

      • The Employer's Certificate in the prescribed format.
      • Identity Card that has been provided by LIC of India or Group Companies.

      LIC Agent:

      • Certified Agency Status Report taken from the LIC Database using the eFEAP Program.

      LIC policyholder:

      • Bond copy of the LIC Policy.
      • The LIC Policy Status Report.
      • Receipt of the LIC Premium paid.
    9. What is Visa Bill Pay facility?
    10. 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.

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