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    LIC Corporation Bank Platinum EMV Credit Card

    We found 1 LIC Corporation Bank Platinum EMV Credit Card

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    1st Year Fee
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    Nil
    Response Time Within 30 minutes
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    Fee Details

    LIC Corporation Bank Platinum EMV Credit Card

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    Overview:

    The LIC Corporation Bank Platinum EMV Credit Card id issued by LIC Corporation Bank, which is a subsidiary of the Life Insurance Corporation of India. It is provided for the benefit of LIC policy holders (Salaried, Self-employed and HNC segment), LIC agents and other LIC employees only. The primary card holder can avail up to 3 add-on cards for his/her family members. This card comes with a host of privileges including attractive rate of interest, higher reward points on payment of LIC policy premiums, personal accident cover, credit shield, purchase protection, and much more.

    Benefits of LIC Corporation Bank Platinum EMV Credit Card:

    • Free Card:
    • The LIC Corporation Bank Platinum EMV Credit Card comes at zero cost. There are no annual fees, renewal fees or joining fees. In case of add-on cards, the first add-on card comes free of charge and the other two will be charged a nominal fee of Rs. 200 for issue of each card.

    • Verified and Secure:
    • This credit card is protected not just by a unique PIN but also by the fact that it comes with the card holder’s photo and signature, imprinted on the same.

    • Interest free Credit Period:
    • The LIC Corporation Bank Platinum EMV Credit Card holders can enjoy an interest free credit period for a duration of 15 days to a maximum period of 45 days.

    • Other Benefits:
    • LIC Corporation Bank Platinum EMV Credit Card holders are provided additional benefits such as Personal Accident cover, Purchase Protection up to a value of Rs.50,000 for a period of not more than 60 days as well as a Credit Shield in the event of Permanent Disability of the primary card holder.

    • Rewards Programme:
    • This credit card also comes with an exclusive rewards programme. 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.

    Features of LIC Corporation Bank Platinum EMV Credit Card:

    • Credit Limit:
    • LIC Corporation Bank Platinum EMV Credit Card holders can determine the credit limit available on their credit card as well as on the add-on credit cards availed by them. This flexibility can be availed anytime, under the condition that the credit limit has to be set to a value below the credit limit offered by the Bank. Any alteration on predefined limit that is requested, will be reflected in the credit card account from the next billing cycle onwards.

    • Temporary Credit Limit Enhancement:
    • In case of a sudden emergency or if you need additional cash to meet your specific requirements during a particular period of time, the LIC Corporation Bank Platinum EMV Credit Card holder can place a request for a temporary increase in the credit limit available on their credit 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 on the borrower’s account. The predetermined credit limit is reset once the next billing cycle starts.

    • Revolving Credit Facility:
    • When the LIC Corporation Bank Platinum EMV Credit Card holder receives his/her credit card statement for the month, he/she has multiple repayment options available to choose from. This revolving credit facility permits the credit card holder to:

      • Pay the total outstanding dues as stated in the credit card statement.
      • The card holder can also pay only the Minimum Amount Due on the credit statement. The balance amount that is due is adjusted to the next month’s statement. A nominal rate of interest is applicable on non-payment of total amount due.
      • The repayment flexibility available to the credit card holder also extends to making a payment greater than the Minimum Amount Due and lesser than, equal to or greater than the total amount outstanding on the credit card account. Any extra amount paid is adjusted in the next credit statement.
    • Balance Transfer Facility:
    • The LIC Corporation Bank Platinum EMV Credit Card comes with Balance Transfer facility as well. The Credit Card holder can transfer all the outstanding amount on their credit cards issued by other Banks to the LIC Corporation Bank Platinum EMV Credit Card account, using this feature.

    • VISA Bill Pay facility:
    • Visa Bill Pay facility is a feature available on all VISA branded cards. The LIC Corporation Bank Platinum EMV Credit Card is a VISA card and therefore 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 be availed by the LIC Corporation Bank Platinum EMV Credit Card holder. Through this facility, the card holder can divide their purchase/ transactions that are of higher value into simple easy-to-repay EMIs. In order to convert a transaction to EMI, it has to be worth more than Rs.2500/-. Customers can choose from a repayment tenure of 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.

    Fees and Charges:

    Annual Fee Nil
    Interest Rate on Revolving Credit 3% per month and 36% annually.
    Joining Fee Nil
    Add on card Charges One Add-on card - free. Others, Rs. 200 each.
    Cash withdrawal limit 30% of the credit limit
    ATM cash withdrawal fee 2.5% of the transaction
    Interest Free Credit period Ranges between 15 days to 45 days
    Replacement Card Rs. 250
    Duplicate PIN request Rs. 30 for each instance.
    Purchase Protection Maximum Rs. 50,000/- for not more than 60 days.
    Balance Transfer Processing Charges 1% of the amount transferred, or a minimum limit of Rs. 100 (whichever is the highest).
    Charge slip Retrieval Fee Rs. 125 for each charge slip

    Eligibility Criteria:

    The following requirements must be met by the applicant, in order to be eligible for the LIC Corporation Bank Platinum EMV Credit Card:

    • The applicant must be an existing employee of the Life Insurance Corporation of India, or an LIC Agent with Club membership and in-force agency status (Clubs such as BM Club, DM Club, Corporate Club, ZM Club, CM Club, & MDRT) or an LIC policy holder (Salaried, Self-employed and HNC segment).
    • The applicant must be an Indian citizen. NRIs, PIOs and Foreign Nationals are not eligible to apply for the LIC Corporation Bank Platinum EMV Credit Card.
    • The individual should not be a minor or an illiterate person.
    • The applicant should own a valid PAN (Permanent Account Number) that has been issued by the Income Tax Department.
    • Under the HNC segment, the policy holder should have least 1 or more Non-single premium policies with a Yearly Total premium amounting to Rs. 30,000/- or above in order to avail the LIC Corporation Bank Platinum EMV Credit Card. The premium on the policy must have been payed for at least 3 successive years, at the latest, and from the Date of Application the policy must either fully paid-up or In-force.
    • A salaried or self-employed LIC policy holder is eligible to apply for the LIC Corporation Bank Platinum EMV Credit Card if he/she has at least one Fully Paid-up or In-force Non-Single Premium LIC Policy. From the commencement date of the Policy till Date of Application, this policy must have lasted for a period of minimum 3 years and above.
    • 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.

    Documentation:

    The documents to be submitted by the applicant at the time of application for the LIC Corporation Bank Platinum EMV Credit Card are as follows:

    • Proof of Relationship with LIC
    • Proof of Income or Income-surrogated Documents
    • KYC Documents such as Photo-Identity Proof and Proof of Residence

    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:

    • Copy of Bank Passbook provided by a nationalized Bank
    • Passport
    • Government-issued Voter’s ID
    • Government or PSU issued Employee ID card
    • Aadhar Card
    • Ration Card
    • Driving Licence
    • IRDA Licence
    • Aadhar Card
    • 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 proof of residence by the applicants are as follows -

    • LIC Policy Bond
    • Passport
    • Driving Licence
    • Rental Agreement
    • Bank Passbook
    • Utility Bills such as Telephone bill, Electricity bill, Gas, Postpaid Mobile bill, Water, Maintenance Bills, etc.
    • Lease Agreement
    • Aadhaar Card
    • PSUs/ Government/ Bank/ LIC issued Official Identity Card with Residential Address
    • Policy Status Report or LIC Premium Receipt
    • Ration Card
    • Staff Quarter Allotment Letter

    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.

    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):

    Those who are categorized under the HNI segment need not provide an alternate proof of income. If the applicant has LIC policies that are /Fully Paid-Up or In-force, with Non single premium, which has a tenure of not less than 3 years, he/she can submit the Premium Receipts or Certified Status Reports instead of the Income Proof stipulated by the Bank. Additional income proof can be submitted by applicants in the HNI segment, but the greater value among the notional income and the actual income will be considered by the Bank as the Net Annual Income of the individual.

    LIC Corporation Bank Platinum EMV Credit Card FAQs:

    1. What is the surrogate income proof that can be submitted if the applicant is an employee of LIC?
    2. The surrogate income proof that can be submitted by an employee of LIC, is the Employer's Certificate in prescribed format as proof of residence. LIC Agents can provide the Certified Agency Status Report taken from the LIC Database using the eFEAP Program as surrogated income proof.

    3. Can LIC Agents submit Surrogated Income Documents?
    4. Yes. LIC Agents can submit Surrogated Income Documents such as the Certified Agency Status Report that indicates the Club Membership Status (if they are members of the LIC clubs such as BM Club, DM Club, Corporate Club, ZM Club, CM Club, & MDRT). However, it is not compulsory that applicants falling under this segment should submit a separate proof of income.

    5. What is the maximum age limit set by the LIC Corporation Bank for applicants?
    6. The maximum age limit applicable for the primary card holder is not more than 60 years of age and the maximum age limit applicable on the add-on card holder is that he/ she should not be above 65 years of age.

    7. What are the accepted modes of making payment towards the outstanding amount in the credit card account?
    8. There are various modes of payment towards credit card bill that is recognized by the Bank. They are as follows:

      • Cash payment: The card holder can directly deposit the amount towards the LIC card dues at any of Bank’s CBS Branches.
      • Cheque / Draft: The card holder can submit a cheque or draft at a Corporation Bank branch, by providing details such as the LIC Corporation Bank Platinum EMV Credit Card no., etc.
      • Auto Debit facility: The card holder can also enable the Auto Debit Facility if he/she has a Corporation Bank account. By placing a Standing Instruction to the Bank, funds will be regularly paid towards the credit card dues by the due date.
    9. What should I do if my LIC Corporation Bank Platinum EMV Credit Card has been stolen/ is lost?
    10. If the LIC Corporation Bank Platinum EMV 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. After reporting the loss, if the credit card is found, it should not be used by the credit card holder. In this case, if a primary credit card is lost, the add-on card is suspended as well since it is an extended feature available on the main credit card account. This is also applicable in reverse, i.e., if an add-on card is lost or stolen or misused, the primary card as well as other add-on cards will be suspended since it affects the whole credit card account. If the loss is not reported, the Bank will not shoulder the responsibility of any loss incurred and the card holder will have complete liability on any unauthorized transactions on the credit card. However, if the loss of the credit card is reported in time, the card holder will have zero liability towards any misuse of the credit available on the card.

    11. What is the fuel surcharge applicable on purchase of petrol using this credit card?
    12. The fuel surcharge applicable on purchase of petrol using this credit card is 2.5% of the transaction or a minimum of Rs. 10/-, whichever is the highest.

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