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.
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.
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.
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.
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.
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.
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.
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.
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:
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 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 (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.
|Interest Rate on Revolving Credit||3% per month and 36% annually.|
|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|
The following requirements must be met by the applicant, in order to be eligible for the LIC Corporation Bank Platinum EMV Credit Card:
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:
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 proof of residence by the applicants are as follows -
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:
Salaried Individuals: Any one documents from the following list can be submitted as income proof for LIC policyholders who are salaried:
Self Employed Individuals: The two documents that are provided below have to be submitted by self-employed LIC policy holders as income proof -
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.
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.
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.
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.
There are various modes of payment towards credit card bill that is recognized by the Bank. They are as follows:
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.
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.