Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • LIC Gold EMV Credit Card

    The Gold EMV Card by the Life Insurance Corporation comes with a host of features and benefits for the cardholder. The credit card comes with personal accident insurance of up to Rs.1 lakh and also purchase protection of up to Rs.50,000. The card does not have any annual or joining fee and comes with a finance charge of 2.75% per month.

    Key Highlights of the LIC Gold EMV Card

    • Personal Accident Insurance of up to Rs.1 lakh given with the card.
    • For every Rs.150 spent, 1 reward point given.
    • Purchase Protection up to Rs.50,000 up to 60 days.
    • Credit Shield of up to Rs.50,000 in case of Permanent Disability.

    Features and Benefits of the LIC Gold EMV Card

    Personal Accident Insurance
    • Personal Accident Insurance of Rs.1 lakh is given with the credit card.
    Purchase Protection
    • Purchase protection of up to Rs.50,000 given up to 2 months.
    Credit Shield
    • In case of permanent disability, a credit shield of Rs.50,000 is given. (Subject to terms and conditions)
    Reward Point Benefits
    • 1 reward point given for every Rs.150 spent.
    • 1 reward point = Rs.0.25
    Balance Transfer Facility
    • Cardholders can transfer the outstanding balance from any other credit cards to the LIC Gold EMV Card.
    Predefined Credit Limit
    • The credit limit can be flexible and primary cardholders can request for a credit limit lesser than what is assigned by LIC.
    EMI Facility
    • Purchases amounting to more than Rs.2,500 can be converted into EMIs of 6, 12, and 24 months.

    LIC Gold EMV Card Limit

    The credit limit for the LIC Gold EMV Card is assigned by the Life Insurance Corporation. There are several factors which are taken into consideration to assign the credit limit such as the credit score of the applicant, credit utilisation ratio, etc.

    LIC Gold EMV Card Fees and Charges

    Type of Charge Fees
    Joining fee Nil
    Annual fee Nil
    Interest on Revolving Credit (per month) 2.75% per month (Annually – 33%)
    Add on Card 1 card – Free; every additional card – Rs.100
    Interest on Cash Advance (per month) 2.75% from per month
    ATM Cash Withdrawal Fee 2.5% of the transaction
    Cash Advance Limit 10% of the credit limit
    Late Payment Charges per occasion 30% of the total amount due (minimum of Rs.100 and maximum of Rs.500)
    Charges for non-financial transactions at other bank ATMs Rs.30 per transaction
    Charge slip retrieval ree Rs.125 per slip
    Charges for cheque return/ Auto Debit instruction failure Rs.200 per cheque
    Replacement Card Rs.100
    Cash Processing Fee Rs.100 for cash payment made in branches of Corporation Bank.
    Duplicate Statement Request beyond 3 months Rs.25 per statement plus Rs.50 courier charges
    Duplicate PIN Request Rs.30 per request
    Balance Transfer Charges 1% of the balance transfer. Minimum of Rs.100.
    Temporary Credit Limit Enhancement Fee Rs.100 per occasion
    Fuel Transaction Surcharge 2.5% of the transaction. (Minimum of Rs.10)
    Railway Booking Surcharge As per IRCTC
    Billing statement through courier Rs.100
    International Currency Conversion markup fee 3.5% of the foreign currency amount

    Eligibility Criteria for the LIC Gold EMV Card

    Employment status The applicant must be salaried or self-employed.
    Nationality He or she must be a citizen of India.
    Age The applicant must be 18 years old.
    Credit Score A good credit score is important to apply for a credit card.

    Documents Required for the LIC Gold EMV Card

    Proof of Address Identity Proof Income Proof
    Passport Voter ID Salary Slip
    Ration Card Driving License Form 16
    Voter ID Aadhaar Card IT Returns
    Aadhaar Card - -

    LIC Gold EMV Card FAQs

    1. Is there a minimum income required for the LIC Gold EMV Card?

      Yes, for LIC or Group Company Employees, salaried LIC policyholders, self-employed LIC policyholders, and LIC policyholders- the HNI segment, the minimum income must be Rs.1.80 lakh.

    2. How many add-on credit cards can be availed?

      A maximum of 3 add-on credit cards can be availed by the primary cardholder. One add-on will be given free of cost. However, for any other additional add-on credit card, a fee of Rs.100 will be charged.

    3. How many years will the LIC Gold EMV Card be valid for?

      The validity period of the LIC Gold EMV Card is for 5 years.

    4. What is the interest-free period for the LIC Gold EMV Card?
    5. The interest-free period for the LIC Gold EMV Card ranges between 15 days to 45 days.

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