Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
The Platinum EMV Card by the Life Insurance Corporation offers a wide range of benefits and features to the cardholder which includes a Personal Accident Insurance along with a credit shield. This credit card does not have any joining fee or an annual fee and comes with an interest rate of 3.00% per month (36% annually).
| Personal Accident Insurance |
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| Balance Transfer Facility |
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| Reward Point Benefits |
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| EMI Facility |
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| Credit Shield |
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| Purchase Protection |
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The credit limit for the LIC Platinum EMV Cardis assigned by the Life Insurance Corporation which is dependant on several factors such as the credit score of the applicant, credit utilisation ratio, etc.
| Type of Charge | Fees |
|---|---|
| Joining fee | Nil |
| Add on Card | 1 card – Free; every additional card – Rs.100 |
| Interest on Revolving Credit (per month) | 3.00% per month (Annually – 36%) |
| Annual fee | Nil |
| ATM Cash Withdrawal Fee | 2.5% of the transaction |
| Cash Advance Limit | 10% of the credit limit |
| Charges for non-financial transactions at other bank ATMs | Rs.30 per transaction |
| Late Payment Charges per occasion | 30% of the total amount due (minimum of Rs.100 and maximum of Rs.500) |
| Replacement Card | Rs.100 |
| Balance Transfer Charges | 1% of the balance transfer. Minimum of Rs.100. |
| Charge slip retrieval ree | Rs.125 per slip |
| Charges for cheque return/ Auto Debit instruction failure | Rs.200 per cheque |
| Duplicate Statement Request beyond 3 months | Rs.25 per statement (Rs.50 - courier charges) |
| Cash Processing Fee | Rs.100 for cash payment made in branches of Corporation Bank. |
| Temporary Credit Limit Enhancement Fee | Rs.100 per occasion |
| Duplicate PIN Request | Rs.30 per request |
| International Currency Conversion markup fee | 3.5% of the foreign currency amount |
| Fuel Transaction Surcharge | 2.5% of the transaction. (Minimum of Rs.10) |
| Railway Booking Surcharge | As per IRCTC |
| Billing statement through courier | Rs.100 |
| Nationality | He or she must be a citizen of India. |
| Employment status | The primary applicant must be salaried or self-employed. |
| Age | The applicant must be at least 18 years old. |
| Credit Score | A good credit score is important to apply for the credit card. |
| Identity Proof | Income Proof | Proof of Address |
|---|---|---|
| Aadhaar card | IT Returns | Aadhaar Card |
| Driving License | Form 16 | Ration Card |
| Voter ID | Salary Slips | Voter ID |
| - | - | Passport |
The interest-free period for the LIC Platinum EMV Card ranges between 15 days to 45 days.
Yes, the minimum income of the applicant must be Rs.1.80 lakh for LIC or Group Company Employees, self-employed LIC policyholders, salaried LIC policyholders, and LIC policyholders- HNI segment.
A maximum of 3 add-on credit cards can be availed by the primary cardholder.
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