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A LIC credit card brings customers into a world of exceptional privileges and unbeatable benefits. Starting from complimentary insurance, rewards program, add-on cards, MasterCard and Visa privileges, fuel surcharge waiver and a LIC credit card carries all the requirements to help customers make hassle-free purchases. LIC currently offers four types of credit cards, depending on the income criteria of the applicant - a) LIC Gold credit card, b) LIC Signature credit card, c) LIC Platinum credit card and d) LIC Titanium credit card. These cards can be availed by any customers meeting the required eligibility criteria. The LIC credit cards have been introduced by LIC Cards Services Limited (LIC CSL) in collaboration with Axis Bank Limited.
A LIC credit card offers a plethora of privileges ranging from lifestyle, travel, dining, shopping, entertainment and health. Additionally, card holders can also get complimentary insurance cover for their credit cards and get rewarded with an exceptional loyalty program.
Balance Transfer:
LIC customers can easily transfer the outstanding balance from another bank’s credit card to an LIC credit card. LIC offers attractive interest rates for a balance transfer and customers can choose from two plans that are available. The first plan offered is a zero interest plan and the second plan is provided at an interest rate of 0.75%, for the first three months of repayment.
Fuel Surcharge Waiver:
Fuel surcharge waivers can be got by customers using a LIC credit card to purchase fuel at any petrol bunk in India. The waiver amount should be up to a maximum of Rs. 400 per statement cycle and is applicable for fuel transaction amounts ranging between Rs. 400 and Rs. 4000.
Add-on Cards:
Up to three add-on cards can be taken by primary credit card holders for their family inclusive of spouse, parents, parents-in-laws, siblings and children below the age of 15. A mandatory requirement is that, the add-on card applicants should be Indian residents.
Loan on a Credit Card:
Loans can be taken on a LIC credit card and can be repaid with flexible tenure options and low interest rates. LIC disburses loans without any hassles and customers do not have to submit any documentation while availing the loan. Rs. 500 of 1.5% is charged as the processing fee, depending on whichever is higher. When a loan is pre-closed, LIC imposes a foreclosure fee of 3% of the outstanding amount.
Conversion to EMI:
Any purchase transaction above a value of Rs. 2500 can be converted into a monthly installment and repaid at low interest rates. Customers have to place this request within 20 days of making the purchase. The interest rate charged here is 1.5% and the tenure options available range from 3, 6, 9 and 12 months. When the conversion is done, a processing fee of Rs. 150 or 1.5% will be charged by LIC Cards.
Cash Withdrawals:
Customers can get easy access to their bank accounts by making cash withdrawals using a LIC credit card at any ATM across India.
Insurance:
Signature credit card users can enjoy complimentary lost card liability insurance for an amount up to their credit limit, up to a maximum of Rs.5, 00, 000. This lost card liability cover protects card users against any fraudulent transactions when their credit cards have been lost or stolen. The card holder is required to report the loss of credit card to the LIC Cards Customer Service, when he is in India or to the VISA Global Service helpline, if abroad. Once the card loss has been reported to the helpline, a replacement credit card would be sent within seven working days. The lost card liability insurance cover does not cover any ATM or internet transactions. Signature customers can also get purchase protection cover for an amount of Rs. 1, 00,000.
Rewards Program:
The PlusPoints Rewards program from LIC offers credit card users amazing rewards and multiple redemption options. This exceptional rewards program has been designed to provide the best rewards experience for customers. 2 rewards points can be got for every Rs. 100 spent on foreign currency transactions or on LIC premium payments. Other categories of credit card purchases earn customers 1 rewards point for every Rs. 100 spent and 1 PlusPoint for every Rs. 100 spent. Rewards points can be redeemed for various shopping vouchers or lifestyle products, according to the applicable conversion rates in the Axis Bank PlusPoint Catalogue. Every redemption request made by a customer comes with a handling charge of Rs. 30. LIC credit card customers have to collect a minimum of 1000 rewards points to initiate rewards redemptions.
|
Charge |
Signature Credit Card |
Platinum Credit Card |
Gold Credit Card |
Titanium Credit Card |
|
Annual Fee |
Nil |
Nil |
Nil |
Nil |
|
Joining Fees Fee |
Nil |
Nil |
Nil |
Nil |
|
Add On Cards |
Yes |
Yes |
Yes |
Yes |
|
Add On Cards Fees |
Nil |
Nil |
Nil |
Nil |
|
Rate of Interest Per Month |
3.25% |
3.25% |
3.25% |
3.25% |
|
Category |
All LIC credit cards |
|
Reward Points |
All Categories - 1 Reward Point can be got for every Rs. 100 spent. |
|
Bonus Reward Points |
LIC Premium Payments / International Purchases - 2 Reward Points can be got for every Rs. 100 spent. |
| Type of Credit Card | Income - Net salary required |
| LIC Titanium Credit Card | Rs. 3,00,000 per annum |
| LIC Signature Credit Card | Rs. 15,00,000 per annum |
| LIC Gold Credit Card | Rs. 1,80,000 per annum |
| LIC Platinum Credit Card | Rs. 5,00,000 per annum |
| Type of Credit Card | |
| LIC Titanium Credit Card | Pay slip with a gross salary of Rs. 25,000. |
| LIC Signature Credit Card | Pay slip with a gross salary of Rs. 1, 25,000. |
| LIC Gold Credit Card | Pay slip with a gross salary of Rs. 42,000. |
| LIC Platinum Credit Card | Pay slip with a gross salary of Rs. 15,000. |
LIC Titanium Credit Card:
Customers can enjoy the best travel benefits with a LIC Titanium credit card and also get amazing rewards when they transact using the card. Additionally, card holders can enjoy exceptional privileges from MasterCard which can be availed across the globe.
LIC Signature Credit Card:
As LIC’s signature credit card, customers can enjoy unparalleled lifestyle privileges and premium services when they hold the signature card. A powerful rewards program only adds to the plethora of benefits available with the Signature credit card.
LIC Gold Credit Card:
With benefits like complimentary lost card liability insurance cover and a rewards program that only brings the best offers and deals, the LIC Gold credit card is a must have card.
LIC Platinum Credit Card:
This card carries Platinum privileges with an amazing rewards program, fuel surcharge waiver benefits, insurance, add-on cards and cash withdrawal facility for Platinum card members.
Add-on card applicants have to submit KYC documents and a separate address proof if the add-on card holder does not reside with the primary card holder.
Yes, the following offline modes can be used by LIC Credit Card holders -
Yes, the following online modes can be used by LIC Credit Card holders -
Yes, customers can avail a LIC credit card with an embedded chip for enhanced protection during transactions.
The late payment fee will be levied if the LIC credit card holder fails to pay the minimum amount due as mentioned in the monthly statement.
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