LIC has launched 2 new credit cards. (Photo credit: Unsplash)
New Delhi: The Life Insurance Corp of India’s card division LIC Card launched 2 credit cards in partnership with IDFC First Bank, namely, LIC Classic and LIC Select. The cards are aimed at entry-level subscribers with benefits focused on payment of insurance premiums, accident cover and more benefits.
LIC Classic Credit Card
- The LIC Classic Credit Card comes at a zero joining fee and nil annual fee
- The card comes with 0.75 per cent monthly interest and 9 per cent annual interest
- The ceiling of interest stands at 3.5 per cent per month and 42 per cent on an annual basis
- The card allows cash withdrawal on an interest-free basis for up to 48 days
- The card entails a Rs 199 fee per transaction for EMIs
- A late payment fee of 15 per cent of total dues may be charged at a minimum of Rs 100 and up to Rs 1,250
- The LIC Classic Card also entails a forex markup fee of 3.5 per cent on international payments
LIC Classic Credit Card benefits
- On spending Rs 5,000 in the first 30 days, users may earn up to 1,000 reward points
- The first EMi created within the first 30 days will generate up to 5 per cent cashback capped at Rs 1,000
- Flat Rs 500 off on domestic flight bookings on Yatra
- Flat Rs 500 discount on over Rs 899 purchases on MYGLAMM
- Complimentary Pharmeasy Plus membership for 6 months worth Rs 399
- 1-year Lenskart complimentary membership of Rs 500
- The card allows complimentary domestic airport lounge access per quarter
- Complimentary access to railway lunges twice per quarter
- 1 per cent waiver on fuel surcharge across India capped at Rs 200 per month on transactions between Rs 200 and Rs 500
LIC Classic Credit Card Insurance
- Up to Rs 2 lakh personal accident cover
- Up to Rs 25,000 lost liability cover
- Rs 25,000 purchase protection cover, credit shield and lost liability
- Up to Rs 1,399 of roadside assistance
LIC Classic credit card rewards
Users can earn up to 6 times rewards on paying LIC premiums only when paid via LIC of India’s official website
LIC Classic cards are eligible for 3X rewards on payments for:
- Grocery
- Utility
- Railways
- Education
- Government payments
- Monthly reward accruals are capped at Rs 300 per month
- Other spends are eligible for 3X reward points where 1 reward point is earned on every Rs 125 spent on the card
LIC Classic Credit Card exclusions
- Fuel
- Non-LIC insurance payments
- EMI transactions
- Cash withdrawals
LIC Select Credit Card
- The card comes with zero joining and an annual fee
- Minimum 0.75 per cent monthly and 9 per cent annual interest rates
- Up to 3.5 per cent monthly and 42 per cent annual interest rates
- Interest-free cash withdrawals up to 48 days
- EMIs at Rs 199 per transaction
- 15 per cent late payment fee starting at Rs 100 and up to Rs 1,250
- A 3.5 per cent forex markup fee is charged on international transactions
LIC Select Credit Card Benefits
- On Spending Rs 10,000 in the first 30 days, users will receive 2,000 reward points
- Users will receive 5 per cent cashback capped at Rs 1,000 on first EMI transaction in first 30 days of card issuance
- Flat Rs 500 discount on domestic flights on Yatra
- Flat Rs 500 off on MYGLAMM purchases above Rs 899
- Complimentary 6-month membership of PharmEasy Plus worth Rs 399
- Free 1-year Lenskart Gold membership worth Rs 500
- 2 airport lounge access oer quarter
- 4 railway lounge access per quarter
- Up to 1 per cent fuel surcharge waiver per month capped at Rs 300 on transactions in the Rs 200-500 range
LIC Select Credit Card reward points
- The reward scheme is 1 point for every Rs 125 spent on the card
- Users may earn 10X reward points for LIC insurance premium payments on the company’s official website
5X reward points may be earned on the following spends:
- Groceries
- Utility bills
- Railway bookings
- Education spends
- Government payments
- All other spends will earn 5X reward points
LIC Select Credit Card exclusions
- Fuel payments
- Rentals
- Non-LIC insurance payments
- EMIs
- Cash withdrawals
LIC Select Credit Card benefits
- Users will receive up to Rs 5 lakh for personal accident
- Rs 50,000 lost liability cover
- Rs 25,000 purchase protection cover
- Rs 1,399 complimentary roadside assistance
- Rs 4,000 travel insurance coverage of checked-in baggage loss, passport and important document loss
- Rs 1 crore air accident cover
This is not a comprehensive list of rewards and benefits. Check the official website and notification for more details
