LIC Credit Card launched: LIC Cards Services Limited (LIC-CSL) and IDBI Bank announced that they’ve launched two new co-branded RuPay Credit Cards. This LIC card will be designated as the LIC CSL ‘Eclat’ Select Credit Card and the ‘Lumine’ Platinum Credit Card. As per the release, the credit cardholder will apparently be able to gain access to a range of new benefits that have been termed, ‘the best in class’.
Speaking on the launch of the cards, Rakesh Sharma, MD and CEO of IDBI Bank said, “We are glad to be partners with LIC CSL and RuPay, for an innovative credit product that offers an array of benefits to our customers with a focus on health, entertainment, travel, and various beneficial reward points. We aim to elevate the experience of credit card expenditure towards a holistic benefit for our customers.”
Only a specific demographic of customers can apply for the newly launched cards. Policyholders, agents, and employees of LIC India will be able to apply for credit cards. Employees of LIC’s subsidiaries such as LIC Housing will also be able to apply for the co-branded cards, LIC said in a statement.
LIC Credit cardholders of the Lumine and Eclat cards will have a credit limit that is tailored to their needs. With every Rs 100 spent on the Lumine card, cardholders will get 3 ‘delight’ points, and on the Eclat card, they will receive 4 points. They have a validity of 4 years and an interest-free credit period of up to 48 days.
Apart from this, when a customer pays for the renewal or premium of a LIC insurance policy, they will receive twice the reward points.
Also, both cardholders will get the facility to convert their transactions of over Rs 3,000 to EMI with zero processing and foreclosure fee, along with a 1% fuel surcharge waiver on transactions of Rs 400 onwards.
The LIC cardholder of the Lumine card will be eligible to earn 1,000 ‘Welcome Bonus Delight Points’ if they spend around Rs 10,000 within a 60-day timeframe while Eclat cardholders will earn 1500 points for the same.
Also, these cards come with several layers of insurance such as air accident insurance cover, personal accident/ permanent disability cover, credit shield cover, and zero lost card liability.
Adding to this, Rakesh Kumar, CE of LIC CSL said, “We are delighted to partner with IDBI and RuPay for the launch of LIC CSL Credit Cards viz LUMINE and ECLAT. We aim to enhance the value of digital transactions by providing a variety of benefits/cards thereby saving time and cost of transactions for both buyer and recipient. LIC CSL has the vision to be the top Brand in Cards and Digital Payments, catering to all segments with geographical spread across the country.”
Meanwhile, Eclat cardholders will also get complimentary lounge access at all domestic and international airports.