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What are LIC Credit Cards?

IndianMoney.com Research Team | Posted On Saturday, February 29,2020, 04:23 PM

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What are LIC Credit Cards?

 

 

LIC in collaboration with Axis Bank limited have launched credit cards. It offers a number of privileges to the customers, like any other basic credit card. It includes travel, dining, shopping, and entertainment and so on. What makes LIC credit cards stand out from the rest is the complimentary insurance cover offered. Let’s take a detailed look into this.

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What are LIC Credit Cards?

 Features of LIC Credit Cards:

  • Balance Transfer: A customer can easily transfer the outstanding balance on other credit cards to LIC credit card. There are exclusive interest rates for the same. Two options available are:  zero interest rate or 0.75% interest on the first three month’s payments.
  • Add-on cards: Primary card holders can take up to three add-on cards. It could be for parents, spouse, in-laws or children. The only mandatory clause for add-on cards is that the applicants must be Indian residents.
  • Loan: A person holding an LIC credit card can easily avail a loan. Low interest rates, no documentation process and flexible repayment options are the highlights of this feature.
  • Discount on fuel: Credit card holders can get discounts on fuel prices across all the petrol stations in the country, if payment is made via the LIC card.
  • Cash withdrawals: Cash can be withdrawn from any ATM using LIC credit cards.
  • Conversion to EMI: If a purchase exceeds Rs 2,500; then the customer can opt to repay this amount in monthly installments. Interest rates are lower. Only condition to avail this benefit is, the customer must make a request within 20 days of the transaction. There will be a conversion charge involved for the same.
  • Insurance: LIC provides insurance cover if the card is lost or stolen. Within 7 days of reporting it, the card is replaced. However, it does not cover ATM or online transactions.
  • Rewards: Amazing reward programs are offered by LIC credit cards. Customers earn one reward point for each Rs 100 transaction. At the same time, if Rs 100 is spend on foreign transactions or insurance premiums, then two reward points are earned. Redemptions can be made once the customer has earned a minimum of 1000 reward points.

See Also: How to Increase Your Credit Card Limit?

Advantages of LIC Credit Cards:

  • LIC does not charge a joining or annual fee.
  • Free airport lounge access is available across all the airports in the world.
  • If movie tickets are purchased via bookmyshow.com, cardholder can avail a free ticket.
  • Discount on Top brands like Apple, Edox, Kimaya, Air charters and so on.
  • No extra charges on card replacement or requests for duplicate statements.

See Also: How to Apply for Credit Cards Online?

Types of LIC Credit Cards:

There are a range of credit cards offered by LIC depending on the customer’s annual income. The above mentioned features and advantages may slightly vary across types. Before purchasing a credit card, you must review its features. Given below is a table for the comparison of these cards based on various features:

 

Titanium Card

Signature Card

Gold Card

Platinum Card

Rate of interest

3.25%

3.25%

3.25%

3.25%

Add on cards

Available

Available

Available

Available

Income/salary required per annum

Rs 3 Lakhs

Rs 15 Lakhs

Rs 1.8 Lakhs

Rs  5 Lakhs

Documents required

Pay slip with gross salary Rs 25,000.

Pay slip with gross salary Rs 1,25,000.

Pay slip with gross salary Rs 42,000.

Pay slip with gross salary Rs 15,000.

Suitability

For travel & hotel booking

Premium users

Regular users

For shopping & rewards

How to Apply for LIC Credit Cards?

  • LIC cards can be applied by visiting LIC offices.
  • Customers can download the credit card application online and submit them at the nearest LIC branches.
  • A customer must submit the required documents like PAN, Aadhaar card, passport size photographs, pay slip and so on.
  • Generally, the card is delivered to the applicant’s address, after 21 days of approval.
  • Make sure to take advantage of the reward programs offered by these cards. Also ensure not to accumulate these cards with repayment balances and later get into a debt trap. If you repay the entire balance within the grace period allowed, then there will be no interest charges on the amount spent. This is best way to use a card efficiently.

See Also: How To Get Credit Card If You Don't Have a Job

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