New Delhi:
In a strategic move, LIC has entered the credit card arena, joining forces with IDFC First Bank and MasterCard to launch two co-branded credit cards – LIC Classic and LIC Select.
These credit cards offer a myriad of benefits,
including a substantial insurance cover of Rs 5 lakh and rewards on insurance premium payments, all without any charges.
Accessible to All, Regardless of LIC Policy
One noteworthy aspect is that individuals without an existing LIC policy can still apply for the LIC credit card.
While having an LIC policy is not a prerequisite, those with insurance policies can earn reward points by paying their premiums through the LIC credit card.
LIC Classic Credit Card Features
As per information available on the IDFC First Bank website, the LIC Classic Credit Card boasts the following benefits:
- Zero joining charge and zero annual fee
- Interest rates starting from 0.75% per month or 9% per annum, with a maximum of 3.5% per month or 42% per annum.
- Interest-free cash withdrawal for 48 days at domestic and international ATMs.
- EMI facility available with a charge of Rs 199 per transaction.
- Late payment fee set at 15% of the total payment, ranging from a minimum of Rs 100 to a maximum of Rs 1,250.
3.5% forex markup fee for all international transactions.
LIC Select Credit Card Highlights
The LIC Select Credit Card, also detailed on the IDFC First Bank website, offers similar features:
- Zero joining charge and zero annual fee.
- Interest rates starting from 0.75% per month or 9% per annum, with a maximum of 3.5% per month or 42% per annum.
- Interest-free cash withdrawal for 48 days at domestic and international ATMs.
- EMI facility available with a charge of Rs 199 per transaction.
- Late payment fee set at 15% of the total payment, ranging from a minimum of Rs 100 to a maximum of Rs 1,250.
3.5% forex markup fee for all international transactions.
Exclusive Benefits of Joining LIC Credit Card
Earn 1,000 reward points on spending the first Rs 5,000 within 30 days of card creation.
- Enjoy 5% cashback (up to Rs 1000) on the value of the first EMI transaction within 30 days of card generation.
- Avail Rs 500 off on booking domestic flights on Yatra.
- Get Rs 500 off on purchases of Rs 899 and above at MYGLAMM.
- Receive 6 months free FarmEasy Plus membership worth Rs 399.
Enjoy 1 year free Lenskart Gold Membership worth Rs 500.
Insurance Benefits on LIC Credit Card
Make at least one transaction on LIC Classic Credit Card and receive a personal accidental cover of Rs 2,00,000.
The introduction of these credit cards aims to enhance the overall customer experience while providing a host of valuable rewards and benefits.
