LIC Signature Credit Card Review

LIC is one of the most trusted Indian Life Insurance companies currently, they control over 70% of the Indian life insurance market. Now they are trying to join the credit card business with their very interesting credit card lineup. In this article, we are going to talk about the LIC signature card

It is a co-branded credit card that LIC has launched in alliance with Axis Bank. It packs some awesome features and benefits like reward points, complimentary insurance coverage protection, free access to domestic and international lounges, etc. This card operates on the Visa platform and it comes with zero joining and annual fees. More about the LIC visa signature card benefits are discussed below. 

LIC Credit Card Eligibility Criteria:

  • Resident Type: Indian
  • For salaried person:
    • Age: 21 to 60 years. 
    • Income: The average monthly income should be Rs. 1.25 lakh. 
  • For self-employed person:
    • Age: 21 to 65 years. 
    • Income: Average annual income of the applicant should be Rs. 15 lakh. 
  • An excellent credit score(above 770) will increase the chances of getting this LIC signature visa card.

You can apply for this card from the online lic credit card application portal. Once your application gets successfully submitted, you can use your application id to track your lic credit card application status from the status tracking page

 Documents Required To Apply For LIC Signature Credit Card:

  • Photocopy of Address proof (any 1)
    • Last 6 months bank account Statement
    • Aadhar Card
    • Driving License
    • Passport
    • Utility bills
  • Photocopy of ID Proof (any 1)
    • Aadhar card
    • Voter Card
    • Passport
    • PAN Card
  • Two recent passport-sized photographs
  • Proof of income statement:
    • Salaried Person (any 1)
      • Salary Slip of last 3 months
      • ITR (Income Tax Return)
    • Self-employed person
      • Income tax return of the last year
      • Proof of business

As per the new rules, all new lic credit cards are delivered in an inactive state. And to start using them the user needs to activate them manually by generating a new lic credit card pin . You can get some help on the lic credit card pin generation process from the 100xGain faq page

LIC Signature Credit Card Fees:

  • LIC credit card joining fee: None. 
  • LIC credit card annual fee: None. 

LIC Signature Credit Card Benefits:

  • A powerful reward scheme:

For every transaction you make using this card, you can earn reward points. The details of the lic credit card reward points scheme are discussed in the table below. 

Category of transaction Rate of earning reward points
International transactions and LIC premium payments 2 LIC credit card points for each Rs. 100 transaction
On all other categories of transactions* 1 LIC credit card reward point for each Rs. 100 transaction

*The lic credit card rewards are not available for fuel purchase, wallet top-up, EMI installment payments, etc. You can check the status of your earned points from the lic credit card net banking account. You can use your earned points to get a product from the lic credit card reward points redemption catalog

  • Enjoy free access to domestic airport lounges:

Using this lic credit card you can enjoy 2 free accesses per quarter to most of the premium domestic lounges. The list of participating lounges is given here

  • Get freedom from fuel surcharges:

This lic credit card offers a 1% waiver on fuel surcharges. This offer is applicable on transactions between Rs. 400 to Rs. 4000 and you can claim this offer at any fuel station in India. You can earn a maximum of Rs. 400 waiver in a month. The amount will be reflected in your next month’s lic credit card statement

  • Split your high-value transactions into EMI with nominal interest rate:

Using the “HELLO-EMI” you can convert your high-value transactions (over Rs. 2500) into small monthly installments with a nominal credit card loan interest rate of just 1.5% per month. The monthly installment amount will be added to your lic credit card monthly statement.

  • Complimentary insurance coverage to your family:

This LIC visa signature credit card comes with complimentary insurance coverage that will provide financial support to your family in case of unfortunate events. The details are specified in the table below. 

 

Particulars  Coverage amount
Air accidental deaths Rs. 1 Cr.
Personal accidental coverage Rs. 5 Lakh. 

You can find more details about the insurance scheme on the terms and conditions page

  • Lost card liability coverage to support you during unfortunate events:

This lic credit card features complimentary lost card liability coverage. So if your card gets lost or stolen, you just have to report it by calling the lic credit card toll-free number 1800 419 0064 and you will no longer be liable for anything bad that may happen to your card. The coverage amount will be the same as your credit limit.

Also, this lic credit card offers purchase protection coverage. That means everything you buy online using this card will be insured. And if the product is delivered broken, or if the delivery is delayed or misplaced, you can claim for it and get a full refund. 

  • Easy lic credit card bill payment option:

LIC has implemented a new and very convenient lic cards online payment method for its customers. You just have to visit the online lic credit card payment portal and follow the instructions given below.

  1. Agree to the LIC credit card terms and conditions.
  2. A new page will open where you can see all the steps described in detail.
  3. Go through the steps and click “Submit”.
  4. Select the card type (MasterCard/Visa) and provide all the necessary lic credit card details and click on “Submit”.
  5. Enter your bank details (from which your lic credit card bill amount will be debited) and then confirm the payment amount.
  6. Once the details are confirmed, the amount will be instantly debited from your bank account. You will also get a confirmation SMS along with a transaction id.

You can also use any credit card payment app to make your lic credit card payment online

  • Use your card anywhere in the world without restrictions:

This lic axis credit card is powered by Visa, which makes this card usable in over 200 countries in the world. That means wherever you go, you can use your lic visa signature credit card to make payments.

LIC Credit Card Charges:

Particulars Payable amount
Charges for cash withdrawal with credit card 2.5% against the withdrawn amount, min Rs. 500 (applicable once per withdrawal, also check your available LIC credit card limit before making a withdrawal)
Axis LIC credit card finance charges 3.6% monthly or 52.86% annually
LIC credit card charges on currency conversion 3.50% against the transaction amount (applicable once per withdrawal)
LIC visa signature card add on card fee None (for up to 3 cards) 

 LIC Card Customer Care Contact Details:

  • Call the lic cards customer care number: 1800 419 0064
  • Write to the lic credit card customer care mail id: liccards@axisbank.com 

100xGain Ratings:

7.5/10

Final Opinion:

Now the most important question, whether you should go for this lic axis bank credit card or not? But before going to the final answer we should take a look at the pros and cons of this card.

Pros  Cons 
  • Lifetime-free card
  • Low-cost LIC credit card EMI option
  • Free airport lounge access
  • Convenient LIC cards online payment option
  • High-interest rate
  • Lack of benefits in certain categories like dining, shopping, etc.

So it is clear that the lic visa signature credit card is a very good credit card for beginners and also for those who like to have a secondary credit card. But if you want a more premium credit card or a card that can offer benefits on a specific category then you should take a look at the 100xGain top 10 credit cards pages. 

1 thought on “LIC Signature Credit Card Review”

Leave a Reply

Share via
Copy link
Powered by Social Snap
%d bloggers like this: