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 credit 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. 

What are the 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 axis bank lic signature credit card application status from the status tracking page. 

What documents are required to apply for the 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. 

What are the lic signature credit card fees?

• Axis bank lic signature credit card joining fee: None. 
• Axis bank lic signature credit card annual fee: None. 

What are the lic signature credit card benefits?

• A powerful reward scheme that will make every transaction rewarding:

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 lic signature credit card 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 login account. You can use your earned points to get a product from the lic credit card reward points redemption catalog. 

• Make your travel more comfortable with complimentary lic signature credit card lounge access benefit:

Using this lic credit card you can enjoy 2 free accesses per quarter to most of the premium domestic lounges. Click here for the lic signature credit card lounge access list.

• 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 lic signature credit card statement cycle. 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:

On this lic signature credit card axis bank offers the “HELLO-EMI” option that allows you to convert your high-value transactions (over Rs. 2500) into small monthly installments with a nominal 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 that will provide protection to your family:

This axis lic 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. 

• A new and improved 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.

What are the 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).

*Now if you are thinking about; how to access lic signature credit card account online? Then go ahead and log in to your internet banking account, for further assistance you can take a look at our faq page.

How to contact the lic card customer care department?

• 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

Pros and Cons:

Pros	Cons
Lifetime-free card. Low-cost lic credit card emi option. This axis lic signature credit card features free access to airport lounges.  Convenient lic cards online payment option.	The rate of interest on this lic axis bank signature credit card is quite high. Lack of benefits in certain categories like dining, shopping, etc.

Final Opinion:

Now the most important question, whether you should go for this lic axis bank credit card or not? After analyzing the axis bank lic signature credit card benefits it is clear that this 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. You can also compare the alternative card options given below.

Alternative Cards: 

1. HDFC Bank Bharat Credit Card (Best for offering cashback and fuel surcharge waiver)
2. Kotak Mojo Platinum Credit Card (Best for offering reward points and lounge access benefits)
3. LIC Titanium Credit Card (Best for reward points and low-cost EMI option)
4. SBI Pulse Credit Card (Best for reward points, lounge access, and healthcare benefits)