LIC Platinum Credit Card Review | LIC Visa Platinum Credit Card Review

LIC, one of the most trusted Indian financial companies, is generally well known for its life insurance schemes. But they also have a very decent credit card lineup. With the alliance of the Axis Bank, they have launched three unique credit cards. One of them is the lic platinum credit card . It is a zero annual fee credit card designed specifically for beginners. 

Nevertheless, this lic credit card packs some attractive features including lic credit card points on every transaction, fuel surcharge waiver, lost card liability coverage, low-cost EMI facility, etc. In fact, this card is simple enough to be used by a first-time user and good enough to be used for regular needs. More details about the LIC platinum card benefits are discussed below. 

 How do the lic credit card eligibility criteria work?

  • Resident Type: Indian
  • LIC credit card eligibility criteria for salaried person:
    • Age: 21 to 60 years. 
    • Income: The average monthly income should be Rs. 42,000 or more. 
  • LIC platinum card eligibility criteria for self-employed person:
    • Age: 21 to 65 years. 
    • Income: Annual income tax return should be greater than Rs. 5 lakh. 
  • A higher credit score (760 or above) will increase the chances of getting this lic credit card .

You can apply for this credit card from the LIC credit card online application portal, once your application is submitted successfully you can check your lic credit card application status by calling the lic card customer care number.   

What documents are required for a LIC visa platinum credit card application?

  • 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 credit card rules, all new lic credit cards are delivered in an inactive state, and to start using this card you need to activate your new platinum card manually by generating a new credit card PIN. You can get some help on the lic platinum credit card pin generation process from our faq page.

What are the LIC visa platinum credit card fees?

  • Axis bank lic credit card joining fee:None. 
  • LIC platinum credit card annual fee: Free for a lifetime. 

What are the lic platinum credit card benefits?

  • Make every transaction rewarding:

This LIC platinum credit card comes with a powerful rewards scheme for you. The details are illustrated in the table below.

Category of transaction

Rate of earning reward points
For each Rs. 100 spent on lic premium payment and international transactions  2 lic credit card reward points
For each Rs. 100 transactions on all other categories 1 reward point

You will not get any lic platinum credit card reward points for fuel purchase, wallet top-up, EMI payments, etc. You can use your points to get a product from the lic platinum credit card rewards catalogue

  • Enjoy freedom from fuel surcharges:

If you use this LIC visa platinum credit card for purchasing fuel, you will get a 1% waiver on fuel surcharges. This credit card offer is applicable at any fuel station in India and on transactions between Rs. 400 to Rs. 4000. You can earn up to Rs. 400 waiver in a lic platinum credit card statement cycle. 

  • Enjoy easy bill splitting:

This card allows you to split your high-value transactions (over Rs. 2500) into small monthly installments. You will also enjoy a lower credit card emi interest rate of just 1.5% monthly (applicable processing fee:1.5% against the total amount).

  • A card that can stand for you:

This lic credit card offers complimentary accidental insurance coverage that can stand for you and your family in case of unfortunate events. The LIC credit card insurance coverage details are specified in the table given below.

Particulars

Coverage amount 

Personal accidental coverage Rs. 3 Lac. 
Air accidental coverage Rs. 1 Cr. 
Lost card liability coverage Same as your lic axis credit card credit limit.

Call the lic credit card toll free number to claim the benefits of the coverage.

  • Instant lic platinum credit card payment system:

You can make your monthly lic credit card bill payment very easily from your credit card net banking account or from the lic credit card online payment portal, you can also use any credit card payment app like Cred, Paytm, Google pe, Phone pe, etc. to do the same. 

  • Your perfect travel companion:

This LIC platinum card operates on the Visa platform, which makes it acceptable in over 200 countries in the world. 

What are the lic credit card charges:

Particulars

Payable amount

LIC credit card cash withdrawal charge 2.5% against the withdrawn amount (applicable once per withdrawal, also check your lic platinum credit card limit before making a withdrawal)
LIC credit card finance charges 3.6% monthly or 52.86% annually (applicable if your lic credit card payment is not made within the due date)
Foreign currency transaction charge 3.50% against the transaction amount (applicable once per transaction)
Axis lic credit card add-on card fee None (for up to 3 cards)

How to contact the lic credit card customer care department?

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

100xGain Ratings: 

7/10

Pros and cons of the LIC platinum card:

Pros 

Cons 

  • Lifetime free card
  • A lower interest rate on EMI
  • Lost card liability coverage
  • A simplified lic card online payment method that will make life much easier.
  • Higher interest rate.
  • This lic credit card does not have benefits in some categories like dining and movie, etc.

Final Opinion:

Now the question is whether you should go for this LIC lifetime free credit card or not? After analyzing the benefits I can say that it is a very good credit card for beginners and those who like to have a secondary card in their wallet. But if you are looking for a premium card and can budget an annual fee between Rs. 5000 to 10000 then you should take a look at the 100xGain top credit card pages, you can also compare the alternative card options given below.

Alternative cards of the LIC visa platinum credit card: 

  1. HDFC teachers platinum credit card (Best for reward points and fuel benefits) 
  2. HDFC bank bharat credit card (Best for offering fuel benefits) 
  3. LIC signature credit card (Best for reward points and lounge benefits) 

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