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 for those who don’t have enough knowledge of handling a credit card. This LIC co-branded 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. 

LIC Credit Card Eligibility Criteria:

  • Resident Type: Indian
  • For salaried person:
    • Age: 21 to 60 years. 
    • Income: The average monthly income should be Rs. 42,000 or more. 
  • 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.   

Documents Required To Apply For LIC Visa Platinum 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 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 card manually by generating a new credit card PIN. You can get some help on the lic platinum credit card pin generation process from the 100xGain faq page.

LIC Visa Platinum Credit Card Fees:

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

LIC Platinum Credit Card Benefits:

  • Get rewarded for every transaction:

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 payments 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 catalog

  • 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 the convenience of low-cost EMI:

With the new HELLO-EMI facility, you can 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 against your reducing monthly credit card balance (Loan amount).

You will also have to pay a one-time EMI processing fee of just 1.5% (min Rs. 150) at the time of conversion. The EMI conversion process can be done via your credit card net banking account, click here to go to the LIC cards login page.

  • Get more security with accidental insurance coverage:

This LIC credit card offers complimentary accidental insurance coverage that provides protection to the cardholder’s family in case of accidental and air accidental deaths. 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 to protect you from unfortunate events:

You will also get complimentary lost card liability coverage with this platinum visa credit card. So if your card ever gets lost or stolen, you just have to report the loss 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 account. The coverage amount will be the same as your total credit limit on this card.

  • A new and improved LIC platinum credit card payment option:

LIC has invented a new and improved payment method for its users. To make your monthly LIC credit card payment you just have to – 

  1. Visit the LIC credit card online payment portal.
  2. Agree to the terms and conditions.
  3. A new page will open where you can see all the steps described in detail.
  4. Go through the steps and click “Submit”.
  5. Select the card type (MasterCard/Visa) and provide all the necessary credit card information and click on “Submit”.
  6. Enter your bank details (from which the amount will be debited) and confirm the payment amount.
  7. Once you confirm the details, 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 make your LIC credit card payment online using any credit card payment app like the cred credit card payment app.  

  • Use your card anywhere in the world:

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

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
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)

LIC Credit Card Customer Care Contact Details:

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

100xGain Ratings: 

7/10

Final Opinion:

Now the question is whether you should go for this LIC lifetime free credit card or not? But before going to the final answer let’s compare the advantages and disadvantages of this card. 

Pros  Cons 
  1. Lifetime free card
  2. A lower interest rate on EMI
  3. Lost card liability coverage
  4. A simplified lic card online payment method that will make life much easier.
  1. Higher interest rate.
  2. Absence of benefits on some categories like dining and movie, etc.

So, it is evident 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 10 credit card page, it will help you to find your desired card. 

Leave a Reply

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