LIC launches new credit card with exciting benefits - Details here

LIC, in collaboration with IDFC First Bank, LIC Cards, and MasterCard, has unveiled its latest offerings in the financial ecosystem, the LIC Classic and LIC Select Credit Cards. These co-branded credit cards come with a range of benefits, including insurance coverage and rewards on insurance premium payments.

Eligibility

Contrary to popular belief, one does not need to have a LIC policy to apply for these credit cards. However, policyholders stand to gain additional reward points when using the LIC credit card to pay insurance premiums.

LIC Classic Credit Card Features

The LIC Classic Credit Card offers a host of advantages, as outlined on the IDFC First Bank website:

• Zero joining charge and zero annual fee.
• Competitive interest rates ranging from 0.75% per month or 9% per annum to 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 transaction charge of Rs 199.
• Late payment fee: 15% of the total payment, with a minimum of Rs 100 and a maximum of Rs 1,250.
• Forex markup fee for international transactions: 3.5%.

LIC Select Credit Card Features

Similarly, the LIC Select Credit Card provides attractive benefits:

• Zero joining charge and zero annual fee.
• Competitive interest rates ranging from 0.75% per month or 9% per annum to 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 transaction charge of Rs 199.
• Late payment fee: 15% of the total payment, with a minimum of Rs 100 and a maximum of Rs 1,250.
• Forex markup fee for international transactions: 3.5%.

Exclusive Benefits of LIC Credit Cards

Customers stand to enjoy a range of exclusive benefits upon joining the LIC credit card family:

• 1,000 reward points on spending the first Rs 5,000 within 30 days of card creation.
• 5% cashback (up to Rs 1000) on the value of the first EMI transaction within 30 days.
• Rs 500 off on domestic flight bookings with Yatra.
• Rs 500 off on purchases of Rs 899 and above at MYGLAMM.
• 6 months of free FarmEasy Plus membership worth Rs 399.
• 1 year free Lenskart Gold Membership worth Rs 500.

Insurance Benefits

Apart from the financial perks, LIC credit cardholders also enjoy insurance benefits:

• Personal accidental cover of Rs 2,00,000 on making at least one transaction on LIC Classic Credit Card.

LIC's foray into the credit card market, in collaboration with IDFC First Bank and MasterCard, introduces a range of benefits, making it an enticing option for both LIC policyholders and individuals without existing policies. With features like zero joining fees, competitive interest rates, and exclusive rewards, these credit cards enhance the financial freedom for users.