LIC Credit Cards

The LIC Credit Card is a special financial tool offered by the Life Insurance Corporation of India (LIC) that comes with a range of exclusive benefits. These cards provide users with various advantages, including travel benefits, rewards, and premium lifestyle perks. LIC Cards, a subsidiary of LIC, was established on November 11, 2008, with its headquarters in New Delhi. The cards are designed to enhance the customer experience and offer privileges that make them stand out. One noteworthy feature is the availability of lifetime free credit cards, eliminating the need for any joining or renewal fees. These credit cards are exclusively available to LIC policyholders and agents, requiring individuals to hold an LIC insurance policy to be eligible for application. The LIC Credit Card not only serves as a convenient payment tool but also adds value to the overall customer journey.

Features and Benefits of LIC Credit Cards

Different LIC cards offer various benefits like rewards and special advantages, but the following are some of the general features and benefits offered by them:

  • Welcome Benefits: Most credit cards have welcome offers with bonus points or gift vouchers, but LIC credit cards usually don’t have this.
  • Reward Points: When you use your LIC Credit Card, you earn rewards. The points you get can be different based on the card and what you spend on.
  • Add-on Cards: If you have an LIC credit card, you can get up to three more cards for your family members like spouse, parents, siblings, and children under 15.
  • Balance Transfer: You can move your debt from another bank’s card to an LIC credit card. LIC has good interest rates for this, and there are two plans to choose from.
  • Travel Benefits: Just like other credit cards, LIC credit cards might give you things like free access to airport lounges and discounts on travel bookings.
  • Other Goodies: These cards also offer nice extras like not paying extra on fuel, discounts for dining and movies, and more.

Fees and Charges

LIC’s credit cards don’t have any annual fee, which is good if you want a cheap credit card with good rewards.
Interest Charges: 3.6% every month.
Cash Advance Fee: If you take out cash using the LIC credit card, you pay 2.5% of the amount or at least Rs. 500.
Foreign Currency Fee: If you use the LIC credit card in another country’s currency, you’ll pay 3.5% extra of the amount you spend.

Eligibility Criteria

  • Age: You should be between 18 and 70 years old.
  • Income: You need to have a steady income, but the required minimum salary might change depending on the LIC credit card.
  • Residency: You should be a resident of India or a non-resident Indian.
  • Occupation: Salaried or Self-Employed.

Documents Required

  • Identity Proof:
    Aadhar Card
    PAN Card
    Voter ID
    Passport
    Driving Licence
    (any one of these)
  • Address Proof:
    Voter ID
    Utility bills
    Passport
    Aadhar Card
    Driving Licence
    (any one of these)
  • Income Proof:
    For people who work for a salary: Latest salary slip, Recent bank statements.
    For self-employed individuals: Recent Income Tax Return (ITR) statement.

How To Apply for LIC Credit Card?

You can apply for a credit card for LIC in different ways:

Offline Process:

  1. Visit LIC Branch: Locate a nearby LIC branch where credit card applications are accepted. You can find this information on the official LIC website or by calling their customer service.
  2. Application Submission: Visit the LIC branch with all your required documents. Inform the LIC representative about your intention to apply for an LIC credit card. They will guide you through the application process and provide you with the necessary forms.
  3. Fill Out Application Form: Complete the credit card application form accurately and provide all the required information.
  4. Submit Documents and Form: Attach photocopies of the necessary documents to your application form. Submit the completed application form along with the required documents to the LIC representative. They will verify your documents and process your application.
  5. Wait for Processing: After submitting your application, the LIC and the bank will review your documents and assess your eligibility.
  6. Credit Card Approval: If your application is approved, you will receive your LIC credit card at the address you provided in your application form.

Online Process:

  1. Go to the official website of LIC and look for ‘cards’ section.
  2. You’ll likely find a link or button that says “Apply Now”. Click on this link to start the online application process.
  3. You’ll be directed to an online application form. Fill in your personal details, contact information, employment details, income details, and any other required information accurately.
  4. You may need to upload supporting documents such as identity proof, address proof, income proof, etc.
  5. Before submitting the application, review all the information you’ve provided to ensure it’s accurate and complete. Mistakes or incomplete information could lead to delays or rejections.
  6. Read and understand the terms and conditions associated with the credit card. If you agree to them, proceed to submit the application.
  7. After submitting the application, you receive an application reference number or confirmation. This can be used for tracking the status of your application.
  8. The bank or financial institution associated with the credit card will review your application, check your creditworthiness, and evaluate your eligibility. This process might take a few days to a couple of weeks.
  9. If your application is approved, you will receive the credit card at the address you provided during the application process.

List Of Best LIC Credit Card

LIC Signature Credit Card
Joining Fee: NIL
Renewal Fee: NIL
Best for: Shopping

LIC Platinum Credit Card
Joining Fee: NIL
Renewal Fee: NIL
Best for: Shopping

LIC Platinum EMV Credit Card
Joining Fee: NIL
Renewal Fee: NIL
Best for: Shopping

LIC Titanium Credit Card
Joining Fee: NIL
Renewal Fee: NIL
Best for: Shopping

LIC Gold EMV Credit Card
Joining Fee: NIL
Renewal Fee: NIL
Best for: Shopping and Fuel