LIC IDFC Select Credit Card

IDFC First Bank has recently unveiled two new credit cards – LIC Classic and LIC Select, specially crafted for individuals holding LIC policies. The LIC IDFC Bank Select Credit Card, a collaborative effort between IDFC Bank and LIC, caters to the customer base of LIC, a prominent Indian public company and a highly esteemed insurance provider. With a primary focus on facilitating LIC Insurance premium transactions, this credit card stands out as a preferred choice.

Earn 10X Reward Points when utilizing the LIC IDFC Bank Select Credit Card for making payments towards LIC. These accumulated Reward Points can be redeemed against your premium payments, providing a flexible and beneficial feature. The card, a lifetime-free offering with a competitive low-interest rate, proves to be an essential addition for individuals seeking a valuable financial tool.

Key Highlights of LIC IDFC Select Credit Card

  1. Accumulate accelerated Reward Points when using the card for LIC expenditures.
  2. Enjoy complimentary access to railway lounges.
  3. Avail free access to domestic lounges at various airports across India.
  4. Benefit from multiple insurance covers provided with the card.

Features and Benefits of LIC IDFC Select Credit Card

The LIC IDFC Select Credit Card offers several features and benefits:

1. Joining Benefits:

  • Free 1-year Lenskart Gold Membership worth Rs. 500.
  • Free 6 months PharmEasy Plus Membership worth Rs. 399.
  • Earn 2,000 Reward Points on spends of Rs. 10,000 within 30 days of card generation.

2. Offers and Discounts:

  • Get 5% cashback on the first EMI transaction within 30 days of card issuance, with a maximum cashback capped at Rs. 1,000.
  • Avail ₹500 off on Domestic Flights booking on Yatra.
  • Enjoy ₹500 off on purchases of Rs. 899 or above on MYGLAMM.

3. Complimentary Railway Lounge Access:

  • The IDFC Select Credit Card provides free access to railway lounges in India.
  • Up to four free entries per quarter (16 in a year) are allowed.
  • Participating lounges include New Delhi Railway Station, Jaipur Railway Station, Agra Cantt Railway Station, and Kolkata (Sealdah) Railway Station.
  • Available for both primary and add-on cardholders.
  • Rs. 2 shall be charged for card validation.

4. Complimentary Domestic Airport Lounge:

  • Enjoy free access to select lounges at Indian airports twice per quarter.
  • Utilize this benefit by using your card and making a minimum spend of Rs. 5,000 in the previous month.
  • Spending requirement is calculated based on card usage between the 1st and 31st of each month.

5. Road-Side Assistance:

  • Road-Side Assistance (RSA) is an additional benefit provided with this card.
  • Offered in association with Global Assure, enjoy benefits worth Rs. 1399.
  • Avail RSA four times a year.

LIC IDFC Select Credit Card Fees and Charges

Explore the fee structure for the LIC IDFC Select Credit Card and discover the financial advantages that come with it.

  1. No joining fee is required for this membership.
  2. There is no renewal fee associated with this membership.
  3. A rewards redemption fee of Rs. 99 is applicable.
  4. For all international transactions, a foreign currency markup of 3.5% is applied.
  5. Interest rates vary from 0.75% to 3.5% monthly, equivalent to 9% to 42% annually.
  6. Enjoy a 1% waiver on fuel surcharge for fuel expenses up to Rs. 300.
  7. Cash advance charges amount to Rs. 199.

Documents Required for LIC IDFC Select Credit Card

To apply for the LIC IDFC Select Credit Card, you will typically need to provide the following documents:

1. Proof of Identity (Any one of the following):

  • Passport
  • Aadhaar card
  • Voter ID card
  • Driver’s license
  • PAN card

2. Proof of Address (Any one of the following):

  • Utility bills (electricity, water, gas, etc.)
  • Aadhaar card
  • Passport
  • Voter ID card
  • Rental agreement

3. Proof of Income:

  • Salary slips (for salaried individuals)
  • Income tax returns
  • Bank statements

4. Passport-size Photographs:

  • Usually, two passport-size photographs are required.

5. Employment Proof:

  • For salaried individuals: Employment letter, Form 16, etc.
  • For self-employed individuals: Business registration documents, income tax returns, etc.

6. Bank Statements:

  • Latest bank statements may be required.

How To Apply for LIC IDFC Select Credit Card?

Follow these steps to apply for the LIC IDFC Select Credit Card:

1. Visit the Official Website:

  • Go to the official website of IDFC Bank or LIC (Life Insurance Corporation of India) where the credit card application process is facilitated. Ensure that you are on the secure and official website.

2. Explore Credit Card Options:

  • Navigate to the credit cards section and explore the features, benefits, and terms of the LIC IDFC Select Credit Card. Ensure that it meets your requirements and financial preferences.

3. Fill in the Online Application Form:

  • Locate the online application form for the LIC IDFC Select Credit Card.
  • Fill in the required personal information, contact details, employment details, and financial details as per the instructions.
  • Provide accurate and up-to-date information.

4. Upload Documents:

  • Scan or take clear photos of the necessary documents such as proof of identity, proof of address, income proof, and any other documents required.
  • Upload these documents as per the specifications mentioned in the application form.

5. Submit Application and Await Approval:

  • Review the filled-in application form to ensure accuracy.
  • Submit the application form.
  • After submission, the bank will review your application. If additional information is required, they may contact you.
  • Once your application is approved, you will receive communication from the bank regarding the status of your LIC IDFC Select Credit Card application.

Frequently Asked Questions (FAQs)

1. What is the LIC IDFC Select Credit Card?

The LIC IDFC Select Credit Card is a credit card offered by IDFC Bank in collaboration with Life Insurance Corporation of India (LIC). It comes with various features and benefits tailored to meet the financial needs of cardholders.

2. How can I apply for the LIC IDFC Select Credit Card?

To apply for the LIC IDFC Select Credit Card, visit the official website of IDFC Bank, locate the credit cards section, and follow the online application process. Fill in the required details and submit the necessary documents.

3. What are the eligibility criteria for the LIC IDFC Select Credit Card?

Eligibility criteria may include age, income, employment status, and credit score. It’s advisable to check the specific eligibility requirements on the official website or contact the bank directly.

4. What documents are required for the LIC IDFC Select Credit Card application?

Commonly required documents include proof of identity, proof of address, income proof, passport-size photographs, and employment proof. Refer to the latest document requirements on the bank’s website.

5. What is the rewards program associated with the LIC IDFC Select Credit Card?

The rewards program may offer points on transactions, and these points can be redeemed for various rewards. Check the details of the rewards program on the official website or in the card’s terms and conditions.

6. Is there an annual fee for the LIC IDFC Select Credit Card?

As of the last available information, the card may have a nil joining fee and renewal fee. However, there may be other charges, such as a rewards redemption fee. Refer to the latest fee structure on the bank’s website.

7. How can I check the status of my LIC IDFC Select Credit Card application?

You can check the status of your credit card application by logging into your account on the bank’s website or by contacting the customer service helpline.

8. What is the foreign currency markup for international transactions?

The LIC IDFC Select Credit Card may have a foreign currency markup of 3.5% for all international transactions. Check the latest foreign exchange rates and fees on the bank’s website.

9. How do I pay my LIC IDFC Select Credit Card bill?

Payment options typically include online banking, NEFT/RTGS, autopay, and at designated bank branches. Refer to the bank’s website for detailed instructions on making credit card payments.

10. What benefits are offered for fuel expenses with the LIC IDFC Select Credit Card?

Cardholders may enjoy a 1% waiver on fuel surcharge for fuel expenses up to a specified amount. Check the terms and conditions for details on fuel benefits.