IDFC First Bank, LIC Cards, and MasterCard have together introduced two credit cards – LIC Classic and LIC Select.
Both cards offer various benefits, such as low interest rates, no joining fee, reward points, and a personal accidental cover of Rs 5 lakh.
It’s important to note that having a LIC policy is not mandatory to apply for these credit cards.
However, if you already have a policy, you can also earn rewards when paying the insurance premium. Let’s explore the benefits of these two LIC credit cards.
LIC Classic Credit Card
Features
1) No joining or annual fee.
2) Credit card interest rates range from 0.75% per month (9% per annum) to 3.5% per month (42% per annum).
3) No interest on cash withdrawals from domestic and international ATMs for the first 48 days.
4) Rs 199 charge for each EMI transaction.
5) Late payment fee of 15% of the final amount (minimum Rs 100, maximum Rs 1,250).
6) 3.5% foreign exchange markup charge on international transactions.
Benefits:
1) 1,000 reward points on spending the first Rs 5,000 within 30 days.
2) 5% cashback (up to Rs 1,000) on the first EMI transaction within 30 days.
3) Rs 500 discount on booking domestic flights.
4) Rs 500 discount on purchases of Rs 899 and above at MYGLAMM.
5) Free 6 months FarmEasy Plus subscription.
6) Free 1-year Lenskart Gold Membership.
7) 6X rewards on LIC insurance premium spend.
8) 3X rewards on essential items (groceries, utilities, railways, education, and government payments).
9) 1 complimentary domestic airport lounge access per quarter.
10) M2 complimentary railway lounge access per quarter.
11) 1% discount on fuel surcharge up to Rs 200 per month.
Insurance Benefits
1) Personal accidental cover of Rs 2,00,000.
2) Liability cover of Rs 25,000 in case of card loss.
3) Rs 25,000 each for Purchase Protection Cover, Credit Shield, and Lost Card Liability.
4) Supplementary roadside assistance of Rs 1,399.
LIC Select Credit Card
Features
1) No joining or annual fee.
2) Credit card interest rates range from 0.75% per month (9% per annum) to 3.5% per month (42% per annum).
3) No interest on cash withdrawals from domestic and international ATMs for the first 48 days.
4) MRs 199 charge for each EMI transaction.
5) Late payment fee of 15%.
Benefits
1) 2,000 reward points on spending the first Rs 10,000 within 30 days.
2) 5% cashback (up to Rs 1,000) on the first EMI transaction within 30 days.
3) Rs 500 discount on booking domestic flights.
4) Flat Rs 500 off on purchases of Rs 899 and above at MYGLAMM.
5) Free 6 months PharmEasy Plus membership.
6) Free 1-year Lenskart Gold Membership.
7) 2 complimentary domestic airport lounge access per quarter.
8) 4 complimentary railway lounge access per quarter.
9) 1% rebate in fuel surcharge up to Rs 300 per month.
Insurance Benefits
1) Personal accidental cover of Rs 5,00,000.
2) Lost Card Liability Cover of Rs 50,000.
3) Rs 25,000 each for Purchase Safety Cover, Credit Shield, and Lost Card Liability Cover.
4) Travel insurance cover of Rs 4,000 against loss or delay of check-in baggage, loss of passport, and other documents, and flight delay.
5) Air accident cover of Rs 1 crore.
