Axis Bank LIC Signature Credit Card – Benefits, Fees & Eligibility

LIC Axis Bank Signature Credit Card

The LIC Axis Bank Signature Credit Card is issued by Axis Bank in partnership with LIC, operating on the Visa/Mastercard network (bank not explicitly stated; segment is premium). It targets users seeking high reward rates on insurance premiums and international transactions, alongside travel and dining benefits. Key quantified highlights include 2 Reward points per ₹100 on LIC premiums and foreign currency transactions, 8 complimentary domestic lounge visits per calendar year, and 1% fuel surcharge waiver capped at ₹400 monthly.

Fees & Waiver Math

Fees

• Joining Fee: Nil (Explicit)
• Annual Fee: Nil (Explicit)
• Add-on Card Joining Fee: Nil (Explicit)
• Add-on Card Annual Fee: Nil (Explicit)
• Card Replacement Fee: Nil (Explicit)
• Cash Payment Fee: ₹175 (Explicit)
• Duplicate Statement Fee: Waived (Explicit)
• Charge Slip Retrieval Fee or Copy Request Fee: Waived (Explicit)
• Outstation Cheque Fee: Waived (Explicit)
• Mobile Alerts for Transactions: Free (Explicit)
• Hotlisting Charges: Nil (Explicit)
• Balance Enquiry Charges: Waived (Explicit)
• Finance Charges (Retail Purchases & Cash): 3.75% per month (55.55% per annum) (Explicit)
• Cash Withdrawal Fees: 2.5% (Min. ₹500) of the cash amount (Explicit)
• Over Limit Penalty: 2.5% of over the limit amount (Min. ₹500) (Explicit)
• Cheque return or dishonour Fee or Auto-debit Reversal Bank A/c out of Funds: 2% of the payment amount subject to Min ₹500 (Explicit)
• Surcharge on purchase or cancellation of Railway Tickets: As prescribed by IRCTC/Indian Railways (Explicit)
• Fuel Transaction Surcharge: 1% of transaction amount (Refunded for fuel transactions between ₹400 to ₹4,000. Maximum benefits up to ₹400 per month) (Explicit)
• Foreign Currency Transaction Fee: 3.50% of the transaction value (Explicit)
• Reward Point Redemption fee: No (Explicit)
• GST: As per existing Government norms (Explicit)
• Rent Transaction fee (Applicable from 5th March 2023): 1% fee per transaction will be applicable on rental transactions (Explicit)
• Dynamic Currency Conversion markup (Applicable from 5th March 2023): 1.5% will be applicable on International transaction performed in Indian currency at International location or transactions performed in Indian currency with merchants located in Indian but registered in foreign nation Websites (Explicit)
• Education Transaction Fee (Applicable from 20th Dec, 2024): 1% fee per transaction will be applicable on education payments made via third party apps (Explicit)
• Utility Transaction Fee (Applicable from 20th Dec, 2024): 1% fee will be applicable on cumulative spends of ₹25,000 or more on utilities per statement cycle (Explicit)
• Wallet Load Transaction Fee (Applicable from 20th Dec, 2024): 1% fee will be applicable on cumulative spends of INR 10,000 or more on wallet loads per statement cycle (Explicit)
• Fuel Transaction Fee (Applicable from 20th Dec, 2024): 1% fee will be applicable on cumulative spends of INR 50,000 or more on fuel transactions per statement cycle (Explicit)
• Online Skill Based Gaming Transaction Fee (Applicable from 20th Dec, 2024): 1% fee will be applicable on cumulative spends of INR 10,000 or more on online skill based gaming platforms per statement cycle (Explicit)

Waiver Logic

• No annual or joining fee specified; no spend threshold or time period for fee waiver provided in input.

Charges

• Interest Rate (monthly): 3.75% per month (Explicit)
• APR: 55.55% per annum (Derived)
• Foreign Currency Markup: 3.50% of the transaction value (Explicit)
• Cash Advance Fee: 2.5% (Min. ₹500) of the cash amount (Explicit)
• Fuel Surcharge: 1% of transaction amount (Refunded for fuel transactions between ₹400 to ₹4,000; Maximum benefits up to ₹400 per month) (Explicit)
• Reward Redemption Fee: No (Explicit)
• Other charges: See Fees list above (rental, DCC, education, utility, wallet load, fuel, online skill gaming fees as applicable from stated dates) (Explicit)

Late Payment Charges (TABLE)

• Additional ₹100 on missing payment of Minimum Amount Due (MAD) by the due date for two consecutive cycles. This charge will continue to be applicable for every payment cycle until the MAD is cleared. (Explicit)

Rewards & Milestone Matrix

Reward Earning Structure (TABLE)

Accrual Logic

• Minimum spend threshold: Not specified.
• Block calculation logic: Not specified.
• Round-down rules: Not specified.

Milestones

• Spend thresholds: Not specified.
• Bonus rewards: Not specified.

Threshold-Based Benefits

• No spend-triggered benefits (excluding EMI) explicitly provided.

Redemption, Liquidity & Partners

Point Value

• Cashback conversion: Not explicitly provided.
• Voucher/flight conversion: Sample redemption table provided (e.g., Amazon PAY EGIFT card INR 1000 for 3000/1500/1000 points across LIC Titanium/Platinum/Signature tiers; FLIPKART E-VOUCHER INR 5000 for 15000/7500/5000 points) (Explicit). Full terms in linked T&C.

Liquidity Constraints

• Redemption minimums: Not specified.
• Fees: No redemption fee (Explicit).
• Caps: Not specified.

Transfer Partners (TABLE IF EXISTS)

No data available from input.

Forex & International

Forex Table (ONLY IF VALID)

• Effective markup and net forex cost cannot be computed (GST applicability and confirmation that rewards apply to international spend not explicitly available).

Travel & Lifestyle Benefits

• Complimentary domestic airport lounge access: 8 visits per calendar year at select domestic airports (Explicit).
• Axis Bank Dining Delights: Dining offers at top restaurants across India; details via partner link (Explicit).
• Wednesday Delight: Offers every Wednesday - up to 15% on flights & hotels via Goibibo and Makemytrip; 10% off on Swiggy and Amazon Fresh; 10% off up to ₹1000 on Tira (Explicit).
• Fuel surcharge waiver: 1% on fuel purchases across India, valid on transactions between ₹400-₹4000; max benefit ₹400/month; GST non-refundable; no reward points on fuel (Explicit).
• Convert purchases to EMI: Transactions of ₹1,500 or more eligible (Explicit).
• Activation Benefit: 100% cashback up to ₹300 on first utility bill payment within 30 days of card issuance (Explicit).
• Insurance: Complimentary lost card liability insurance cover up to credit limit (Explicit).

Exclusion Velocity & Capping

Exclusions

• No reward points on fuel purchases (Explicit).
• No reward points on wallet loads (Explicit).
• No reward points on EMI conversions (Explicit).
• Specific exclusions for international/government payments not stated; therefore, not assumed.

Caps

• Fuel surcharge waiver: Max ₹400 per month (Explicit).
• Category/reward caps: Not specified.

Eligibility & MRV

• Age: Primary cardholder between 18 and 70 years (Explicit).
• Residency: Resident of India (Explicit).
• Employment/Income: Proof of income required (latest payslip/Form 16/IT return copy) (Explicit).
• Credit score: Not specified.
• Documents: PAN card or Form 60; colour photograph; proof of income; residence proof (Passport/Ration Card/Electricity bill/Landline telephone bill); identity proof (Passport/Driving License/PAN Card/Aadhaar card). List indicative; may vary case to case (Explicit).

Card Review & ROI Analysis

Pros

• Nil joining and annual fees (Explicit).
• High reward rate (2 points per ₹100) on LIC premiums and foreign currency transactions (Explicit).
• 8 complimentary domestic lounge visits per calendar year (Explicit).
• 1% fuel surcharge waiver with up to ₹400 monthly benefit (Explicit).
• Activation cashback up to ₹300 on first utility bill payment (Explicit).
• Lost card liability insurance up to credit limit (Explicit).
• EMI conversion option for purchases ≥₹1,500 (Explicit).

Cons

• Finance charges high at 3.75% per month (55.55% p.a.) (Explicit).
• Cash withdrawal fee 2.5% (Min. ₹500) (Explicit).
• Foreign currency markup 3.50% without confirmed offset from rewards (Explicit).
• Multiple post-2024 transaction fees (education, utility, wallet load, fuel, gaming) may erode value if thresholds are met (Explicit).
• Reward caps and redemption value clarity limited; partner transfer program not detailed (Explicit).

Break-Even Analysis

Cannot be computed: Annual fee is Nil, but reward system caps and exclusions are not fully quantified, and no confirmation that rewards offset forex or other fees. Therefore, a precise break-even cannot be calculated.

Verdict

• Who should apply: Existing LIC policyholders and frequent international travellers who can leverage the 2x rewards on premiums/forex and lounge access, and who avoid high-cost cash advances and revolving finance.
• Value classification: Value-positive for the target user (explicit benefits outweigh explicit costs, assuming disciplined usage and no revolving balances).

Important Product Details

• EMI: Purchases of ₹1,500 or more can be converted to EMI (Explicit).
• Credit limit rules: Not specified beyond insurance cover up to credit limit.
• Billing cycle: Not specified.
• Hidden conditions: GST non-refundable on fuel surcharge; activation cashback valid only on first utility bill within 30 days; transaction fees apply from specified dates (Explicit).

Other Details

• Insurance: Complimentary lost card liability insurance cover up to credit limit (Explicit).
• Platform/provider: Axis Bank (issuer) in partnership with LIC; network not explicitly stated (Explicit).
• Legal notes: Terms and conditions updated w.e.f. 20th Jun 2025; decision communicated within 21 working days (Explicit).