LIC IDFC Select Credit Card – Benefits, Fees & Eligibility

Introduction

The LIC IDFC FIRST Select Credit Card, issued by IDFC FIRST Bank, is a lifetime-free, premium co-branded credit card tailored for LIC policyholders and savvy spenders. It offers accelerated rewards on LIC premium payments and other daily expenditures, alongside exclusive lifestyle privileges such as complimentary domestic airport and railway lounge access, comprehensive insurance covers, and roadside assistance.

Welcome Benefits

• Joining Benefits worth ₹3,000+.
• Earn 2,000 Rewards on spending the first ₹10,000 within 30 days of card generation.
  • Eligibility: Spend ₹10,000 within the first 30 days of card generation. Spends on the Primary Card are eligible.
  • Fulfilment: Reward Points will be credited within 45 days from the date of card generation after meeting the spend criterion.
  • Exclusion: Not applicable on Add-on card transactions, wallet load, EMI converted transactions, and ATM cash withdrawals. Reversed, cancelled, or disputed transactions will be excluded.
• Receive 5% cashback (up to ₹1,000) on the transaction value of the first EMI done within 30 days of card generation.
  • Eligibility: Applicable only on the first EMI conversion within the first 30 days of card generation.
  • Fulfilment: Eligible customers will receive cashback within 60 days of the offer end date.
  • Exclusion: Transactions on gold and jewellery are not eligible for EMI conversion. Offer is not applicable on EMIs processed for a 3-month tenure.
• Exciting merchant offers worth ₹1,500+.
• Free 1-year Lenskart Gold Membership worth Rs. 500.
• Free 6 months PharmEasy Plus Membership worth Rs. 399.
• ₹500 off on Domestic Flights booking on Yatra.
• ₹500 off on purchases of Rs. 899 or above on MYGLAMM.

Fees

• Joining Fee: Nil (Lifetime Free).
• Annual Fee: Nil (Lifetime Free).
• Rewards Redemption Fee: Rs. 99.
• Foreign Currency Markup: 3.5% for all international transactions.
• Interest Rates (APR):
  • Low & Dynamic Interest rates starting at 9% per annum (monthly 0.75% – 3.5%, annually 9% – 42%).
  • Effective 20th February 2025, the APR range will start from 8.5% per annum (revised to 8.5% - 46.2% per annum).
• Fuel Surcharge Waiver: 1% waiver, applicable at all fuel stations across India, up to ₹300 per month. This is valid only on transaction values between ₹200 and ₹5,000.
• Cash Advance Charges: ₹199 per transaction.
  • Interest-free cash withdrawals are available on Domestic and International ATMs for up to 45 days.
• Over-Limit (OVL) Charges: 2.5% of the over-limit amount, subject to a minimum charge of ₹550.
• Late Payment Fee: 15% of Total Amount Due, subject to a minimum of ₹100 and a maximum of ₹1300.

Rewards

• Rewards Program:
  • 10X Rewards on LIC Insurance Premium spends. Rewards are applicable only if the insurance premium is paid through LIC Of India’s official website (https://licindia.in).
  • 5X Rewards on Essentials (Grocery, Utilities, Railways, FASTag, Education, and Government payments) up to 600 Reward Points per month.
  • 5X Rewards on all Other spends.
  • Earn up to 40% Bonus Reward Points on hotel & flight bookings through the IDFC FIRST Mobile App.
    • Earn 20% Bonus Reward Points on hotel bookings, over and above base rewards (45/₹125 Bonus Reward Points).
    • Earn 8% Bonus Reward Points on flight bookings, over and above base rewards (20/₹125 Bonus Reward Points).
• Reward Point Value: 1X = 1 Reward point per ₹125 spent | 1 Reward point = ₹0.25.
• Reward Point Validity: Rewards earned have a validity of 3 years from the date they are earned.
• Reward Program Not Applicable on: Fuel, Rental, Non-LIC Insurance spends, EMI transactions, and Cash withdrawals.
• Condition for Rewards: Effective 18th Jan’26, if you fail to pay at least the Minimum Amount Due by the Payment Due Date, Reward Points will not be applicable for that billing cycle. Any Reward Points credited for that cycle, if already posted, will be reversed.

Travel Privileges

• Domestic Airport Lounge Access: 2 complimentary access per quarter. To avail, a minimum spend of Rs. 5,000 in the previous month is required (calculated between the 1st and 31st of each month).
• Railway Lounge Access: 4 complimentary access per quarter (16 in a year).
  • To access, present your valid credit card along with your train ticket. A charge of Rs. 2 will be applied to validate your card.
  • Participating lounges include New Delhi, Jaipur, Agra Cantt, and Kolkata (Sealdah) Railway Stations.
  • This facility is available for both primary and add-on cardholders.
• Travel Insurance Cover: ₹4,000 each on Loss or Delay of Checked-In Baggage, Loss of Passport & other documents, and Delay in Flight.
• Air Accident Cover: ₹1 Crore.

Insurance Covers

• Personal Accident Cover: ₹5,00,000.
• Lost Card Liability Cover: ₹50,000.
  • Both covers are valid on doing at least one transaction on the LIC Select Credit Card in the last 30 days.
• Purchase Protection Cover: ₹25,000.
• Credit Shield Cover: ₹25,000.
• Complimentary Roadside Assistance (RSA): Worth ₹1,399, available 4 times a year.
  • LIC IDFC Select cardholders can contact 1800 572 3860 during emergencies to avail Road-Side Assistance.

Rewards Redemption Guide

• You can directly use your points to pay for online purchases or when shopping at a store by choosing the option to ‘pay with points’.
• Redeem your reward points against amazing offers at https://firstrewards.in/.
• Redeem your Reward Points for flight & hotel bookings through the 'FIRST Rewards Gallery' section on the IDFC FIRST Bank Mobile App.
• Reward points can also be redeemed for paying insurance premiums.

Card Eligibility Criteria

• Individuals who do not have an LIC Policy can still apply for LIC IDFC FIRST Credit Cards.
• Existing IDFC FIRST Bank Credit Cardholders are not eligible to apply for the LIC IDFC FIRST Bank Credit Card.

Card Review

The LIC IDFC FIRST Select Credit Card is a highly rewarding choice for LIC policyholders and savvy spenders. As a lifetime-free card, it offers attractive rewards, exclusive travel privileges, and comprehensive insurance covers, making it a valuable addition for many.

Pros

• Rewards LIC insurance spending with 10X Reward Points, which is highly beneficial given LIC's popularity and the often high premiums.
• Provides multiple insurance coverages, including Purchase Protection, Credit Shield, Personal Accident, Lost Card Liability, Travel Insurance, and Air Accident Cover, enhancing card safety.
• Offers significant welcome benefits worth Rs. 3,000+, complimentary domestic airport and railway lounge access, and roadside assistance, all while being a lifetime-free card.

Cons

• The card is primarily focused on LIC spends and offers no specific benefits in categories like movies and dining.
• No reward points are awarded for non-LIC insurance payments.

Important Product Details

• Lifetime Free: Zero joining fee and zero annual fee.
• Accelerated Rewards: Earn 10X rewards on LIC premium payments and 5X rewards on essential spends and other categories.
• Travel Privileges: Includes 2 complimentary domestic airport lounge access and 4 complimentary railway lounge access per quarter.
• Insurance & Assistance: Features comprehensive insurance covers (Personal Accident, Lost Card Liability, Purchase Protection, Credit Shield, Travel, Air Accident) and complimentary Roadside Assistance.
• Interest-Free Cash Withdrawals: Available on Domestic and International ATMs for up to 45 days (Cash Advance Fee of ₹199 per transaction applies).
• Low Interest Rates: Offers low and dynamic interest rates starting at 9% per annum (effective 8.5% from February 2025).
• EMI Conversion: Convert all eligible transactions into easy and convenient EMIs from the mobile app, including instant EMI conversion for eligible online transactions on the bank’s OTP page.
• Balance Transfer: Enjoy convenient transfer of balances from other bank credit cards.
• Reward Point Validity: Reward points have a validity of 3 years.
• Fuel Surcharge Waiver: 1% waiver up to ₹300/month on transactions between ₹200 and ₹5,000.
• Reward Exclusions: No rewards on Fuel, Rental, Non-LIC Insurance spends, EMI transactions, and Cash withdrawals.
• LIC Premium Payment Condition: Rewards on LIC Insurance premium spends are applicable only if paid through LIC Of India’s official website.
• Reward Point Reversal Condition: Effective 18th Jan’26, if the Minimum Amount Due is not paid by the Payment Due Date, Reward Points for that billing cycle will not be applicable and any credited points will be reversed.
• Rewards Redemption Fee: A fee of Rs. 99 is applicable for reward redemption.
• Foreign Currency Markup: A 3.5% markup is charged on all international transactions.

Other Details

• Effective 18th June 2026, there will be revisions to select features and the applicable Terms & Conditions of the LIC Select Credit Card.
• Credit card statements are mailed as a PDF file and can also be viewed in the IDFC FIRST Bank mobile application.
• In case of a lost card, customers can temporarily block it through the mobile application or customer care, and then apply for a replacement card via the mobile app or customer care.
• Credit card PIN can be generated via Net Banking (pre-login or login), Mobile Banking App (pre-login or login), or by contacting Customer Care.
• For all transactions in India, a PIN is required at POS terminals. Outside India, a PIN is required only if the POS terminal is enabled for PIN authentication.
• The bank provides important documents such as the Card Member Agreement, Most Important Terms & Conditions, Product Usage Guide, and Credit Card Basics.