LIC IDFC Select Credit Card – Benefits, Fees & Eligibility

LIC IDFC Select Credit Card

Introduction

The LIC IDFC Select Credit Card is a co-branded, lifetime-free credit card launched by IDFC First Bank and LIC, designed specifically for individuals holding LIC policies. This card stands out by offering accelerated 10X Reward Points on LIC insurance premium payments, which can also be redeemed towards future premium payments. Beyond insurance benefits, it provides higher rewards on everyday spends like groceries, utilities, government, and railway transactions. For travelers, the card offers complimentary access to railway and domestic airport lounges. Additionally, cardholders can enjoy various lifestyle benefits including a free Lenskart Gold membership and discounts on popular brands, making it a valuable option for LIC policyholders and those seeking a lifetime-free card with a low-interest rate.

Welcome Benefits

• Earn 2,000 Reward Points on spending Rs. 10,000 within 30 days of card issuance/generation.
• Receive a free 1-year Lenskart Gold Membership, valued at Rs. 500.
• Receive a free 6 months PharmEasy Plus Membership, valued at Rs. 399.

Fees

• Joining Fee: Nil
• Renewal Fee: Nil
• Spend-Based Waiver: Not Applicable
• Rewards Redemption Fee: Rs. 99
• Foreign Currency Markup: 3.5% for all international transactions.
• Interest Rates:
  • Monthly: 0.75% - 3.5%
  • Annually: 9% - 42%
• Fuel Surcharge: 1% waiver on fuel transactions, up to a maximum waiver of Rs. 300.
• Cash Advance Charges: Rs. 199

Rewards

Reward Rates

• LIC Insurance Premium Spends: Earn 10X Reward Points when making payments of Rs. 125 or more through the official LIC website.
• Grocery, Utilities, Education, Railways, and Government Spends: Earn 5X Reward Points, with a maximum cap of 300 Reward Points per month.
• All Other Spends: Earn 5X Reward Points.
• Non-Eligible Spends: No Reward Points will be awarded for fuel, rental, cash withdrawals, EMI transactions, and non-LIC insurance payments.
• Reward Point Value: 1 Reward Point = Rs. 0.25.
• Reward Point Validity: All Reward Points have a validity of three years from the date of earning.

Movies & Dining

• Not applicable. The card does not offer specific benefits in these categories.

Travel

• Railway Lounge Access: Enjoy 4 complimentary railway lounge accesses each quarter (up to 16 in a year).
  • To access, present your valid credit card and train ticket. A charge of Rs. 2 will be applied for card validation.
  • This facility is available for both primary and add-on cardholders.
  • Participating lounges include New Delhi Railway Station, Jaipur Railway Station, Agra Cantt Railway Station, and Kolkata (Sealdah) Railway Station.
• Domestic Lounge Access: Receive 2 complimentary airport lounge accesses each quarter at select airports across India.
  • To avail this benefit, a minimum spend of Rs. 5,000 is required in the previous calendar month (calculated between the 1st and 31st).

International Lounge Access

• Not applicable. The card does not offer international lounge access.

Golf

• Not applicable. The card does not offer golf benefits.

Insurance Benefits

• Complimentary insurance covers are provided with the card.
• These include multiple coverages such as Purchase Protection, Credit Shield, and Card Liability Cover, enhancing the card's security.

Lifestyle and Other Offers

• Cashback: 5% cashback on the first EMI transaction made within 30 days of card issuance, capped at a maximum of Rs. 1,000.
• Yatra: Rs. 500 off on domestic flight bookings on Yatra.
• MYGLAMM: Rs. 500 off on purchases of Rs. 899 or above on MYGLAMM.
• Road-Side Assistance (RSA):
  • Complimentary RSA offered in association with Global Assure, with benefits worth Rs. 1,399.
  • Can be availed four times a year.
  • Contact 1800 572 3860 during emergencies to avail Road-Side Assistance.

Rewards Redemption Guide

• Reward Points can be redeemed through "Pay With Points" option.
• Redeem points via IDFC FIRST Rewards portal (www.firstrewards.com).
• Points can be used for paying LIC insurance premiums and other online transactions.
• The value of 1 Reward Point is Rs. 0.25.

Card Review

The LIC IDFC Select Credit Card is a highly beneficial card for individuals with LIC policies, considering that over 25 crore people in India hold an LIC policy. Its primary strength lies in rewarding LIC insurance spending with 10X Reward Points, allowing significant savings on recurring premium payments. As a lifetime-free offering, it removes the burden of annual fees, making it an attractive proposition.

Who Should Apply

• Individuals who regularly pay LIC insurance premiums.
• Those seeking a lifetime-free credit card.
• Users who frequently spend on categories like groceries, utilities, education, railways, and government services.

Pros

• Rewards highly common LIC insurance spending (10X Reward Points), which is particularly beneficial given the popularity of LIC and potentially high annual premiums.
• Provides robust security features including multiple insurance coverages like Purchase Protection, Credit Shield, and Card Liability Cover.
• Offers 5X Reward Points on essential spending categories such as groceries, utilities, education, railways, and government transactions, facilitating additional savings.
• It is a lifetime-free card, eliminating joining and annual fees.
• Includes valuable welcome benefits and travel privileges such as free domestic airport and railway lounge access.
• Comes with a low-interest rate.

Cons

• The card's benefits are heavily concentrated on LIC-related spends, offering no specific advantages for categories like movies and dining.
• No reward points are awarded for non-LIC insurance payments, limiting its appeal for payments to other insurance providers.
• The 5X Reward Points for categories like groceries, utilities, education, railways, and government spends are subject to a monthly cap of 300 Reward Points.

Important Product Details

• Lifetime-free credit card with no joining or renewal fees.
• Offers accelerated 10X Reward Points on LIC Insurance Premium spends made on the official LIC website.
• Provides 5X Reward Points on groceries, utilities, education, railways, and government spends (capped at 300 RPs monthly).
• Welcome benefit includes 2,000 Reward Points on spending Rs. 10,000 within 30 days of card issuance.
• Complimentary access to 4 railway lounges and 2 domestic airport lounges per quarter.
• Features a low monthly interest rate ranging from 0.75% to 3.5%.
• Includes complimentary insurance covers such as Purchase Protection, Credit Shield, and Card Liability Cover.
• Additional lifestyle benefits include free Lenskart Gold and PharmEasy Plus memberships, and discounts on Yatra and MYGLAMM.
• Road-Side Assistance (RSA) is provided four times a year.

Other Details

• Best Suited For: Travel and Shopping.
• Reward Type: Reward Points.
• Card Rating: 4.4/5.