LIC IDFC Select Credit Card – Benefits, Fees & Eligibility

Introduction

The LIC IDFC Select Credit Card is a co-branded, lifetime-free offering from IDFC First Bank and LIC, specifically designed for individuals holding LIC policies. Positioned as a strong mid-range card, it offers an exceptional 10X Reward Points on LIC insurance premium payments, making it highly beneficial for a large segment of the Indian population. Additionally, it provides free access to railway and domestic airport lounges, coupled with a low-interest rate, making it a compelling choice for those seeking value without annual fees.

Welcome Benefits

• 2,000 Reward Points on spending Rs. 10,000 within 30 days of card issuance.
• Free 1-year Lenskart Gold Membership worth Rs. 500.
• Free 6 months PharmEasy Plus Membership worth Rs. 399.
• 5% cashback on the first EMI transaction done within 30 days of card issuance, with a maximum cashback capped at Rs. 1,000.

Fees

• Joining Fee: Nil
• Annual Fee: Nil
• 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 Waiver: 1% waiver on fuel up to Rs. 300
• Cash Advance Charges: Rs. 199

Rewards

• LIC Insurance Spends: Earn 10X Reward Points on LIC Insurance Premium spends. To avail these points, payments must be made through the official LIC website, for spends of Rs. 125 or more.
• Accelerated Spends: Earn 5X Reward Points on Groceries, Utilities, Education, Railways, and Government spends, with a maximum cap of 300 Reward Points each month for these categories.
• Other Spends: Earn 5X Reward Points on all other spends.
• 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.
• Exclusions: No Reward Points shall be awarded for fuel, rental, cash withdrawals, EMI transactions, and non-LIC insurance payments.

Travel Benefits

• Railway Lounge Access: Enjoy 4 free railway lounge accesses each quarter (16 in a year) at participating railway stations like New Delhi, Jaipur, Agra Cantt, and Kolkata (Sealdah). This facility is available for both primary and add-on cardholders. A charge of Rs. 2 will be applied to validate the card.
• Domestic Airport Lounge Access: Get 2 free airport lounge accesses each quarter at select airports across India. This benefit requires a minimum spend of Rs. 5,000 in the previous month (calculated between the 1st and 31st of each month).
• Travel Offers: ₹500 off on Domestic Flights booking on Yatra.

Insurance Benefits

• Complimentary Insurance Covers: Multiple insurance coverages are provided, including Purchase Protection, Credit Shield, and Card Liability Cover, enhancing the card's safety.
• Road-Side Assistance (RSA): Receive RSA benefits worth Rs. 1399, available four times a year, in association with Global Assure. Cardholders can contact 1800 572 3860 during emergencies.

Lifestyle Benefits & Offers

• Free 1-year Lenskart Gold Membership worth Rs. 500.
• Free 6 months PharmEasy Plus Membership worth Rs. 399.
• ₹500 off on purchases of Rs. 899 or above on MYGLAMM.

Rewards Redemption Guide

• Reward Points can be redeemed using "Pay With Points" or through IDFC FIRST Rewards.
• Points can be redeemed against insurance premium payments and other online transactions.
• Redemption is also available at IDFC Rewards (www.firstrewards.com).

Card Review

The LIC IDFC Select Credit Card is highly recommended for LIC policyholders and individuals who prefer lifetime-free credit cards.

Pros

• Rewards LIC insurance spending with 10X Reward Points, which is highly beneficial given LIC's popularity and the often-high premiums.
• Offers multiple insurance coverages like Purchase Protection, Credit Shield, and Card Liability Cover, making it extremely safe.
• It is a lifetime-free credit card, eliminating annual fees.
• Provides a great reward rate on specific categories and attractive welcome benefits.
• Includes travel privileges such as free railway and domestic airport lounge access.

Cons

• The card is primarily focused on LIC spends and offers no specific benefits in areas like movies and dining.
• No reward points are awarded for non-LIC insurance payments.
• There is a monthly cap of 300 reward points for the 5X categories (Groceries, Utilities, Education, Railways, and Government spends).

Important Product Details

• Earn accelerated Reward Points for LIC spends.
• Enjoy free railway lounge access.
• Benefit from free domestic lounge access across airports in India.
• Multiple insurance covers are offered with this card, including Purchase Protection, Credit Shield, and Card Liability Cover.
• It is a lifetime-free credit card with no joining or annual fees.
• Offers a low-interest rate.
• Provides higher rewards on groceries, utilities, government, and railway spends.
• Includes exciting deals and benefits from popular brands like Lenskart, MYGLAMM, and Yatra.

Other Details

• This is a co-branded credit card launched by IDFC First Bank and LIC.
• It is designed for individuals with LIC policies.
• Road-Side Assistance is provided in association with Global Assure.
• It is important to review all features and benefits to determine if the card aligns with individual spending habits.