LIC Platinum Credit Card – Benefits, Fees & Eligibility

Introduction

• The LIC Axis Bank Platinum Credit Card is a co-branded Visa card issued by LIC Cards Services Limited in partnership with Axis Bank.
• It is positioned as an entry-level card with zero joining and renewal fees, best suited for individuals with limited credit backgrounds.
• Top differentiating benefits include a powerful Plus Points rewards program with elevated rates on LIC premium payments and international spends, a 1% fuel surcharge waiver, and complimentary insurance covers including lost card liability, personal accident, and air accidental insurance.

Welcome Benefits

• No joining fee or renewal fee.
• No explicit welcome voucher or bonus points mentioned; Welcome Benefits are listed as NA.

Fees

• Joining Fee: Nil.
• Renewal Fee / Annual Fee: Nil.
• Spend-Based Waiver: Not applicable.
• Rewards Redemption Fee: ₹30 per redemption request.
• Foreign Currency Markup: 3.5% on the conversion amount.
• Interest Rates: 3.6% per month (52.86% per annum).
• Fuel Surcharge Waiver: 1% fuel surcharge waiver on fuel transactions between ₹400 and ₹4000 across all fuel stations in India (maximum benefit up to ₹400 per month).
• Cash Advance Charges: 2.5% on the withdrawal amount, subject to a minimum of ₹500.

Rewards

Movies & Dining

• Not applicable.

Travel

• Not applicable.

Domestic Lounge Access

• Not applicable.

International Lounge Access

• Not applicable.

Golf

• Not applicable.

Insurance

• Complimentary lost card liability insurance cover up to the card’s credit limit (also specified as up to ₹50,000 in one table).
• Personal accidental insurance cover worth ₹3 lakh.
• Air accidental insurance cover worth ₹1 crore.

Lifestyle & Other Rewards

• Plus Points Rewards Programme:
  • 2 Reward Points for every ₹100 spent on LIC premium payments and international spends.
  • 1 Reward Point for every ₹100 spent on all other eligible categories, except fuel, wallet load, EMI transactions, utilities, government services, education services, rent, and cash advances.
• Redemption is against the LIC Card Reward Catalogue as per applicable conversion rates.

Additional Benefits

• 1% fuel surcharge waiver for transactions between ₹400 and ₹4000 across all fuel stations in India (maximum waiver subject to ₹400 per month).
• Facility to convert purchases into EMI transactions for 6, 12, and 24 months for transactions above ₹2500.
• Interest-free credit period of up to 50 days.
• Add-on cards: Up to 3.
• Cash withdrawal facility: Available.

Rewards Redemption Guide

• Reward points can be redeemed against the LIC Reward Catalogue or reward catalog as per the applicable conversion rates.
• A redemption request incurs a fee of ₹30 per request.
• Points can be redeemed for gift coupons or e-vouchers available in the catalog.

Card Eligibility Criteria

• Eligibility Rules:
  • Primary cardholder must be between 18 and 70 years of age.
  • Applicant must be a Resident of India or a Non-Resident Indian.
  • Final approval is at the bank’s discretion and subject to their internal policies.
• Documents Required:
  • PAN card photocopy or Form 60.
  • Colour photograph.
  • Proof of income (latest pay slip / bank statement / Form 16 / IT return copy).
  • Residence proof (any one): Passport, Driving License, Voter ID Card, or Aadhaar card.
  • Identity proof (any one): Passport, Driving License, Voter ID Card, Aadhaar card, or PAN card.
  • Note: Document requirements may vary on a case-to-case basis.

Card Review

• Who should apply: Individuals new to credit or with a limited credit history looking for a no-fee card that offers solid reward rates on LIC premium payments and international spends, along with useful insurance coverage and fuel surcharge waivers.
• Pros:
  • Zero joining and annual fees.
  • Attractive reward points on LIC premiums and international transactions.
  • Comprehensive insurance covers (lost card liability, personal accident, air accidental).
  • Fuel surcharge waiver with a high monthly cap.
  • EMI conversion option and up to 50 days interest-free period.
• Cons:
  • No explicit welcome bonus.
  • Rewards redemption incurs a fee.
  • Higher foreign currency markup and cash advance charges compared to some premium cards.
• Value: Strong value for LIC policyholders and frequent international spenders seeking a simple, fee-free card with insurance benefits.

Important Product Details

• Positive Highlights:
  • Nil joining and renewal fees.
  • 2 Reward Points per ₹100 on LIC premium payments and international spends.
  • 1 Reward Point per ₹100 on other eligible categories.
  • Lost card liability cover up to credit limit (also specified as up to ₹50,000).
  • Personal accidental insurance of ₹3 lakh and air accidental insurance of ₹1 crore.
  • 1% fuel surcharge waiver (transactions ₹400-₹4000; max ₹400/month).
  • EMI conversion available for transactions above ₹2500 (6/12/24 months).
  • Up to 50 days interest-free credit period.
  • Add-on cards (up to 3) and cash withdrawal facility available.
• Negative Highlights:
  • Rewards redemption fee of ₹30 per request.
  • Foreign currency markup of 3.5%.
  • Cash advance charge of 2.5% (minimum ₹500).
  • High interest rate of 3.6% per month (52.86% per annum).
  • No movie, dining, travel, or lounge benefits.

Other Details

• The card is a co-branded Visa card issued by LIC Cards Services Limited in partnership with Axis Bank.
• Application forms and scheme documents (CSM, CCSA, SR) are available for download on the website.
• The bank provides links to area manager contacts, credit rating improvement guides, notices & tenders, and important terms and conditions.
• Terms and conditions, including detailed reward catalog conversion rates and insurance terms, apply; users are advised to review the TnC documents before applying.