LIC Platinum Credit Card – Benefits, Fees & Eligibility

LIC Platinum Credit Card

Introduction

LIC Platinum Credit Card is a co-branded Visa card, launched in partnership with Axis Bank, designed to offer benefits without any joining or renewal fees. Cardholders earn 2 reward points for every Rs 100 spent on LIC premium payments and international transactions, and 1 reward point for every Rs 100 spent on other categories, excluding e-wallet loading, fuel, and EMI transactions. The card also provides valuable insurance benefits, including complimentary lost card liability cover, personal accident cover, and air accidental insurance. This entry-level card is best suited for individuals with limited credit backgrounds who can benefit from its zero fees and specific reward structure.

Welcome Benefits

• No welcome benefits are provided with this card.

Fees

• Joining Fee: Nil
• Renewal Fee: Nil
• Spend-Based Waiver: No spend-based waiver is offered.
• Rewards Redemption Fee: Rs 30 per redemption request.
• Foreign Currency Markup: 3.5% on the conversion amount for international transactions.
• Interest Rates: 3.6% per month (equivalent to 52.86% per annum).
• Fuel Surcharge: 1% fuel surcharge waiver on all transactions across all fuel stations in India.
  • Applicable for transactions between Rs 400 and Rs 4000.
  • Maximum surcharge waiver is capped at Rs 400 per month.
• Cash Advance Charges: 2.5% on the withdrawal amount, subject to a minimum of Rs 500.

Rewards

• Rewards Rate:
  • Earn 2 Reward Points for every Rs 100 spent on LIC premium payments.
  • Earn 2 Reward Points for every Rs 100 spent on international transactions.
  • Earn 1 Reward Point for every Rs 100 spent on other categories.
  • Exclusions: No reward points are earned on fuel transactions, e-wallet loading, and EMI transactions.
• Insurance Benefits:
  • Lost Card Liability cover up to the credit limit.
  • Personal accidental insurance cover worth Rs 3 Lakh.
  • Air accidental insurance cover worth Rs 1 Crore.

Rewards Redemption Guide

• Reward points accumulated on the LIC Platinum Credit Card can be redeemed against the LIC Reward catalog.
• Redemption options include gift coupons or e-vouchers from the reward catalog.
• The reward rate provided varies depending on the redemption choice through the LIC platinum reward catalog.

Card Review

• The LIC Platinum Credit Card is an entry-level card ideally suited for individuals with limited credit backgrounds.
• It stands out for charging zero joining and renewal fees, making it an accessible option.
• Pros:
  • No annual or joining fees.
  • Accelerated reward points on LIC premium payments and international spending.
  • Comprehensive insurance benefits including lost card liability, personal accident, and air accident cover.
  • Fuel surcharge waiver available.
  • Interest-free period of 50 days.
• Cons:
  • No welcome benefits.
  • Reward redemption fee of Rs 30 per request.
  • No specific benefits for movies, dining, travel, or lounge access.
  • No reward points on fuel, e-wallet loading, and EMI transactions.
  • High foreign currency markup of 3.5%.
  • High interest rate if dues are not paid on time.
• Overall Verdict: This card offers good value for those who frequently pay LIC premiums and make international transactions, especially given its zero annual fees and insurance coverage. It's a solid choice for building credit history without incurring recurring costs.

Important Product Details

• No annual fee is charged on LIC Platinum Credit Cards.
• 2 Reward Points are earned for every Rs 100 spent on LIC Premium Payments.
• 2 Reward Points are earned for every Rs 100 spent on International spends.
• 1 Reward Point is earned for every Rs 100 spent on all other categories (excluding fuel, e-wallet loading, and EMI transactions).
• Lost Card Liability cover is provided up to the credit limit.
• Personal accidental insurance cover is worth Rs 3 Lakh.
• Air accidental insurance cover is worth Rs 1 Crore.
• A 1% fuel surcharge waiver is applicable on fuel transactions between Rs 400 and Rs 4000, with a maximum waiver of Rs 400 per month.
• No spend-based waiver is offered.
• A Rewards Redemption Fee of Rs 30 applies per request.
• Foreign Currency Markup is 3.5% on the conversion amount.
• The monthly interest rate is 3.6% (52.86% per annum).
• Cash Advance Charges are 2.5% of the withdrawal amount, minimum Rs 500.
• An interest-free period of 50 days is available.
• Purchases can be converted into EMI transactions of 6, 12, or 24 months, provided the transaction value is more than Rs 2500.

Other Details

• This is a co-branded Visa card launched in partnership with Axis Bank.
• The card is best suited for shopping.
• An interest-free period of 50 days is available with the Axis Bank LIC Platinum Credit Card.
• Customers have the option to convert their purchases into EMI transactions (6, 12, and 24 months) if the transaction value is more than Rs 2500.
• The card has an overall rating of 4.3 out of 5 stars.