LIC Platinum EMV Credit Card – Benefits, Fees & Eligibility

Introduction

The LIC Platinum EMV Credit Card is a co-branded Visa card issued by LIC Cards Services Limited in collaboration with Corporation Bank. Positioned as an entry-level, lifetime-free card, it is best suited for shopping and everyday spending. Key differentiators include a temporary credit limit enhancement of up to 30% above the original limit, a revolving credit facility allowing flexible payment choices each billing cycle, and the VISA Bill Pay facility for utility payments to over 120 billers.

Welcome Benefits

• No joining or renewal fees; the card is lifetime-free.
• No specific welcome voucher or bonus points mentioned (Welcome Benefits: N/A).

Fees

• Joining Fee: Nil.
• Renewal Fee / Annual Fee: Nil.
• Spend-Based Waiver: Not applicable.
• Rewards Redemption Fee: ₹30 per redemption request.
• Foreign Currency Markup: Not applicable.
• Interest Rates: 3% per month (36% per annum) on revolving credit; 16% p.a. for EMI tenors less than 6 months and 18% p.a. for tenors more than 6 months on purchases converted to EMI.
• Fuel Surcharge: 2.5% fuel surcharge waiver on all fuel transactions across all petrol pumps in India.
• Cash Advance Charges: 2.5% on the withdrawal amount, subject to a minimum of ₹200.
• Other Charges: Cash withdrawal is limited to 10% of the assigned credit limit.

Rewards

• Earning Rate: 1 Reward Point for every ₹150 spent on eligible categories.
• Reward Value: 1 Reward Point = ₹0.50.
• Redemption Options: Points can be adjusted against the outstanding amount.
• Redemption Threshold: Minimum of 500 Reward Points required per redemption request.
• Redemption Deadline: Rewards points can be redeemed over and above 500 points before 30th June every year.
• Movies & Dining: Not applicable.
• Travel: Not applicable.
• Domestic Lounge Access: Not applicable.
• International Lounge Access: Not applicable.
• Golf: Not applicable.
• Insurance Benefits:
  • Personal Accident Insurance coverage.
  • Credit Shield coverage of up to ₹50,000 in case of permanent disability.
  • Purchase Protection of up to ₹50,000 for up to 60 days against accidental loss or damage.
• Lifestyle & Other Benefits:
  • VISA Bill Pay facility to pay utility bills and other services to over 120 billers.
  • Balance Transfer Facility to transfer balances from other bank credit cards (available only to the Primary Cardholder).
  • EMI conversion option for purchases of ₹2,500 and above into 6, 12, or 24 months EMIs (subject to one year of satisfactory account operations and terms).
  • Predefined Credit Limits facility allowing cardholders to set lower transaction limits; transactions beyond the self-set limit are declined (also applies to add-on cards).
  • Temporary Credit Limit Enhancement of up to 30% of the original limit, restored to the original limit in the next billing cycle.
  • Revolving Credit Facility with options to pay the Minimum Amount Due, any amount greater than the Minimum Amount Due, or the Total Amount Due.

Rewards Redemption Guide

• Redeem Reward Points against the card’s outstanding bill.
• A minimum of 500 Reward Points is required for each redemption request.
• Redemption requests can be submitted before 30th June each year to utilize points over and above 500.
• Each redemption request incurs a fee of ₹30.
• 1 Reward Point equals ₹0.50 in value when redeemed.

Card Eligibility Criteria

Eligibility Rules

• Applicant must be an Indian citizen; Foreign Nationals, NRIs, and PIOs are not eligible.
• Applicant must not be a minor or illiterate.
• Age Criteria:
  • Primary Cardholder: Minimum 18 years to Maximum 60 years.
  • Add-on Cardholder: Minimum 18 years to Maximum 65 years.
• Credit Score: 700 or above (as per general guidance in the summary).
• Income and Segment Criteria (for LIC-affiliated applicants):
  • LIC Employees, LIC Agents, and LIC Policyholders (Salaried, Self-Employed, and HNI/GC Segment) with specified minimum annual income and surrogated income limits.
  • Minimum income requirements vary by segment and card variant (Gold/Platinum), typically starting from ₹1.80 lakhs p.a. and higher for Platinum and HNI segments.
• Must hold a Permanent Account Number (PAN) issued by the Income Tax Department.

Documents Required

• KYC / Photo-Identity Proof: PAN Card is mandatory; alternate acceptable documents include Indian Passport, Driving Licence, Voter ID Card, Aadhar Card, Government/PSU/LIC/Bank photo ID, etc., within validity.
• Address Proof: Indian Passport, Ration Card, Driving Licence, Utility Bills (not older than 3 months), Bank Passbook with recent transactions, Rent/Lease Agreement, Aadhaar Card, Employer or LIC allotment letters, LIC Policy Bond or Premium Receipt, etc.
• Income Proof:
  • LIC Employees: Last 3 months’ salary slip, 3 months’ salary certificate, Form 16, or latest ITR.
  • LIC Agents: Form 16-A or latest ITR; Certified Agency Status Report in lieu of income proof for eligible Club Member Agents.
  • LIC Policyholders (Salaried): 3 months’ salary slip, Form 16, or latest ITR.
  • LIC Policyholders (Self-Employed): Latest ITR and last 6 months’ bank statement.
  • HNI (GC) Segment: Certified Status Reports or Premium Receipts; notional income calculated as Total Annual Non-single Premium × 10.
• Relationship Proof:
  • LIC Employees: LIC Identity Card or Employer’s Certificate.
  • LIC Agents: Certified Agency Status Report from LIC’s Database via eFEAP.
  • LIC Policyholders: Copy of LIC Policy Bond, Premium Receipt, or Policy Status Report.

Card Review

• Who Should Apply: Individuals seeking a no-fee entry-level credit card with basic rewards, flexible payment options, and simple utility bill payments. Existing LIC employees, agents, or policyholders may find eligibility and documentation easier.
• Pros:
  • Lifetime-free with zero joining and renewal fees.
  • Temporary credit limit enhancement up to 30%.
  • Revolving credit and flexible payment choices.
  • VISA Bill Pay for over 120 billers.
  • Balance transfer and EMI conversion options.
  • 2.5% fuel surcharge waiver.
  • Basic insurance covers (Personal Accident, Purchase Protection, Credit Shield).
• Cons:
  • Limited reward value (₹0.50 per point) and no accelerated or milestone rewards.
  • No specific movie, dining, travel, or lounge benefits.
  • EMI options require one year of satisfactory account operations.
  • Cash advance fees and interest rates are high.
• Value: Good for cost-conscious users who want a simple, fee-free card with basic conveniences, but not ideal for those seeking premium travel, shopping, or high-value rewards.

Important Product Details

• No joining or renewal fees; lifetime-free card.
• Predefined credit limits and facility to set lower self-imposed limits (also applies to add-on cards).
• Temporary credit limit enhancement up to 30% of the original limit.
• Revolving credit facility with Minimum Amount Due, partial, or full payment options.
• Balance transfer facility for primary cardholders.
• VISA Bill Pay facility for utility and service bill payments to over 120 billers.
• EMI conversion for purchases above ₹2,500 (6/12/24 months) after one year of satisfactory operations.
• 1 Reward Point per ₹150 spent; 1 point = ₹0.50; minimum 500 points per redemption.
• Personal Accident Insurance, Purchase Protection up to ₹50,000 (60 days), and Credit Shield up to ₹50,000 (permanent disability).
• 2.5% fuel surcharge waiver on fuel transactions across India.
• Cash withdrawal up to 10% of the limit; cash advance charge 2.5% (minimum ₹200).
• Interest on revolving credit: 3% per month (36% p.a.); EMI interest: 16% p.a. (<6 months) or 18% p.a. (>6 months).
• Billing date: 21st of every month; payment due date: 5th of every month.
• Card validity: 5 years; photo card with cardholder’s signature; maximum three add-on cards.

Other Details

• Terms and conditions apply to all facilities including EMI, balance transfer, credit limit enhancements, and insurance coverage.
• Income proof not clearly showing Net Annual Income may be treated as 80% of Gross Annual Income; for salaried individuals, 12 times the average monthly net income may be considered as annual net income.
• Handwritten salary slips accepted only for Government/PSU employees if signed and stamped by an authorized signatory.
• Electronically or web-based submitted ITRs are accepted.
• Self-employed ITRs must be in the individual’s name, not in the name of a company or firm.
• A multiplier factor of 10 is used for notional income calculation for the HNI (GC) segment.
• The card is issued by LIC Cards Services Limited; customer support, complaint tracking, and related banking services are provided through LIC and IDBI INTECH LTD. platforms.