LIC Platinum EMV Credit Card – Benefits, Fees & Eligibility

LIC Platinum EMV Credit Card

Introduction

The LIC Platinum EMV Credit Card is a co-branded Visa card launched in collaboration with Corporation Bank. It stands out by offering a temporary credit limit enhancement, allowing cardholders to request an increase of up to 30% on their original limit when needed. This card provides a revolving credit facility, giving users flexibility in their payment options each billing cycle. A key highlight is that it comes with zero joining fees, zero annual fees, and zero renewal fees, making it a lifetime-free card. Cardholders also earn 1 Reward Point for every ₹150 spent and benefit from a balance transfer option for efficient debt management. Additionally, the VISA Bill Pay facility simplifies utility bill payments to over 120 billers.

Welcome Benefits

• No specific welcome benefits are mentioned.

Fees

• Joining Fee: Nil
• Renewal Fee: Nil
• Rewards Redemption Fee: ₹30 per redemption request
• Foreign Currency Markup: Not applicable
• Interest Rates:
  • Revolving Credit: 3.00% per month (Annualized 36%)
  • Equated Monthly Installment (EMI) Payments:
    • 16% per annum for tenors less than 6 months.
    • 18% per annum for tenors more than 6 months.
• Fuel Surcharge: 2.5% fuel surcharge waiver on all fuel transactions across all petrol pumps.
• Cash Advance Charges: 2.5% on the withdrawal amount, subject to a minimum of ₹200.

Rewards

• Rewards Rate: 1 Reward Point for every ₹150 spent on eligible categories.
• Reward Value: 1 Reward Point = ₹0.50.
• Movies & Dining: No specific benefits mentioned.
• Travel: No specific benefits mentioned.
• Domestic Lounge Access: No specific benefits mentioned.
• International Lounge Access: No specific benefits mentioned.
• Golf: No specific benefits mentioned.
• Insurance Benefits:
  • Personal Accident Insurance coverage.
  • Credit Shield of up to ₹50,000 in case of Permanent Disability (subject to terms and conditions).
  • Purchase Protection of up to ₹50,000 for up to 60 days, covering purchases against accidental loss or damage.
• Lifestyle:
  • EMI Conversion: Option to convert any purchase transaction of value equal to or more than ₹2,500 into Equated Monthly Installments (EMI) of 6, 12, or 24 months. This facility is provided only after one year of satisfactory operations in the credit card account.
  • VISA Bill Pay Facility: Facility for paying utility bills and other services through http://www.visabillpay.in/, with access to over 120 billers.

Rewards Redemption Guide

• Reward Points are adjustable against outstanding amounts.
• Redemption requests can be made before June 30th every year.
• A minimum of 500 Reward Points are required for redemption.

Card Eligibility Criteria

Age Criteria

• Primary Cardholder:
  • Minimum Age: 18 years
  • Maximum Age: 60 years
• Add-on Cardholder:
  • Minimum Age: 18 years
  • Maximum Age: 65 years

General Eligibility

• Must be an Indian citizen. Foreign Nationals, NRIs & PIOs are not eligible to apply.
• Must not be a minor or illiterate person.
• Must have a Permanent Account Number (PAN) issued by the Income Tax Department.
• Credit Score: The applicant shall have a credit score of 700 or above.

Segment-Specific Eligibility

• LIC Employee: Confirmed employees of LIC / Group Companies with SR No.
• LIC Agents: Club Member Agents of LIC of India (Corporate Club, CM Club, MDRT, ZM Club, DM Club & BM Club) with in-force agency status.
• LIC Policy Holders (Salaried and Self-Employed Segment): Must have at least one In-force or Fully Paid-up Non-Single Premium LIC Policy which must have completed at least 3 years from the Date of commencement of the Policy till Date of Application.
• HNI Segment (GC): Must have one or more Non-single premium policies through which Yearly Total premium of ₹30,000/- or more has been paid for the last 3 consecutive years, and all such policies are In-force or Fully paid-up as on the Date of Application.

Income Criteria for Platinum Card

• LIC/Group Company Employees: Minimum ₹1.80 Lakhs per annum. Limit: > ₹30,000.
• LIC Agents: Surrogated Income. Limit: > ₹30,000.
• LIC Policy Holders Salaried: Minimum ₹3.00 Lakhs per annum.
• LIC Policy Holders Self Employed: Minimum ₹3.00 Lakhs per annum.
• LIC Policyholders - HNI (GC) Segment: Surrogated Income. Limit: > ₹3,000.

Documents Required

The requirements can be broadly classified into KYC Requirements, Income or Income-surrogated Documents, and Relationship with LIC proof.

• Photo-Identity Proof:
  • Copy of PAN Card is a mandatory document.
  • In exceptional cases where PAN No. is available but the PAN Card is not, one of the following may be submitted as an alternate ID Proof: Indian Passport, Driving Licence, Voter ID Card, Aadhaar Card, Employment - ID card with photo issued by Government or PSUs, Ration Card with Photo, Copy of Bank Passbook with Photograph issued by nationalized Banks, IRDA Licence with photo, LIC/Group Companies' ID Card.
  • Any document submitted as part of KYC must be within the validity period; no expired documents will be accepted.
• Address Proof:
  • Indian Passport, Ration Card, Driving Licence, Utility Bills (Electricity, Telephone, Gas, Water, Postpaid Mobile, House Maintenance Bills - payment date must not be more than 3 months old as on the date of Application).
  • Bank Passbook (at least one customer-induced transaction during the last 3 months).
  • Rent Agreement, Lease Agreement, Aadhaar Card.
  • Government / PSUs / LIC / Bank issued Staff Quarter Allotment Letter.
  • Official Identity Card containing Residential Address (in case of Government, PSUs, Employees of LIC & Group Companies and Banks only).
  • LIC Policy Bond, LIC Premium Receipt or Policy Status Report (if current residence address is mentioned).
  • Employer's Certificate in prescribed proforma (in case of LIC Employees only).
  • Certified Agency Status Report extracted from LIC's Database through eFEAP Program (in case of LIC Agents only).
• Income Proof:
  • LIC Employees: Income proof is mandatory (no surrogated documents allowed). Can be one of the following:
    • Last 3 months' Salary Slip or 3 months' Salary Certificate issued from Salary Module of Branch eFEAP Program.
    • Form 16 of the Current Assessment Year.
    • Latest submitted ITR.
  • LIC Agents:
    • Income Documents: One of the following two documents: Form 16-A of the Current Assessment Year (immediately preceding FY) or Latest submitted ITR.
    • Income-Surrogated Documents: No separate Income Proof is mandatory. All eligible Clubmember Agents are to submit a Certified Agency Status Report showing the Club Membership Status in lieu of Income Proof.
  • LIC Policyholders - Salaried Segment: One of the following documents:
    • Three months' Salary Slip or Three months' Salary Certificate.
    • Form 16 of the Current Assessment Year (immediately preceding FY).
    • Latest submitted ITR.
  • LIC Policyholders - Self Employed Segment: Both the following documents are required:
    • Latest submitted ITR.
    • Last 6 months Bank Statement.
  • LIC Policyholders - HNI Segment (GC): No separate Income Proof is mandatory. All eligible policies (Non-single premium, In-force/Fully Paid-Up, 3 Years or more duration) Certified Status Reports or Premium Receipts are to be submitted in lieu of Income Proof. A multiplier factor of 10 will be used to arrive at the Notional Income for this segment (Total Annual Non-single Premium X 10 = Notional Net Annual Income). However, depending on eligibility, Income Proof as mentioned above may additionally be submitted. In case additional income proof is submitted, the higher of the actual income & notional income shall be considered while determining the Net Annual Income.
  • General Notes on Income Proof:
    • If income proof does not clearly show Net Annual Income, then 80% of the gross income shall be treated as Net Annual Income (e.g., Form 16, Form-16A, ITR).
    • In case of Salary Slip, 12 times the Average Monthly Net Income shall be considered as Annual Net Income.
    • Handwritten Salary Slip shall be accepted only in case of Government/PSU Employees and must be signed & stamped by an Authorized Signatory.
    • For self-employed, ITR should be in the name of the individual and not in the name of the company/firm.
    • Electronically/web-based submitted ITR shall also be accepted.
• Relationship Proof:
  • LIC Employees: One of the following documents to be submitted: Identity Card Issued by LIC of India/Group Companies OR Employer's Certificate in prescribed proforma.
  • LIC Agents: Certified Agency Status Report extracted from LIC's Database through eFEAP Program.
  • LIC Policyholders: One of the following documents to be submitted: Copy of LIC Policy Bond, LIC Premium Receipt, or Policy Status Report.

Card Review

The LIC Platinum EMV Credit Card is a great entry-level option, primarily due to its lifetime-free status with zero joining and renewal fees. This makes it particularly appealing for individuals seeking a basic yet functional credit card without recurring costs. A significant advantage is the temporary credit limit enhancement of up to 30% and the convenient VISA Bill Pay facility for managing utility payments. It also offers good insurance benefits, including personal accident, purchase protection, and credit shield cover, along with an EMI conversion option for larger purchases.

However, the card lacks additional perks for specific categories like shopping or travel, and does not provide accelerated rewards or milestone benefits, which might be a downside for users seeking more premium features. While it offers a reward rate of ₹0.50 per point, the redemption options are somewhat limited as they are primarily adjustable against outstanding bills. There are no Forex Markup fees with this card, which is a positive. Overall, it's well-suited for those affiliated with LIC (employees, agents, policyholders) looking for a straightforward, no-fee credit card with essential features and insurance coverage, but not for heavy spenders or those seeking extensive lifestyle benefits.

Pros

• Lifetime-free card with no joining or renewal fees.
• Temporary credit limit enhancement up to 30%.
• VISA Bill Pay facility for utility payments to over 120 billers.
• Includes personal accident insurance coverage.
• Provides purchase protection cover of ₹50,000 for up to 60 days.
• Credit liability coverage (Credit Shield) of ₹50,000 in case of permanent disability.
• Balance transfer facility available for primary cardholders.
• EMI conversion options for purchases over ₹2,500.
• 2.5% fuel surcharge waiver on all fuel transactions.

Cons

• No additional perks or accelerated rewards for shopping or travel.
• Limited reward redemption options, primarily against outstanding bills.
• Does not offer accelerated rewards or milestone benefits.

Important Product Details

• Card Validity: 5 years.
• Card Type: Photo Card with the Signature of the Cardholder.
• Add-on Cards: Maximum of three add-on cards allowed.
• Cash Withdrawal: Up to 10% of the credit limit.
• Interest-Free Credit Period: Minimum 15 days to maximum 45 days.
• Billing Date: 21st of every month.
• Payment Due Date: 5th of every month.
• Credit Limit Flexibility: Cardholders can fix credit limits less than the assigned limit; transactions beyond the cardholder-specified limit would be declined. This facility is also applicable on add-on cards issued against the account. Predefined limits can be changed on request and will be effective from the next billing cycle.
• Temporary Credit Limit Enhancement: Cardholders can request a temporary enhancement in their credit limits up to 30% of the original credit limit. The temporary credit limit would be restored to the original credit limit during the next billing cycle.
• Revolving Credit Facility: Cardholders have the option to make one of the following payments upon receiving their credit card statement:
  • Payment of the Minimum Amount Due and carry forward the balance to the next billing cycle.
  • Payment of any amount greater than the Minimum Amount Due and less than the total amount due.
  • Payment of the total amount due (total amount outstanding).
• Balance Transfer Facility: The primary cardholder has the option to transfer balances from other bank credit cards to their LIC Platinum EMV Credit Card account.
• Equated Monthly Installment (EMI) Payments: Cardholders have the option to convert any purchase transactions made using the card for value equal to or more than ₹2,500 into EMIs of 6, 12, or 24 months. Interest rates apply (16% p.a. for <6 months, 18% p.a. for >6 months). This facility is provided only after one year of satisfactory operations in the credit card account.

Other Details

• Co-branded Partner: Corporation Bank
• Card Scheme: Visa