LIC Signature Credit Card – Benefits, Fees & Eligibility

Introduction

The LIC Signature Credit Card, offered in partnership with Axis Bank, is an entry-level card designed to cater to the needs of first-time credit card users and help them build their credit history. This card provides reward points on both international and domestic transactions, with a focus on LIC premium payments. Beyond shopping benefits, it also includes travel advantages like complimentary domestic airport lounge access, and comprehensive insurance covers such as personal accident, air accident, purchase protection, and lost card protection. Cardholders can also benefit from a 1% fuel surcharge waiver on all fuel transactions and zero liability protection against lost or stolen cards.

Fees

• Joining Fee: Nil
• Renewal Fee: Nil
• Spend-Based Waiver: Not applicable, as there is no joining or renewal fee on this credit card.
• Rewards Redemption Fee: Rs. 30 + GST
• Foreign Currency Markup: 3.50%
• Interest Rates: 3.6% per month (52.86% per annum)
• Fuel Surcharge:
  • Avail a 1% fuel surcharge waiver at all petrol pumps in India.
  • Applicable on transactions between Rs. 400 and Rs. 4,000.
  • The maximum fuel surcharge benefit is capped at Rs. 400 per month.
• Cash Advance Charges: 2.5% or a minimum of Rs. 500

Rewards

• Rewards Rate:
  • Earn 2 reward points on every Rs. 100 spent on international transactions.
  • Earn 2 reward points on every Rs. 100 spent on LIC premium payments.
  • (Note: One section of the webpage mentions 2 reward points on every Rs. 150 on LIC premium payments and international transactions).
  • Earn 1 reward point on every Rs. 100 spent on all other categories.
  • Exclusions: Reward points are not earned on fuel transactions, wallet loads, and EMI transactions.
• Travel Benefits:
  • Domestic Lounge Access: Get 2 complimentary domestic lounge access visits per quarter.
  • International Lounge Access: Not applicable.
• Insurance Benefits:
  • Personal accident insurance cover up to Rs. 5 lakhs.
  • Air accident insurance cover up to Rs. 1 crore.
  • Purchase protection insurance cover up to Rs. 1 lakh.
  • Lost card insurance cover up to Rs. 5 lakhs.
  • Zero liability protection against lost/stolen cards.
• Fuel Surcharge Waiver:
  • A 1% fuel surcharge waiver is available for all fuel transactions across India.
  • Valid for transactions between Rs. 400 and Rs. 4,000.
  • The maximum waiver benefit is limited to Rs. 400 per month.
• Movie & Dining Benefits: Not applicable.
• Golf Benefits: Not applicable.

Rewards Redemption Guide

• Reward points can be redeemed using the LIC Credit Cards rewards catalog.
• You can redeem your accumulated reward points for a plethora of products, e-vouchers, and gift cards.
• To redeem reward points, you can contact customer care on 1800-419-0064.

Card Eligibility Criteria

• Age: The applicant must be between 18 and 60 years of age.
• Income: The applicant must have a minimum net income of Rs. 15 lakhs.
• Citizenship: The applicant must be a citizen of India or an NRI.

Documents Required

• Identity Proof: Any one of the following: Aadhar Card, Driving Licence, Passport, PAN Card, Voter ID.
• Residential Proof: Any one of the following: Passport, Aadhar Card, Driving Licence, Voter ID.
• Copy of PAN Card.
• Colored photograph.
• Income Proof: Latest salary slips, latest bank statements, ITR, or Form 16.

Card Review

The LIC Signature Credit Card is an entry-level credit card with a zero annual fee and a decent reward rate, making it suitable for first-time credit card users looking to build their credit history. It offers valuable benefits primarily in shopping and insurance. Cardholders can leverage its rewards on LIC premium payments and international spending, alongside significant insurance covers for personal accidents, air accidents, purchase protection, and lost cards. Additionally, it provides practical perks like complimentary domestic airport lounge access and a fuel surcharge waiver. While it lacks welcome, movie, dining, international lounge, golf, or milestone benefits, its core offerings make it a strong contender for those prioritizing basic rewards, security, and travel convenience without incurring annual fees.

Important Product Details

• Positive Highlights:
  • Nil Joining Fee.
  • Nil Renewal Fee.
  • Earn 2 reward points on every Rs. 100 spent on international transactions and LIC premium payments.
  • Earn 1 reward point on every Rs. 100 spent on all other categories (excluding fuel, wallet load, EMI).
  • 2 complimentary domestic lounge access per quarter.
  • Comprehensive insurance cover: personal accident up to Rs. 5 lakhs, air accident up to Rs. 1 crore, purchase protection up to Rs. 1 lakh, and lost card insurance up to Rs. 5 lakhs.
  • 1% fuel surcharge waiver (max Rs. 400 per month) on transactions between Rs. 400 - Rs. 4,000.
  • Provides zero liability protection against lost/stolen cards.
  • Good for building credit history for first-time users.
• Negative Highlights:
  • No Welcome Benefits.
  • No Movie & Dining benefits.
  • No International Lounge Access.
  • No Golf benefits.
  • No Milestone benefits.
  • Rewards Redemption Fee of Rs. 30 + GST.
  • High Foreign Currency Markup of 3.50%.
  • High Interest Rate of 3.6% per month (52.86% per annum).
  • Cash Advance Charges of 2.5% or a minimum of Rs. 500.

Other Details

• Best Suited For: Shopping.
• Reward Type: Not applicable.
• Overall Rating: 4.5/5.