LIC Titanium Credit Card – Benefits, Fees & Eligibility

LIC Titanium Credit Card

LIC Titanium credit card is a co-branded card issued by LIC in collaboration with Axis Bank. It is a no annual fee card that offers exciting rewards based on your spending. Cardholders earn up to 2 reward points per Rs 100 spent on LIC premium payments and international spendings, and 1 reward point on other categories. The card also provides several other benefits such as lost card liability cover and a fuel surcharge waiver.

Welcome Benefits

• No welcome bonus is offered with this card.

Fees

• Joining Fee: Nil
• Renewal Fee: Nil
• Spend-Based Waiver: Not applicable
• Rewards Redemption Fee: Rs 30
• Foreign Currency Markup: 3.5% on the conversion amount
• Interest Rates: 52.86% per annum
• Fuel Surcharge: 1% surcharge waiver on fuel transactions between Rs 400 to Rs 4000 at all fuel stations across India.
• Cash Advance Charges: 2.5% on the withdrawal amount, subject to a minimum of Rs 500.
• Add-on Card Fee: No fee is charged on the first add-on card. A fee is charged on every additional card issued (maximum of 3 add-on cards can be availed).

Rewards

• Rewards Rate:
  • 2 Reward Points per Rs 100 spent on LIC premium payments.
  • 2 Reward Points per Rs 100 spent on international spendings.
  • 1 Reward Point per Rs 100 spent on other categories.
• Movie & Dining: Not applicable
• Travel: Not applicable
• Domestic Lounge Access: Not applicable
• International Lounge Access: Not applicable
• Golf: Not applicable
• Insurance Benefits: Not applicable (Note: Lost Card Liability is covered separately).
• Other Benefits:
  • Lost Card Liability cover up to the credit limit.
  • 1% fuel surcharge waiver on fuel transactions between Rs 400 and Rs 4000 at all fuel stations across India.
  • No annual fee or renewal fee.
  • Purchases can be converted into EMI transactions of 6, 12, and 24 months. The transaction value must be more than Rs 2500.

Rewards Redemption Guide

• Reward points accumulated on your LIC Titanium credit card can be redeemed against the LIC reward catalog.
• A redemption fee of Rs 30 is charged.

Card Eligibility Criteria

• Eligibility Rules:
  • Applicant should be an Indian Resident.
  • Applicant should be between 18 years to 70 years of age.
  • Applicant can be either a self-employed or salaried employee.
  • The applicant shall have a credit score of 700 or above.
• Documents Required:
  • Address Proof: Aadhar card, Voter ID, Passport
  • Income Proof: Bank Statement or salary slip of last 3 months, last 2 years’ audited financial report
  • Identity Proof: Aadhar Card, Driving License, Voter ID

Card Review

The LIC Titanium card is a great choice for customers looking for an affordable card that helps them earn reward points on their spendings. It offers 1 reward point on every Rs 100 spent, with bonus reward points on LIC premium payments and international spending. However, a drawback is the limited redemption options available for reward points.

Important Product Details

• Positive Highlights:
  • No annual or renewal fee.
  • Earn 2 Reward Points for every Rs 100 spent on LIC premium payments and international transactions.
  • Earn 1 Reward Point for every Rs 100 spent on all other categories.
  • Lost Card Liability cover up to the credit limit.
  • 1% fuel surcharge waiver on transactions between Rs 400 and Rs 4000.
  • Option to convert purchases exceeding Rs 2500 into EMIs of 6, 12, or 24 months.
  • No fee charged on the first add-on card.
• Negative Highlights:
  • No welcome bonus benefits.
  • Limited redemption options for reward points.
  • A redemption fee of Rs 30 is charged for reward point redemption.
  • High foreign currency markup of 3.5%.
  • Very high interest rate of 52.86% per annum.
  • Cash advance charges apply (2.5% of withdrawal amount, minimum Rs 500).
  • Lack of specific benefits for popular categories like movies, dining, travel, or lounge access.

Other Details

• Maximum of up to 3 add-on cards can be availed with the LIC Titanium credit card.