LIC Signature Credit Cards:
This card is presented by partnership between the LIC Cards Services limited (LIC CSL) and Axis Bank Ltd. The LIC Cards Services limited came into existence on 11th Nov, 2008 as a 100% subsidiary of LIC to bring out their own range of credit cards. There are mainly 3 variants of card that it offers which are LIC Platinum credit cards, LIC Signature credit cards and LIC Titanium credit cards.
So, in this article Let us delve yourself into LIC Signature Credit card.
A card that makes you capture the essence of a premium lifestyle that brings unparalleled range of world class privileges. Apart, from being a lifetime free credit card, customers have opportunity to enjoy numerous reward program benefit, insurance cover, travel, golf, shopping vouchers, fund transfer, and what not!.
LIC Signature credit cards Benefits:
Powerful Plus Points Reward System Program:
1)2 Reward points for every Rs.100/- spent on foreign currency and LIC Premium Payments.
2)1 Reward Points for every Rs.100/- spent on all other categories except fuel, wallet load and EMI transactions.
LIC Signature credit cards Insurance Cover:
- Complimentary Lost card liability insurance cover up to Rs.50, 00, 00/-.
- Rs.5/- lakh Personal Accident Cover and Rs 1/-crore Air Accidental Insurance.
- Purchase protection cover of up to Rs.10, 00, 00/-.
LIC Signature credit cards Fuel surcharge waiver:
1 % fuel surcharge waiver at all fuel pumps across India, for transactions between Rs.400/- and Rs.4000/-. Maximum benefit of Rs.400/- p.m.
LIC Signature credit cards Airport Lounge access:
Complimentary lounge access in all participating lounges within India.
LIC Signature credit cards Fees:
| Joining Fees | Nil |
| Annual fees | Nil |
| Interest free credit period | Up to 50 days |
| Finance Charges | 3.25% |
| Cash Withdrawal fee | 2.5% of the cash limit, minimum of Rs.250/- |
| Add-on card fee | Nil |
| Card Replacement fee | Nil |
| Plus Points –Accrual | 1 Plus point for every Rs.100/- spent |
| Add-on cards allowed | Up to 3 |
| Multiple Reward points | Double reward points on international spends and LIC Premium Payment |
| Plus Points – Redemption | As per conversion rate in Axis Bank Plus point Catalogue |
| Late Payment fees | Rs.300/- = Nil Rs.301/- to Rs.500/- = Rs.100/- Rs 501/- to Rs1000/- = Rs 500/- Rs.1001/- to Rs.10,000 = Rs750/- Rs10,001/- to Rs.25,000= Rs.950/- Rs.25,001/- to Rs.50,000 = Rs.1000/- More than Rs 50,000 = Rs 12,00/- |
| Foreign currency transaction fees | 3.5% of the transaction amount |
LIC Signature credit cards Eligibility:
- The applicant must have a net income of Rs 15,00,00,0/- p.a. or above
- The card can be procured at 28 cities of India.
LIC Signature credit cards Documents:
- Must be able to produce salary slip of Rs.1.25/-lakh gross salary.
- Documents needed for ID Proof = PAN card, Passport, Voter-id Card, Aadhaar Card, Driving License Etc required.
- Address Proof = Electricity, water, telephone bills or Aadhaar Card.
- Income Proof = Latest Copy of Bank Statement and credit card statement.
- Salary slip/ Form 16.
LIC Signature credit cards FAQs:
- What are the different offline payment options for the credit card customers?
The below mentioned services can be utilized
. Draft
. Cheque
. Cash payments.
- What are the different offline payment options for the credit card customers?
The below mentioned services can be utilized
. Visa Money Transfer
. NEFT Payments
. Online payments from other bank accounts.
. Axis Mobile application
. LIC cards Website.
- What is the EMI facility with this card?
The name of the EMI facility is Hello-EMI. Here, customers do not need to pay the entire amount while making big transactions; one can opt for paying back in easy EMI.
Also users can enjoy reduced interest rates than the revolving interest rates. One can convert the transaction into EMI at just 1.5% p.m. at monthly reducing balance.
4) What is the facility store in HELLO-EMI?
Here, user’s get option of converting the transactions of Rs.2500/- or more into 3,6,12 or 24 month’s EMI.
Where EMI per Rs.1000/- for each of these tenors is given below—
| Tenor Option | Monthly Installments per Rs. 1000/- |
| 3 month | Rs.343.38 |
| 6 month | Rs175.53 |
| 12 month | Rs.91.68 |
| 24 month | Rs.49.92 |
A onetime processing fee of 1.5% or Rs.150, whichever is higher will be charged to the credit card account on the rate of conversion.
- What is the process of conversion of the transactions made into EMI?
1. A purchase of minimum of Rs.25, 00 must be done via the credit card
2. The purchase can be converted to EMI either offline or online within 20 days of making the purchase.
3. One can call for support at the credit card customer care
18004190064
4. Choose the tenor option
5. The EMIs will be charged To the credit card account.
6. EMIs are calculated at an interest rate of only 1.5% p.m. on monthly reducing balance.
7. A time processing fee of Rs. 150/- or 1.5% of the transaction amount, will be charged for conversion.