LIC Credit Card: Lic of India the world number 1 insurance company has just come in to credit card business along with its channel partner Corporation Bank. LIC of India has more than 1 million agents and 2048 branches in India to sell its LIC Policy and and other products like LIC credit card etc.
Life Insurance Corporation of India will enter into a joint venture to launch its credit card business. Life Insurance Corporation of India (LIC), LIC Card Services – A Credit Card company will be setup in compliance with RBI regulations.
LIC Credit Cards Services: Various Cards of LIC
| Gold Card: A card that brings sheer surprises your way – know more & apply | Platinum Card: A card that is as rare as you – Know more & apply |
| Titanium Card: A card that is perfect for rewarding journeys – Know more & apply | Signature Card: A card that offers you a world of unparalleled privileges – know more & apply |
Documents & Eligibility
Mentioned below are the detailed document and eligibility criteria for LIC Credit Cards.
| Card Type | Income Criteria |
|---|---|
| Signature Credit Card | Net Salary Requirement – Rs. 15 Lakh per annum.
Salary Slip of Rs.1.25 Lakh gross salary |
| Platinum Credit Card | Net Salary Requirement – Rs. 5 Lakh per annum.
Salary Slip of Rs.42,000 gross salary |
| Titanium Credit Card | Net Salary Requirement – Rs. 3Lakh per annum.
Salary Slip of Rs.25,000 gross salary |
| Gold Credit Card | Net Salary Requirement – Rs. 1.8 Lakh per annum.
Salary Slip of Rs.15,000 gross salary |
Schedule of Charges
| Particular |
Signature Card |
Platinum Card |
Titanium Card |
Gold Card |
|---|---|---|---|---|
| Standard Annual Fee | Nil | Nil | Nil | Nil |
| Standard Add-on Card Joining Fee | Nil | Nil | Nil | Nil |
| Standard Add-on Card Annual Fee | Nil | Nil | Nil | Nil |
| Finance Charges (Retail Purchases & Cash) | 3.25% per month (46.78% per annum) | 3.25% per month (46.78% per annum) | 3.25% per month (46.78% per annum) | 3.25% per month (46.78% per annum) |
| Cash Withdrawal Fees | 2.5% (Min. Rs 250) of the Cash Amount | 2.5% (Min. Rs 250) of the Cash Amount | 2.5% (Min. Rs 250) of the Cash Amount | 2.5% (Min. Rs 250) of the Cash Amount |
| Card Replacement (lost or stolen or re-issue) | Waived | Waived | Waived | Waived |
| Emergency Card Replacement Fee when overseas (through VISA) | As per VISA Global Customer Assistance Services (GCAS). | As per VISA Global Customer Assistance Services (GCAS). | As per VISA Global Customer Assistance Services (GCAS). | As per VISA Global Customer Assistance Services (GCAS). |
| Duplicate Statement Fee | Waived | Waived | Waived | Waived |
| Overdue Penalty or Late Payment Fee | Late Payment Fee is linked to total amount due on card account i.e. Rs. 300 if Total Payment Due is up to Rs. 2000, Rs. 400 if Total Payment Due is between Rs. 2001 – Rs. 5000 & Rs. 600 if Total Payment Due is Rs. 5001 or more | Late Payment Fee is linked to total amount due on card account i.e. Rs. 300 if Total Payment Due is up to Rs. 2000, Rs. 400 if Total Payment Due is between Rs. 2001 – Rs. 5000 & Rs. 600 if Total Payment Due is Rs. 5001 or more | Late Payment Fee is linked to total amount due on card account i.e. Rs. 300 if Total Payment Due is up to Rs. 2000, Rs. 400 if Total Payment Due is between Rs. 2001 – Rs. 5000 & Rs. 600 if Total Payment Due is Rs. 5001 or more | Late Payment Fee is linked to total amount due on card account i.e. Rs. 300 if Total Payment Due is up to Rs. 2000, Rs. 400 if Total Payment Due is between Rs. 2001 – Rs. 5000 & Rs. 600 if Total Payment Due is Rs. 5001 or more |
| Over Limit Penalty | 3% of the over limit amount (Min. Rs 500) | 3% of the over limit amount (Min. Rs 500) | 3% of the over limit amount (Min. Rs 500) | 3% of the over limit amount (Min. Rs 500) |
| Charge slip Retrieval Fee or Copy Request Fee | Waived | Waived | Waived | Waived |
| Outstation Cheque Fee | Waived | Waived | Waived | Waived |
| Cheque return or dishonor Fee or Auto debit Reversal Bank A/c out of Funds | Rs 300 | Rs 300 | Rs 300 | Rs 300 |
| Surcharge on purchase or cancellation of Railway Tickets | As prescribed by IRCTC/Indian Railways | As prescribed by IRCTC/Indian Railways | As prescribed by IRCTC/Indian Railways | As prescribed by IRCTC/Indian Railways |
| Fuel Transaction Surcharge | Waived (For fuel transaction between Rs 400 and Rs 4000) | Waived (For fuel transaction between Rs 400 and Rs 4000) | Waived (For fuel transaction between Rs 400 and Rs 4000) | 2.5% or Rs 10 whichever is higher |
| Foreign Currency Transaction Fee | 3.50% of the transaction value | 3.50% of the transaction value | 3.50% of the transaction value | 3.50% of the transaction value |
| Transaction Alert Charges | Waived | Waived | Waived | Waived |
| Hot listing Charges | Nil | Nil | Nil | Nil |
| Balance Enquiry Charges | Waived | Waived | Waived | Waived |
| PlusPoint Redemption Fee | Rs. 30 per request | Rs. 30 per request | Rs. 30 per request | Rs. 30 per request |
| Balance Transfer – Interest rates and Charges | Plan 1 – 0% interest rate for 3 months and 2.95% interest after 3 months with 2% processing fee or Rs. 199 (whichever is higher) | |||
| Plan 2- 0.75% interest rate for 6 months and 2.95% interest after 3 months with 1% processing fee or Rs. 100 (whichever is higher) | ||||
| Dial-an-EMI – Interest rates and Charges | 1.5% interest rate for 3, 6, 12 and 24 months EMI Tenure with 1.5% processing fee or Rs. 150 (whichever is higher) | |||
Know More and Apply other Products By LIC
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