LIC Signature Credit Card Review

LIC Signature Credit Card

What is the LIC Signature Credit Card?

**Disclaimer: LIC Credit Card is not a Finserv MARKETS partner product. Offers would be from partner Banks/NBFCs only

 

The Life Insurance Corporation of India (LIC) in addition to offering life insurance services is also into providing credit card services. This is done through its subsidiary - the LIC Cards Services Limited. The LIC Signature Credit Card is one such offering from the entity. The credit card offers a host of different benefits and privileges to the card holder. Wish to know more about the LIC Signature card? Continue reading to find out all about it.

Features and Benefits of the LIC Signature Credit Card

LIC Signature Credit Card Review

The LIC Signature Credit Card is a premium offering from LIC and is designed to offer the cardholder exciting rewards and offers for the transactions that they make. Let’s take a look at a few of the key LIC Signature Credit Card benefits and features that are available to the cardholder.

1. PlusPoints Rewards Programme

With the LIC Signature Credit Card, cardholders get access to the exciting PlusPoints Rewards Programme that allows them to accumulate reward points for certain transactions that they make.

2. Automatic Insurance Coverage

The LIC Signature Credit Card provides the cardholder with personal accident insurance coverage to the tune of Rs. 5 lakhs and air accidental insurance to the tune of Rs. 1 crore. That’s not all. Cardholders also get a complimentary lost card liability insurance equal to their credit limit.

3. Complimentary Lounge Access

With the LIC Signature Credit Card, cardholders can gain access to airport lounges across India and the world for free.

4. Fuel Surcharge Waivers

Each time you use the LIC Signature Credit Card for purchasing fuel across all fuel pumps in India, you get a fuel surcharge waiver of 1%. This waiver, however, is available only if the transaction value is between Rs. 400 and Rs. 4,000 and is limited to a maximum waiver of up to Rs. 400 per month.

5. EMI conversions

The LIC Signature Credit Card allows cardholders to convert purchases above Rs. 2,500 into manageable EMIs at very attractive interest rates.

Fees and Charges of the LIC Signature Credit Card

If you’re planning on applying for the LIC Signature Credit Card, then it is crucial for you to know the various fees and charges associated with the card. Here’s a quick look.

Fees and Charges

Amount

Annual Fees

Not Applicable

Finance Charges

3.25% per month

Annual Fees for Add-on Cards

Not Applicable

Fees for Cash Withdrawals

2.5% of the total cash limit or Rs. 250, whichever is higher

Duplicate Statement Fees

Not Applicable

Card Replacement Fees

Not Applicable

Late Payment Fees

Ranges between Rs. 100 and Rs. 1,200, depending on the total unpaid outstanding amount on the card

Fee for Cheque Dishonour or Returns

Rs. 300

PlusPoint Redemption Fees

Rs. 30 for every request

Foreign Currency Transaction Fees

3.50% of the total transaction amount

LIC Signature Credit Card Reward Points

As you’ve already seen above, the LIC Signature Credit Card allows the cardholder to accumulate reward points on certain specified transactions. Let’s take a quick look at how the LIC Signature Credit Card reward points system works.

  • For every Rs. 100 spent for paying LIC premiums and foreign currencies, the cardholder gets 2 reward points.

  • For every Rs. 100 spent on all other transactions except EMIs, wallet loading, and fuel purchases, the cardholder gets 1 reward point.

Once enough reward points are accumulated, the cardholder can use them to claim offers, rewards, and discounts from the LIC Signature Credit Card reward catalogue.

Eligibility Criteria for the LIC Signature Credit Card

To apply for the LIC Signature Credit Card, individuals would have to first satisfy the eligibility criteria laid out by LIC Credit Cards. Here’s a quick look at what prospective applicants would have to ensure that they satisfy.

  1. The applicant must be between 18 and 70 years of age.
  2. The applicant must either be a resident of India or a Non-Resident Indian (NRI).
  3. The applicant must possess an annual income of at least Rs. 15,00,000.
  4. The applicant must be able to produce a salary slip clearly stating that the gross salary is at least Rs. 1.25 lakh per month.

Documents Required to Apply for LIC Signature Credit Card

Now that you’ve seen what the eligibility criteria for LIC Signature Credit Card is, let’s take a look at the documents that you would have to submit to apply for the card.

  1. A photocopy of your PAN card.
  2. A coloured passport size photograph.
  3. A copy of your proof of identity - PAN, Aadhaar, Voter ID, Driving Licence, or Passport.
  4. A copy of your proof of address - Aadhaar, Voter ID, Driving Licence, or Passport.
  5. A copy of your proof of income - Form 16, latest payslip, latest bank statement, or the latest Income Tax Return.

How to Apply for the LIC Signature Credit Card?

Although the LIC Signature Credit Card is not available on Finserv MARKETS, you can still apply for it by visiting the website of LIC Cards and clicking on the ‘Apply Now’ button. You will be required to fill an online application form, specifying personal details such as your name, address, email ID, city, pin code, state, and mobile number.

Alternatively, you can also take the offline route to apply for the LIC Signature Credit Card as well. To do that, you would have to physically visit the nearest branch of Life Insurance Corporation of India (LIC) or Axis Bank, who is the provider of the credit card. Here again, you will be asked to fill and submit an offline application form.

How to Reach the LIC Signature Credit Card Customer Care?

If you have any queries regarding your LIC Signature Credit Card limit or are facing any problems logging into your account, you can always contact the LIC Credit Card customer care - 1800 419 0064.

If you prefer contacting the customer support via email, you can send one to liccards@axisbank.com or nodal.officer@axisbank.com. 

FAQs on LIC Signature Credit Card

  • ✔️What is the general review of the LIC Signature credit card?

    The LIC Signature Credit Card reviews are all generally very positive. The card comes with the ability to earn reward points on your transactions and provides multiple other benefits. All of this, with zero annual fees. 

  • ✔️What is the maximum usage limit of the LIC Signature Credit Card?

    The LIC Signature Credit Card limit is primarily dependent on your income. Therefore, the maximum limit tends to vary from one individual to another. If you would like to know what the maximum limit is, all that you have to do is simply use your LIC Signature Credit Card login credentials to log into your account.

    Alternatively, you can also check your LIC Signature Credit Card statement to know what your maximum usage limit is.

  • ✔️ Can I make bill payments using an LIC Signature Credit Card?

    Of course. You can use your LIC Signature Credit Card to make bill payments and a host of other financial transactions that you would make using a regular credit card.