IDFC First Bank has launched a pair of credit cards, the LIC Classic and LIC Select, specifically targeting LIC policyholders. These cards provide enhanced reward points for payments of LIC premiums and routine purchases. The accumulated points can be used for various online redemptions, including future LIC premium payments. Additional benefits include lifestyle perks such as access to airport and railway lounges, roadside assistance, and various insurance protections.
On LIC IDFC Website
Updated: 08-05-2024 04:25:52 PM
| LIC IDFC Cards Variants | LIC Classic | LIC Select |
| Joining & Annual Fee | Nil | Nil |
| Best Suited For | Shopping | Shopping, Travel |
| Welcome Benefits | 1,000 Reward Points on Spending Rs. 5,000 Within 30 Days of Card Issuance | 2,000 Reward Points on Spending ₹10,000 Within 30 Days of Card Issuance |
| Rewards Rate | Receive 6X Reward Points for LIC expenditures and 3X on utilities, education, railway, and government transactions. | Earn 10X Reward Points on LIC Insurance expenses and 5X on utilities, education, groceries, and railway purchases. |
| Railway Lounge Access | 2 per quarter, 8 per year | 4 per quarter, 16 per year |
| Domestic Airport Lounge Access | 1 per quarter | 2 per quarter |
| Feature Category | LIC IDFC Classic Credit Card | LIC IDFC Select Credit Card |
|---|---|---|
| Joining Benefits | – 1,000 Rewards on spending ₹5,000 within 30 days of card issuance. | – Free 1-year Lenskart Gold Membership worth ₹500. |
| – 6 months PharmEasy Plus Membership worth ₹399. | – Free 6 months PharmEasy Plus Membership worth ₹399. | |
| – Free 1-year Lenskart Gold Membership worth ₹500. | – 2,000 Reward Points on spends of ₹10,000 within 30 days of card generation. | |
| Discounts & Offers | – 5% cashback on first EMI within 30 days of card issuance, max ₹1,000. | – 5% cashback on the first EMI transaction within 30 days, max ₹1,000. |
| – Flat ₹500 off on Domestic Flights on Yatra. | – ₹500 off on Domestic Flights booking on Yatra. | |
| – ₹500 off on purchases of ₹899 or above on MYGLAMM. | – ₹500 off on purchases of ₹899 or above on MYGLAMM. | |
| Complimentary Lounge Access | – One domestic lounge access/month on spending ₹5,000 (primary & add-on cardholders). | – Free access to railway lounges, 4 times/quarter. |
| – Complimentary Domestic Airport Lounge, twice/quarter on spending ₹5,000. | ||
| Additional Benefits | – Road-Side Assistance (RSA), four times a year. |
Navigating the reward point systems of the IDFC LIC Credit Cards can be quite advantageous for cardholders. Both the Classic and Select variants offer a tiered reward points structure, catering to various spending categories. Here’s an overview of how you can maximize your reward points accumulation with these cards:
By understanding and strategically using these reward point structures, IDFC LIC credit cardholders can significantly enhance the value they get from their everyday and specialized expenditures.
| Details | IDFC LIC Classic Credit Card | IDFC LIC Select Credit Card |
|---|---|---|
| Monthly Interest Rate | 0.75% – 3.5% | 0.75% – 3.5% |
| Annual Interest Rate | 9% – 42% | 9% – 42% |
| Fuel Surcharge | 1% waiver upto Rs. 200 | 1% waiver upto Rs. 300 |
| Cash Advance Fee | Rs. 199 | Rs. 199 |
| Forex Markup Fee | 3.5% | 3.5% |
| Add on Card Fee | Nil | Nil |
Applying for an LIC IDFC Credit Card involves a straightforward process, which includes submitting various documents for KYC compliance and to verify eligibility. Below is a comprehensive guide to the types of documents you will need:
Essential KYC Documentation:
Gathering these documents beforehand can streamline your application process, ensuring a smoother and more efficient approval for your LIC IDFC Credit Card.
To earn max rewards & redeem cashback, value back offers, discounts & exclusive deals. Select the best Credit Card as per need.
LIC IDFC Credit Cards offer a range of benefits including reward points on various purchases, special rewards on LIC premium payments, and complimentary lounge access. Additional perks vary between the Classic and Select card variants.
Reward points can be earned on eligible purchases and specific transactions such as LIC premium payments. These points can be redeemed through the card’s rewards portal for various items, vouchers, or services.
The fee structure can vary between different LIC IDFC Credit Cards. Please refer to the specific terms and conditions for the card you’re interested in for detailed information.
Waivers on annual fees may be offered based on annual spending thresholds or under specific promotional offers. Please check the latest terms for your card.
Immediately report the loss or theft to the customer service helpline. They will guide you through the process of blocking the card and issuing a replacement.
Yes, foreign transaction fees are typically charged on international transactions. The exact rate can be found in your cardholder agreement.
Applications can be made online through the LIC IDFC website or by visiting a local branch. Ensure you have all the necessary KYC documents ready for a smooth application process.
Some cards may have a monthly or annual cap on the number of reward points that can be earned. Check the specific card details for any such limits.
Yes, most LIC IDFC Credit Cards offer the option to add family members as authorized users or supplementary cardholders.
LIC IDFC provides customer support through various channels including a dedicated helpline, email support, and in-branch services for credit card-related queries and assistance.
