LIC IDFC Select Credit Card

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Select Credit Card

The partnership between IDFC Bank and LIC, a leading public sector insurance giant in India, has resulted in the LIC IDFC Bank Select Credit Card. This collaboration offers a significant advantage for users, particularly in earning rewards on LIC insurance premium payments. Cardholders receive 10X Reward Points on LIC transactions, with the option to use these points towards future premium payments or redeem them. The card comes without any annual fees and boasts competitive interest rates, establishing it as an essential financial tool.

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On LIC IDFC Website

LIC IDFC Select Credit Card 3200787a78

Updated: 07-05-2024 04:56:29 PM

Key Highlights of IDFC Bank LIC Select Credit Card

LIC IDFC Cards Variants LIC Select
Joining & Annual Fee Nil
Best Suited For Shopping, Travel
Welcome Benefits 2,000 Reward Points on Spending ₹10,000 Within 30 Days of Card Issuance
Rewards Rate Earn 10X Reward Points on LIC Insurance expenses and 5X on utilities, education, groceries, and railway purchases.
Railway Lounge Benefits 4 per quarter, 16 per year
Domestic Airport Lounge Access 2 per quarter, 8 per year

Features & Benefits

Features & Benefits of IDFC Bank LIC Select Credit Card

Before choosing a new credit card, it’s crucial to thoroughly assess its various attributes and advantages. Consider if the card’s offerings match your personal expenditure patterns. Presented below is a comprehensive overview of the IDFC LIC Select card’s functionalities and perks.

Welcome Perks

  • Complimentary Lenskart Gold Membership for a year, valued at Rs. 500.
  • Complimentary half-year PharmEasy Plus Membership, valued at Rs. 399.
  • Earn 2,000 Reward Points by spending Rs. 10,000 within the first 30 days after the card is issued.

Promotions and Savings

  • Receive 5% cashback on your first EMI transaction within 30 days of receiving the card, with a maximum cashback of Rs. 1,000.
  • Get a discount of ₹500 on domestic flight bookings via Yatra.
  • Enjoy a ₹500 discount on MYGLAMM purchases worth Rs. 899 or more.

Complimentary Railway Lounge Access

The LIC IDFC Select Credit Card grants complimentary access to selected railway lounges across India, offering up to four free visits per quarter (totalling 16 per year). Lounge access requires presenting your valid credit card along with your train ticket, with a nominal fee of Rs. 2 for card validation. Participating locations include New Delhi, Jaipur, Agra Cantt, and Kolkata (Sealdah) railway stations. This benefit extends to both primary and additional cardholders.

Free Domestic Airport Lounge Access

Benefit from complimentary access to selected airport lounges within India, available twice per quarter. To qualify, cardholders must spend a minimum of Rs. 5,000 in the month prior, calculated from the 1st to the 31st.

Road-Side Assistance Benefit

Enjoy the added advantage of Road-Side Assistance (RSA), courtesy of a partnership with Global Assure. This service, valued at Rs. 1399, is available up to four times annually, providing peace of mind during travel.

Earning Rewards

Earning Rewards on IDFC Bank LIC Select Credit Card

Accumulating rewards using LIC Select IDFC credit cards is very easy as no matter where you shop, you get good reward points.

  • 10X Reward Points for payments made towards LIC Insurance Premiums through the official LIC website.
  • 5X Reward Points on spending in categories like Groceries, Utilities, Education, Railways, and Government transactions, with a limit of 300 Reward Points per month.
  • 5X Reward Points awarded for all other types of spending.
  • Exclusions: No Reward Points are given for fuel purchases, rental payments, cash withdrawals, EMI transactions, and payments towards non-LIC insurance policies.
  • Value of Reward Points: Each Reward Point is equivalent to Rs. 0.25.
  • Validity: Reward Points are valid for three years from the date they are earned.

Fees & Charges

Fees and Charges of IDFC LIC Select Credit Card

Details IDFC LIC Select Credit Card
Monthly Interest Rate 0.75% – 3.5%
Annual Interest Rate 9% – 42%
Fuel Surcharge 1% waiver upto Rs. 300
Cash Advance Fee Rs. 199
Forex Markup Fee 3.5%
Add on Card Fee Nil

Required Documents

Documents Required for IDFC Bank LIC Select Credit Card

When applying for an IDFC Bank LIC Select Credit Card, the process is simple but requires certain documentation for KYC (Know Your Customer) purposes and to assess your qualification for the card. Here’s a straightforward breakdown of the documents you’ll need to provide:

Necessary Documents for KYC:

  • For Identity Verification: Options include Passport, Voter ID, Driving License, Aadhaar Card, NREGA Job Card, or PAN Card.
  • Proof of Address: To verify your address, you can use Utility Bills, Ration Card, or Passport.
  • Proof of Income: Employed individuals should provide their most recent 3 months’ Salary Slips or Bank Statements to verify income.
  • Photograph: A recent passport-size photograph is required.

Eligibility Criteria

Eligibility Criteria for IDFC Bank LIC Select Credit Card

  • Age Criteria for Main Cardholder: Applicants must be aged between 21 and 60 years.
  • Age for Additional Cardholders: Must be at least 18 years old.
  • Residential Status: This card is available only to individuals who are Resident Indians

Online Apply

IDFC First Bank LIC Select Credit Card Online Apply

  • Initiate Application: Start by clicking on the “Apply Now” button, which will redirect you to the Credit Cards section.
  • Provide Your Information: Complete the form with the necessary details as requested by the bank.
  • Await Contact: An executive from the bank will get in touch with you to confirm your details and facilitate the application process.
  • Card Delivery: Once approved, your credit card will be sent directly to your address.

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IDFC Bank LIC Select Credit Card FAQs

Applicants must be between 21 and 60 years old for the primary card and at least 18 years old for add-on cardholders. This card is only available to Resident Indians.

You can apply by clicking “Apply Now” on the bank’s credit card page, filling out the required details, and then waiting for a call from a bank executive who will guide you through the process. The card will be delivered to your address upon approval.

You’ll need KYC documents such as a Passport, Voter ID, Driving License, Aadhaar Card, NREGA Job Card, or PAN Card for identity verification, along with proof of address, additional ID proof, proof of income, and a recent passport-sized photograph.

Yes, cardholders earn 10X Reward Points on LIC Insurance Premium payments made through the official LIC website, 5X Reward Points on groceries, utilities, education, railways, and government spends (with a cap), and 5X on all other spends. There are exclusions, and each Reward Point is worth Rs. 0.25.

New cardholders receive a free 1-year Lenskart Gold Membership, a 6-month PharmEasy Plus Membership, and 2,000 Reward Points on spending Rs. 10,000 within the first 30 days of card issuance.