LIC Classic Credit Card Review – 6X Rewards on LIC Premium

IDFC FIRST Bank, LIC Cards, and Mastercard launched two co-branded credit cards named – LIC Classic Credit Card and LIC Select Credit Card. These credit cards allow more than 27 crore policyholders to save in the form of reward points on LIC insurance premium payments. We will talk about the LIC Classic Credit Card in this article.

IDFC LIC Classic Credit Card is a perfect choice for LIC policyholders as it offers great reward points on daily purchases and LIC premium payments. You can redeem these reward points online to pay your LIC premium payment.

This LIC Credit card offers benefits in multiple categories like travel, rewards, health, insurance, and EMI, etc. The credit card also offers lifestyle benefits like airport & railway lounge access. Read further to know more.

LIC Classic Credit Card Review

The new Classic Credit Card from LIC, IDFC FIRST Bank, and Mastercard offer great privileges in several categories including rewards, travel, insurance, roadside assistance, etc. The best part about this credit card is, that it is a Lifetime Free Credit Card.

LIC Classic Credit Card review

LIC Classic Credit Card offers you 6X reward points on LIC Premium Spends, 3X reward points on essential categories such as Grocery, utilities, Railway, Education, and Government spending. You will also get 4 Domestic airport lounge access and 8 Railway lounge access in a year.

LIC Classic Credit Card Highlights

Joining FeeNil
Annual FeeNil
Interest Rate0.75% – 3.5% per month | 9% – 42% per year
Welcome BenefitsBenefits of more than ₹3000
Best for LIC Payments | Travel
LIC Classic Credit Card
  • Card Name: IDFC LIC Classic Credit Card
  • Issuer: IDFC FIRST Bank & LIC Cards
  • Joining Fee: Nil
  • Network: Mastercard

LIC Classic Credit Card Benefits & Features

As we discussed earlier, this credit card offers great benefits across various categories. It offers reward points on LIC premium payments and daily spending. It also offers sound lifestyle benefits like airport, railway lounge visits, roadside assistance, and insurance covers. Read below to learn about its features and benefits:

1. Joining/Welcome Benefits

The credit card offers you joining benefits of more than 3000 which are as follows:

  • Earn 1,000 Rewards if you spend the first ₹5,000 within the first 30 days of your credit card generation.
  • Get 5% cashback (up to ₹1000) on the first EMI transaction within 30 days of credit card generation.
  • Get ₹500 on booking Domestic Flights from Yatra.
  • Get ₹500 on all purchases of ₹899 and above from MYGLAMM.
  • Get a free 6 months of PharmEasy Plus Membership worth ₹399.
  • Get a 1-year free Lenskart Gold Membership worth ₹500

2. Rewards Benefits

The reward structure of this credit card is given below:

Category Reward Points
LIC Premium Premiums6X rewards (6 RP/₹125)
Grocery, Utility bills, Railway bookings, Education and government payment3X reward points (capped at ₹300 RP per month)
Other spends3X reward points (3 RP/₹125)

Note:

  • 1X = 1 RP per ₹125 spent | 1 RP = ₹0.25
  • Reward points are valid for 3 years.
  • Reward Points do not apply to categories like Fuel, Rental, Non-LIC insurance spends, EMI transactions & cash withdrawals.
  • The reward points on LIC Insurance premium will be applicable only if the Insurance premium is paid through LIC’s official website.

» MORE: 9 Unbeatable Best Business Credit Cards No Annual Fee

3. Travel Benefits

The credit card has the following benefits:

  • You can enjoy 1 complimentary Domestic Airport Lounge access per quarter (4 visits in a year).
  • You can enjoy 2 complimentary Railway Lounge access per quarter (8 visits in a year).

4. Dining Benefits

  • Enjoy a 15% discount on dining bills in more than 300 cities.

5. Insurance Benefits

The credit card offers the following insurance benefits:

CategorySum assured
Personal accident cover₹2,00,000
Purchase Protection₹25,000
Credit Shield₹25,000
Lost Liability Cover₹25,000
Roadside Assistance₹1,399

6. Fuel Surcharge Waiver

  • You will get a 1% fuel surcharge waiver at all fuel stations in India (up to ₹200/month) for transaction values between ₹200 & ₹500.

7. Other Benefits

  • You can convert all your transactions above ₹2,500 into easy & convenient EMIs.
  • Enjoy the easiness of balance transfer from other bank credit cards with IDFC balance transfer benefits.

IDFC LIC Classic Credit Card Charges & Fee

Joining FeeNil
Annual FeeNil
Interest Rate0.75% – 3.5% per month | 9% – 42% per year
Add-on Card FeeNil
Cash Advance Charges₹199
Forex Markup Fee3.5% of transaction amount
Late Payment Charges15% of the total amount due

LIC Classic Credit Card Design, Mobile Application & Customer Care Service

Let’s talk about its design, mobile application, and customer care service:

1. Card Design

  • The credit card looks very attractive due to its simple and elegant design. This credit card has the logo of LIC and IDFC FIRST Bank.

2. Mobile Application

You can manage your credit card from the IDFC FIRST Mobile Banking app. Other than this, you can perform these things also:

  • Fund Transfer
  • Bill payment
  • Credit Card Management
  • Statement Download
  • Open FD account

3. Customer Care Service

  • Toll-free number: 1800 10 888
  • Whatsapp Banking: 95555 55555

LIC Classic Credit Card Eligibility Criteria & Documents Required

Eligibility Criteria

If you want to apply for this credit card the new one should have the following eligibility criteria:

  • You should be an Indian Resident.
  • Your age should be between 21 years and 65 years.
  • You should be a salaried person or self-employed.
  • You should have an annual income of more than 3 lakh or more.
  • You should have a good credit history.

Documents Required

Identity ProofAddress ProofIncome Proof
– Aadhar Card
– PAN Card
– Driving License
– Passport
– Aadhar Card
– Passport
– Voter ID Card
– Driving License
– Electricity Bill
– 3 months salary slip
– 6-month bank statement
– ITR return copy
– Form 16

LIC Classic Credit Card Apply Online

You can apply for this credit card offline and online. To apply offline, you have to visit your nearest branch of the bank, and if you want to apply online. You can apply from the LIC website also. Just follow the below steps:

  • Click on the above “Apply Now” button.
  • You will be redirected to the IDFC Bank Official website.
LIC Classic Credit Card Apply Online
  • Click on the “Apply Button.”
  • Enter your basic details in the application form.
lic classic credit card apply page
  • Upload all your necessary documents.
  • Complete your instant video KYC (if required).
  • Submit the application form.
  • Now your application is successfully submitted.

LIC Classic Credit Card Pros & Cons

Pros

  • Great rewards on LIC Premium spend.
  • Airport & Railway Lounge access.
  • Welcome benefits of more than ₹3000.
  • Benefits of insurance covers.
  • Lifetime Free

Cons

  • Capping in reward points.

Conclusion

This credit card can be a great option if you prefer to pay your insurance premium from this credit card. The card offers 6x rewards on your LIC Insurance Premium spends. You will also get Domestic Airport and Railway lounge access with this credit card. This credit card has no joining and annual fees so you don’t have to worry about charges.

This credit card is suitable for all LIC policyholders as it helps to save you on LIC premium spending by offering rewards. The credit card also offers Lifestyle benefits like travel benefits, insurance, roadside assistance, and EMI conversion. So if you are looking for a lifetime free credit card with great Lifestyle benefits with a touch of LIC benefits then you should go for this credit card.

FAQs:

What is the joining fee for the LIC Classic Credit Card?

There is no joining or annual fee for the LIC Classic Card. It is a lifetime free credit card.

What is the reward rate of the LIC Classic Card?

This LIC Credit Card offers you 6X rewards on LIC Premium spends, 3X rewards on daily purchases, and 1X rewards on other categories.

What are the eligibility criteria for the LIC Classic Credit Card?

– You should be an Indian Resident.
– Your age should be between 21 years and 65 years.
– You should be a salaried person or self-employed.
– You should have an annual income of more than 3 lakh or more.
– You should have a good credit history.

What are the travel benefits of LIC Classic Credit Card?

The New LIC Classsic Credit Card offers decent travel benefits. You can enjoy 4 domestic Airport Lounge and 8 Railway lounge benefits with this credit card.

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