LIC Select Credit Card Benefits & Features – Get 10X Rewards

LIC, IDFC FIRST Bank, and Mastercard launched two co-branded credit cards named – LIC Classic Credit Card and LIC Select Credit Card. We have discussed LIC Classic Credit Card in the previous article, and now we will discuss the benefits and features of LIC Select Credit Card.

The new LIC Select Credit Card offers better rewards on LIC Insurance Premium spending as it offers 10X rewards on LIC payments while the Classic offers only 6X rewards. This is also a lifetime free credit card with no joining and annual fee. The interest rate of this credit card starts from 0.75% per month from 42% per annum.

The credit card also offers luxury lifestyle benefits like 8 Domestic Airport and 16 Railway Lounge access, insurance benefits, roadside assistance, and EMI conversion benefits.

Let’s know all the features and benefits of the new IDFC First Bank and LIC Credit Card in this article.

LIC Select Credit Card Review

LIC Select Credit Card is a premium credit card than Classic Credit Card because it offers more rewards and benefits than LIC Classic Credit Card. This credit card offers great insurance benefits that include personal accident, purchase protection, travel insurance, and others.

LIC Select Credit Card Review

LIC Select Credit Card Offers exciting welcome benefits. You can earn 2000 reward points on spending ₹10,000 within 30 days of card generation. Get a discount on flight tickets and PharmEasy and Lenskart Gold Membership with this credit card.

LIC Select Credit Card Highlights

Joining FeeNil
Annual FeeNil
Interest Rate 0.75% – 3.5% per month | 9% – 42% per year
Welcome Benefits welcome bonus worth ₹3000+
Best for LIC Payments | Travel
LIC Select Credit Card
  • Card Name: LIC Select Credit Card
  • Issuer: IDFC FIRST Bank & LIC Cards
  • Joining Fee: Nil
  • Network: Mastercard

LIC Select Credit Card Benefits & Features

This is a lifetime free credit card with a great lifestyle and insurance benefits. You will receive 10X rewards on LIC Premium payments and 5X rewards on daily spending categories. So let us take a closer look at its features and benefits.

1. Welcome Benefits

The credit card offers you welcome benefits worth more than 3000 which are as follows:

  • Earn 2,000 rewards on spending the first ₹10,000 within the 30 days of credit card generation.
  • Get 5% cashback up to ₹100 on the transaction of the first EMI within 30 days of card generation.
  • Earn ₹500 off on Domestic flights booked on Yatra.
  • Get ₹500 off on the purchase of ₹899 and above on MYGLAMM.
  • Get the PharmEasy Plus membership worth ₹399 for 6 months.
  • Get the Lenskart Gold Membership worth ₹500 for 1 year.

2. Rewards Benefits

CategoryReward Points
LIC Insurance Premium spends10X Rewards (10 RP/₹125)
Grocery, Utilities, Railways, Education, and Government payments5X Rewards (capped at ₹300 RP per month)
Other spends5X Rewards (5 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.

3. Travel Benefits

The LIC Select Credit Card offers the following travel benefits:

  • You can enjoy 2 complimentary Domestic Airport lounge access per quarter (8 visits per year).
  • You can enjoy 16 complimentary Railway Lounge visits per quarter ( 16 visits per year).

4. Dining Benefits

  • Get a 15% discount on dining bills in more than 300 cities across India.

5. Insurance Benefits

This credit card has some exciting insurance benefits which are as follows:

Category Sum Assured
Personal Accident Cover ₹5,00,000
Purchase Protection Cover₹25,000
Credit Shield ₹25,000
Lost Card Liability Cover₹50,000
Roadside Assistance₹1399
Travel Insurance Cover (Loss or Delay of Checked-In Baggage, Loss of Passport & other documents, and Delay in Flight)₹4,000
Air Accident Cover₹1 crore

6. Fuel Surcharge Waiver

  • You will get a 1% fuel surcharge waiver at all fuel stations in India (up to ₹300/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.

LIC Select Credit Card Design, Mobile Application, and Customer Care Service

Now. let’s talk about its design, bank mobile application, and Customer Care Service:

1. Card Design

  • The credit card design is simple and looks good. This credit card comes in a portrait format.

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 Select Credit Card Eligibility Criteria & Documents Required

Eligibility Criteria

If you are planning to apply for this credit card, then you should fulfill 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 Select Credit Card Charges & Fee

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

LIC Credit Card Online Apply

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:

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

LIC Select Credit Card Pros & Cons

Pros

  • Great reward points on LIC premium payments.
  • Airport and railway lounge access.
  • Get insurance coverage and Roadside assistance benefits.
  • Welcome benefits worth more than 3000.
  • EMI conversion and fuel surcharge waiver benefits.

Cons

  • Cappng on reward points.
  • Low reward rate.

Conclusion

The LIC Select Credit Card is a great choice if you prefer to pay LIC Premium with this credit card as it offers you 10X rewards on LIC payments. The credit card also offers lifestyle privileges like Domestic Airport and Railway Lounge access along with fuel surcharge waiver.

The credit card comes with no joining and annual fee, which makes it suitable for every type of person, especially for LIC policyholders.

FAQs:

What is the annual fee of the LIC Select Credit Card?

The LIC Select Credit Card is a lifetime free credit card with no joining and annual fee.

What is the reward rate of LIC Select Credit Card?

This credit card offers good rewards. You will get 10X rewards on LIC Premium spends, 5X rewards on daily spend categories.

Who is eligible for the LIC select credit card?

If you have the following criteria, then you are eligible for this 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.

Does LIC Select Credit Card offer fuel surcharge waiver?

Yes, the LIC Select Credit Card offers 1% fuel surcharge waiver at all fuel stations in India of transactions between 200 to 500.

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