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 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 Fee | Nil |
| Annual Fee | Nil |
| Interest Rate | 0.75% – 3.5% per month | 9% – 42% per year |
| Welcome Benefits | welcome bonus worth ₹3000+ |
| Best for | LIC Payments | Travel |
- 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:
2. Rewards Benefits
| Category | Reward Points |
|---|---|
| LIC Insurance Premium spends | 10X Rewards (10 RP/₹125) |
| Grocery, Utilities, Railways, Education, and Government payments | 5X Rewards (capped at ₹300 RP per month) |
| Other spends | 5X 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:
4. Dining Benefits
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
7. Other 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
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:
3. Customer Care Service
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:
Documents Required
| Identity Proof | Address Proof | Income 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 Fee | Nil |
| Annual Fee | Nil |
| Interest Rate | 0.75% – 3.5% per month | 9% – 42% per year |
| Add-on Card Fee | Nil |
| Forex Markup Fee | 3.5% of transaction amount |
| Cash Advance Charges | ₹199 |
| Late Payment Charges | 15% 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.
- Click on the “Apply Button.”
- Enter your basic details in the application form.
- 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
Cons
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.