IDFC Bank LIC Credit Card
Key Highlights of LIC IDFC Bank Credit Cards
| 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 |
Features & Benefits of IDFC LIC Credit Cards
The LIC co-branded cards by IDFC not only allow you to pay your insurance premium at ease but they provide some illustrious benefits. There are two cards in this segment which are named LIC Classic and LIC Select. Below you can see the features and benefits that are offered by these cards.
| 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. |
Accumulating Rewards on IDFC Bank LIC Credit Cards
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:
IDFC LIC Classic Credit Card: Enhancing Everyday Spending
- LIC Insurance Premium Payments: For every Rs. 125 spent on LIC insurance premiums through the official website, cardholders can earn 6 times the standard reward points.
- Specialized Spending Categories: Triple reward points are available on purchases in specific sectors such as utilities, education, groceries, government services, and railways.
- General Expenditures: All other spending categories also fetch triple reward points.
- Exclusions: It is important to note that expenses on rent, fuel, cash withdrawals, and EMI transactions do not qualify for reward points.
- Point Value and Validity: Each reward point is equivalent to Rs. 0.25, and they remain valid for three years.
IDFC LIC Select Credit Card: Rewarding Premium Spends
- Maximizing LIC Premium Payments: Making LIC insurance premium payments via the official website with this card earns you 10 times the usual reward points.
- Accelerated Earning in Key Areas: Earn five times the reward points on groceries, utilities, education, railway, and government spending, with a ceiling of 300 reward points per month.
- Broader Spending Benefits: The card extends the 5X reward points to all other spending categories.
- Non-Qualifying Expenditures: Similar to the Classic card, no points are awarded for fuel, rent, cash withdrawals, EMI transactions, and non-LIC insurance payments.
- Value and Duration of Points: Each point is worth Rs. 0.25 and stays valid for three years from the date of accrual.
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.
Fees & Charges of LIC IDFC Credit Cards
| 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 |
Documents Required for LIC IDFC Credit Cards
Applying for a LIC IDFC Credit Card involves a straightforward process, which includes submitting various documents for KYC compliance and verifying eligibility. Below is a comprehensive guide to the types of documents you will need:
Essential KYC Documentation:
- Identity Verification: You may use any of the following - Passport, Voter ID, Driving License, Aadhaar Card, NREGA Card, or PAN Card.
- Address Proof: For validating your residence, you can present Utility Bills, your Ration Card, or your Passport.
- Additional ID Proof: Options here include Aadhaar Card, PAN Card, Driving License, or Voter ID.
- Income Evidence: For those who are employed, the latest 3 months' Salary Slips or Bank Statements are required to confirm your earnings.
- Photographic Identification: Current passport-sized photos are also a requisite.
Gathering these documents beforehand can streamline your application process, ensuring a smoother and more efficient approval for your LIC IDFC Credit Card.
Eligibility Criteria for IDFC LIC Cards
- Age Limit for Primary Cardholder: Must be between 21 and 60 years.
- Age Requirement for Add-on Cardholders: Should be over 18 years.
- Residency: The card is exclusively available to Resident Indians.
How to Apply for LIC IDFC First Bank Credit Cards
- Step 1 - Click on “Apply Now” and you will be taken to the Credit Cards page
- Step 2 - Fill in your details as required by the bank
- Step 3- Get a call from our executive who will verify your details and speed up your process of application.
- Step 4 - Get your card delivered at your doorstep.
LIC IDFC Credit Card FAQs
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.