This was posted by Anit Shah on FinTalks Facebook Group on 15th January 2021.
LIC has launched its Credit Cards in collaboration with Axis Bank. All the cards are Lifetime Free.
LIC VISA SIGNATURE CREDIT CARD:
Benefits:
- 1x Reward Points on all transaction (1rp= Rs 1)
- 2x Reward Points on LIC Bill payment
- 2x Reward Points on international spends
- Complimentary lounge access twice a quarter
- Accidental Insurance of Rs 5L
LIC VISA PLATINUM CREDIT CARD:
Benefits:
- 1x Reward Points on all transaction (1rp= Rs 0.75)
- 2x Reward Points on LIC Bill payment
- 2x Reward Points on international spends
- Accidental Insurance of Rs 3L
Other Benefits:
0 card lost liability, free add-on cards, fuel surcharge waiver, etc.
The best benefit is that you get upto 75 days of Grace Period to pay up your LIC dues!
How?
Example: Assume your LIC due date is 28th May. Lic gives extra 30 days as a grace period i.e till 28 June. If u register for auto-debit, the LIC premium will be paid 5 days before the grace period ends from your LIC CC i.e 23 June. Hence your bill generates on 22 July which means u need to pay it back by 11aug, effectively giving you (30-5+30+20) 75 days of time period to pay off your LIC premium. Similarly, you can stretch it to 80 days maximum, by doing it manually.
How to apply?
Click the Official Website Link to apply for LIC Credit Card.
Eligibility Criteria:
There are 5 ways to be eligible for these cards:
Total LIC Premium paid by you:
This not only includes your personal premium but that of other family members too which you are paying from your own pocket. LIC Policy should be at least 3 years old.
If the total premium > 50k you can apply for SIGNATURE CC
If the total premium > 30k apply for PLATINUM CC
Card 2 Card Basis:
This is the best way to apply. You need a minimum 1-year-old credit card with at least a 50k limit and 60% credit limit available.
Salary basis:
You need a minimum salary of 35k per month to apply.
Salary account in Axis Bank:
You need a minimum salary of 20k per month to apply.
ITR basis:
Minimum 6L ITR for PLATINUM CC
Minimum 12L ITR for Signature CC
Documents needed for applying:
Copy of Adhar, pan, passport size photo,
All policy numbers or old CC statement or Salary slip or ITR
PS: There are 2 more cards launched but I didn’t post abt them as they didn’t look that good.
PPS: This is good for ones paying LIC premiums or even LIC agents. Just get 2% every time!
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