LIC Credit Card Benefits, Application Process & LIC Axis Bank Credit Card Benefits
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If you are an LIC policyholder and regularly pay your LIC premium, the LIC Axis Bank Credit Card can be an interesting option to consider. The card is designed specifically for LIC customers and offers reward points on eligible LIC premium payments along with benefits such as fuel surcharge waiver, insurance cover and other Axis Bank card offers.
In this article, we will understand LIC Credit Card benefits, LIC Axis Bank Credit Card benefits, eligibility, documents required and the complete LIC Credit Card application process.
Important: Credit card benefits, fees, reward rules and eligibility can change. Always check the latest terms and conditions before applying.
What is LIC Axis Bank Credit Card?
The LIC Axis Bank Credit Card is a co-branded credit card associated with LIC Cards Services and Axis Bank. Currently, LIC Cards lists variants including the LIC Axis Bank Signature Credit Card and LIC Axis Bank Platinum Credit Card.
The main attraction for LIC customers is that eligible LIC premium payments can earn accelerated reward points.
LIC Axis Bank Credit Card Benefits
1. Extra Reward Points on LIC Premium Payments
One of the biggest benefits of the LIC Axis Bank Credit Card is the accelerated reward structure on eligible LIC premium payments.
For the Platinum card, Axis Bank currently states that customers can earn 2 reward points for every ₹100 spent on LIC premium payments and foreign currency transactions. Other eligible spends generally earn 1 reward point per ₹100, subject to applicable exclusions and terms.
The Signature variant also offers 2X rewards on eligible LIC premium payments and foreign currency transactions.
This can be particularly useful for customers who pay significant LIC premiums every year.
2. No Joining Fee and No Annual Fee on Current Variants
The current Axis Bank information shows Nil joining fee and Nil annual fee for both the LIC Axis Bank Platinum and Signature credit cards.
However, customers should always verify the applicable fees and charges at the time of application because credit card terms can be revised.
3. Fuel Surcharge Waiver
The LIC Axis Bank Platinum Credit Card currently provides a 1% fuel surcharge waiver on eligible fuel transactions across India.
For the Platinum card, the current terms specify eligible transactions between ₹400 and ₹4,000, with a maximum monthly benefit of ₹400. GST on the fuel surcharge is not refundable.
4. Complimentary Insurance Cover
The card also comes with complimentary lost-card liability insurance cover, subject to the applicable terms and conditions.
The LIC Cards website currently lists lost-card insurance cover of up to ₹50,000 for the Platinum variant, while the Signature card provides cover up to the applicable credit limit.
5. EMI Conversion Facility
Eligible purchases can be converted into EMI. For the Platinum card, Axis Bank states that purchases of ₹1,500 or more can be converted into easy EMIs, subject to applicable terms.
6. Additional Offers
LIC Axis Bank cardholders may also receive eligible Axis Bank offers on shopping, travel, dining and other categories. Offers depend on the card variant, merchant and applicable terms.
For example, the current Platinum card page lists Wednesday offers such as discounts on selected travel, food delivery and shopping platforms.
LIC Axis Bank Signature vs Platinum Credit Card
LIC customers may come across two major variants: LIC Axis Bank Signature Credit Card and LIC Axis Bank Platinum Credit Card.
| Feature | LIC Axis Bank Platinum | LIC Axis Bank Signature |
|---|---|---|
| Joining Fee | Nil | Nil |
| Annual Fee | Nil | Nil |
| LIC Premium Rewards | 2X | 2X |
| Foreign Currency Rewards | 2X | 2X |
| Regular Eligible Spends | 1X | 1X |
| Fuel Surcharge Waiver | Yes | Yes |
| Lost Card Insurance | Available | Available |
| Airport Lounge Access | Not listed as a primary benefit | Up to 8 domestic visits/year currently listed |
The Signature card currently lists up to 8 complimentary domestic airport lounge accesses per year, subject to applicable conditions.
LIC Credit Card Eligibility
Eligibility depends on the particular card and the bank’s assessment.
For the LIC Axis Bank Platinum Credit Card, Axis Bank currently states:
- Applicant should generally be between 18 and 70 years
- Applicant should be a resident of India
- PAN and identity/address documentation may be required
- Income proof may be required
- Final approval is at the bank’s discretion
The bank may also consider factors such as income, credit history and credit score while evaluating an application.
For Axis Bank credit cards generally, the bank currently lists minimum monthly income of ₹15,000, but applicants should not assume that this automatically guarantees eligibility for a particular LIC card.
Documents Required for LIC Axis Bank Credit Card
The exact documentation can vary depending on the applicant and application route.
Commonly requested documents include:
- PAN Card
- Aadhaar Card or other identity proof
- Address/residence proof
- Passport-size photograph
- Latest salary slip, Form 16 or Income Tax Return as income proof
Axis Bank notes that the document list is indicative and additional documents may be requested depending on the individual case.
LIC Axis Bank Credit Card Application Process
Applying for an LIC Axis Bank Credit Card can be done through the applicable online application process.
Step 1: Select the Credit Card
First, choose the LIC Axis Bank Credit Card variant that suits your requirements.
Step 2: Click on Apply Now
Visit the official Axis Bank credit card section and select the relevant LIC card. The application process takes you to the online credit card application form.
Step 3: Enter Your Details
You may need to provide details such as:
- Mobile number
- Date of birth
- PAN or other requested information
- Income details
- Customer status
Step 4: Check Eligibility and Offers
The bank checks your details and displays the applicable eligibility and offers.
Step 5: Complete OTP Verification
An OTP may be sent to your registered mobile number for verification. After entering the OTP and submitting the application, the bank processes the application.
Step 6: Bank Verification
The bank may verify your identity, income, address, credit history and other information before making the final decision.
According to the current LIC Axis Bank Platinum page, the credit card decision is communicated within 21 working days.
How to Apply for LIC Credit Card Online?
The safest approach is to apply through the official Axis Bank/LIC Cards application route rather than submitting your personal information on an unknown website.
You can check the current card details and application option on the official Axis Bank page:
LIC Axis Bank Platinum Credit Card – Official Axis Bank Page
You can also check the LIC Cards website for current LIC Axis Bank card information and services:
Is LIC Axis Bank Credit Card Good for LIC Policyholders?
If you regularly pay LIC premiums, the accelerated reward points can make this card worth considering.
For example, suppose an eligible LIC premium payment is ₹50,000. At 2 reward points per ₹100, that would result in 1,000 reward points, before considering the applicable exclusions, reward rules and redemption value.
However, a credit card should not be used simply to earn rewards. The most important thing is to pay the full credit card bill on time. Carrying an outstanding balance can result in substantial interest charges.
For the LIC Axis Bank Platinum card, the current listed finance charge is 3.75% per month, equivalent to 55.55% per annum as stated by Axis Bank.
Important Things to Check Before Applying
Before applying for the LIC Axis Bank Credit Card, check:
- Current joining and annual fees
- Reward-point earning rules
- Categories excluded from rewards
- Reward redemption value
- Fuel surcharge conditions
- Interest rate and late-payment charges
- Cash withdrawal charges
- Eligibility criteria
- Current terms and conditions
Remember that reward points do not mean direct cashback. Their actual value depends on the applicable redemption catalogue and terms.
Frequently Asked Questions
Is LIC Axis Bank Credit Card lifetime free?
The current Axis Bank pages list Nil joining fee and Nil annual fee for the LIC Axis Bank Platinum and Signature variants. However, “lifetime free” should always be confirmed from the latest application terms because card pricing and conditions can change.
Can I earn rewards on LIC premium payments?
Yes. Eligible LIC premium payments currently receive accelerated rewards on the LIC Axis Bank Platinum and Signature cards, subject to the applicable terms and exclusions.
What is the LIC Axis Bank Credit Card application process?
The general process is to select the card, click Apply Now, enter your details, check eligibility/offers, complete OTP verification and submit the application. The bank then evaluates the application.
What documents are required?
Common documents include PAN, identity/address proof and income proof such as salary slips, Form 16 or ITR. Requirements can vary from applicant to applicant.
Does the LIC Credit Card provide a fuel benefit?
Yes. The LIC Axis Bank Platinum Credit Card currently provides a 1% fuel surcharge waiver on eligible transactions, subject to applicable limits and conditions.
Does the Signature card provide airport lounge access?
The current LIC Cards information lists up to 8 complimentary domestic airport lounge accesses per year for the LIC Axis Bank Signature Credit Card, subject to applicable terms.
Conclusion
The LIC Axis Bank Credit Card can be useful for LIC customers who regularly make eligible LIC premium payments and want to earn additional reward points on those transactions. Other benefits include fuel surcharge waiver, insurance cover, EMI conversion and selected Axis Bank offers.
However, the right credit card depends on your spending pattern and financial requirements. Before applying, always check the latest official fees, eligibility criteria, reward exclusions and terms & conditions.
If you are considering this card mainly for LIC premium payments, compare the reward benefits with your annual LIC premium and make sure you can pay the credit card bill in full and on time.
