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LIC Signature Credit Card

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LIC Cards in collaboration with Axis Bank offers LIC Signature Credit Card. This credit card lets you earn reward points on every purchase be it online or offline. However, being a co-branded credit card, you can earn maximum benefits on your LIC premium payments. Besides rewards, this credit card is also loaded with other privileges, including free lounge access, fuel surcharge waiver and insurance coverage. Read on to know more about Axis Bank LIC Signature Credit Card.

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Updated: 11-11-2024 10:53:27 AM

Key Highlights of LIC Signature Credit Card
LIC Signature Credit Card
Best Suited for Reward Points
Joining Fee Nil
Renewal Fee Nil
Income Requirement Rs. 15 lakh p.a.
Best Feature 2 reward points for every Rs. 100 spent on foreign currency and LIC premium payments
Travel Benefits 2 complimentary domestic lounge access every quarter
Paisabazaar’s Rating ★★★ (3/5)

Note: This card is not available on Paisabazaar.com. Content on this page is for information purpose only. To express interest in this card, please visit Axis Bank’s website.

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On this page
LIC Signature Credit Card: Features & Benefits
LIC Signature Credit Card: Fees & Charges
LIC Signature Credit Card: Eligibility & Documentation
Should you apply for LIC Signature Credit Card?
Other Rewards Credit Cards
FAQs
LIC Signature Credit Card: Features & Benefits

With LIC credit cards, you can earn reward points on every transaction, along with other benefits, such as fuel surcharge waiver, lounge access and more. Below mentioned are some of the major features and benefits of LIC Signature Credit Card:

Up to 2X Reward Points

You can earn up to 2X reward points on your transactions as per the below details:

  • 2 reward points for every Rs. 100 spent on foreign currency and LIC premium payments
  • 1 reward point for every Rs. 100 spent on other categories, except for fuel, wallet load & EMI transactions
  • Reward points are valid for a period of 12 months

Click here for detailed terms and conditions.

Suggested read: Best Credit Cards for Rewards

Axis-Bank-Credit-Cards-Digitally

Other Benefits

Some of the other benefits offered by this credit card are mentioned below:

Complimentary Lounge Access: 2 complimentary lounge access every quarter to select airport lounges in India.

Click here for detailed terms and conditions.

Fuel Surcharge Waiver: 1% fuel surcharge waiver (Max. Rs. 400 per month) across all petrol pumps in India on transactions between Rs. 400 to Rs. 4,000.

Also read: Best Credit Cards for Fuel Transactions

Insurance Coverage: You can get insurance coverage of up to Rs. 1 crore as per the below details:

  • Complimentary lost card liability insurance cover of up to your credit limit
  • Purchase protection cover of Rs. 5 lakh
  • Air accidental insurance of Rs. 1 crore

Note: Purchase protection and air accidental insurance will be discontinued effective 5 Feb, 2023.

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LIC Signature Credit Card: Fees & Charges

The fees and charges related to Axis Bank LIC Signature Credit Card are mentioned in the table below:

Type of Fee or Charge Amount
Joining Fee Nil
Annual/ Renewal Fee Nil
Finance Charges 3.6% p.m. (52.86% p.a.)
Late Payment Charges For Statement Balance:

  • Up to Rs. 300: Nil
  • Between Rs. 301 to Rs. 500: Rs. 100
  • Between Rs. 501 to Rs. 1,000: Rs. 500
  • Between Rs. 1,001 to Rs. 10,000: Rs. 500
  • Between Rs. 10,001 to Rs. 25,000: Rs. 750
  • Between Rs. 25,001 to Rs. 50,000: Rs. 1,000
  • Above Rs. 50,000: Rs. 1,000

Click here for the detailed fees and charges.

LIC Signature Credit Card: Eligibility & Documentation

You must be an Indian resident to apply for Axis LIC Signature Credit Card. Besides this, you must also fulfill the below-mentioned eligibility criteria:

Criteria Details
Minimum Age Requirement 18 years
Maximum Age Requirement 70 years
Occupation Salaried or Self-employed
Income Requirement Rs. 15 lakh p.a.
Documents Required Click here for the list of documents
Should you apply for LIC Signature Credit Card?

LIC Signature Credit Card is offered in collaboration with Axis Bank. The card gives you good value back for your purchases in the form of reward points. However, being a co-branded credit card, you can only earn maximum reward points on your LIC premium payments. Apart from rewards, this credit card also offers complimentary domestic lounge access every quarter. This credit card also offers a fuel surcharge waiver of 1% on your transactions, which is offered on almost all entry-level credit cards. The good thing is that it is a lifetime free credit card as it comes with no joining and annual fees. Overall, this is a decent option if you are a LIC customer and looking for a basic credit card.

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Other Rewards Credit Cards

If you are looking for a credit card that offers decent reward points on your transactions, then you can consider the below-mentioned options:

Credit Card Annual Fee Key Feature
Citibank Rewards Credit Card Rs. 1,000 10 reward points on every Rs. 125 spent on apparel and departmental stores (online & in-store)
Standard Chartered Platinum Rewards Credit Card Rs. 250 5 reward points for every Rs. 150 spent on dining, fuel and 1 reward point on other categories
HDFC Regalia Credit Card Rs. 2,500 4 reward points for every Rs. 150 spent via this credit card
SBI Prime Credit Card Rs. 2,999 10 reward points on every Rs. 100 spent on dining, groceries, departmental stores and movies
Axis Bank Privilege Credit Card Rs. 1,500 10 reward points on every Rs. 200 spent via this credit card
FAQs

Q. How can I apply online for LIC Signature Credit Card?

A. You can apply online for this credit card through the official website of LIC Cards. All you need to do is look for this credit card and click on ‘Apply Now’.  After this, you will be redirected to the application page. You are required to submit the application form along with relevant documents to apply for this credit card.

Q. Can I earn fuel surcharge waiver on every transaction via LIC Signature Credit Card?

A. You can earn a fuel surcharge waiver of 1% on your fuel transactions between Rs. 400 to Rs. 4,000. This is applicable across all petrol pumps in India. However, you can earn a maximum waiver of Rs. 400 in a calendar month.

Q. What is the forex markup fee charged on LIC Signature Credit Card?

A. The foreign currency transaction fee charged on all the LIC credit cards is 3.5% of the transaction amount. Therefore, this is not an ideal option for international transactions. If you frequently travel abroad and are looking for an option to save on your foreign currency transactions, you can look for the best credit cards for international travel.

Q. Can I get an add-on card with LIC Signature Credit Card?

A. Yes, you can get up to three add-on cards with LIC Signature Credit Card. Also, just like the primary card, the add-on cards come with no joining and annual fees.

Q. Can I withdraw cash using my LIC Signature Credit Card?

A. Yes, you can withdraw cash using your Axis Bank LIC Signature Credit Card. However, a fee of 2.5% of the transaction amount or a minimum fee of Rs. 500 will be charged for withdrawing cash using your credit card. Therefore, it is advisable not to withdraw cash using your credit card as it incur higher charges.

Q. What is the validity of reward points earned via LIC Signature Credit Card?

A. The reward points earned on LIC credit cards are valid for a period of 12 months or one year. For an instance, the reward points earned on 5 Jan 2022 will be valid till 5 Jan 2023. After this date, your reward points will become null and you won’t be able to redeem them.

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