LIC Platinum Credit Card Review | LIC Visa Platinum Credit Card Review

The life insurance programmes of LIC, one of India’s most reputable financial institutions, are well known. They do, however, have a good selection of credit cards. They’ve created three distinct credit cards with the help of Axis Bank’s partnership. The lic platinum credit card is one of them. It’s a credit card with no annual charge meant for people who don’t know how to use a credit card properly. This LIC co-branded card comes with a number of appealing benefits, such as LIC credit card points on every transaction, fuel surcharge waiver, lost card liability coverage, and low-cost EMI. In fact, this card is simple enough for a first-time user to use and reliable enough to be used on a regular basis. more information about

LIC Credit Card Eligibility Criteria:

  • Resident Type: Indian
  • For salaried person:
    • Age: 21 to 60 years. 
    • Income: The average monthly income should be Rs. 42,000 or more. 
  • For self-employed person:
    • Age: 21 to 65 years. 
    • Income: Annual income tax return should be greater than Rs. 5 lakh. 
  • A higher credit score (760 or above) will increase the chances of getting this LIC credit card.

You can apply for this credit card online through the LIC credit card application portal, and once your application has been filed successfully, you can check the status of your LIC credit card application by calling the LIC card customer service hotline.

Documents Required To Apply For LIC Visa Platinum Credit Card:

  • Photocopy of Address proof (any 1)
    • Last 6 months bank account Statement
    • Aadhar Card
    • Driving License
    • Passport
    • Utility bills
  • Photocopy of ID Proof (any 1)
    • Aadhar card
    • Voter Card
    • Passport
    • PAN Card
  • Two recent passport-sized photographs
  • Proof of income statement:
    • Salaried Person (any 1)
      • Salary Slip of last 3 months
      • ITR (Income Tax Return) 
    • Self-employed person
      • Income tax return of the last year
      • Proof of business

According to the new credit card laws, all new lic credit cards are delivered in an inactive state, and you must manually activate your card by obtaining a new credit card PIN before you may use it. The Cashback beta faq page can assist you with the lic platinum credit card pin generating process.

LIC Visa Platinum Credit Card Fees:

  • Axis bank LIC credit card joining fee: None. 
  • Axis bank LIC credit card annual fee: Free for a lifetime. 

LIC Platinum Credit Card Benefits:

  • Get rewarded for every transaction:

This LIC platinum credit card comes with a powerful rewards scheme for you. The details are illustrated in the table below.

Category of transactionRate of earning reward points
For each Rs. 100 spent on LIC premium payments and international transactions 2 lic credit card reward points
For each Rs. 100 transactions on all other categories1 reward point

Fuel purchases, wallet top-ups, EMI payments, and other purchases will not earn you any LIC platinum credit card reward points. Your points can be redeemed for a product from the LIC platinum credit card rewards catalogue.

Enjoy freedom from fuel surcharges:

You can get a 1% discount on gasoline surcharges if you use this LIC visa platinum credit card to pay for it. This credit card offer applies to transactions between Rs. 400 and Rs. 4000 at any petrol station in India. In a single LIC platinum credit card statement cycle, you can earn up to Rs. 400 in waivers.

Enjoy the convenience of low-cost EMI:

You can now break high-value transactions (above Rs. 2500) into modest monthly instalments with the new HELLO-EMI feature. In addition, you will benefit from a lower credit card emi interest rate of about 1.5 percent per month on your decreasing monthly credit card balance (Loan amount).

At the time of conversion, you’ll additionally have to pay a one-time EMI processing fee of 1.5 percent (minimum Rs. 150). The EMI conversion process can be completed using your credit card net banking account; to access the LIC cards login page, click here.

Get more security with accidental insurance coverage:

This LIC credit card comes with a free accidental insurance policy that protects the cardholder’s family in the event of an accident or death in the air. The details of LIC credit card insurance coverage are listed in the table below.

ParticularsCoverage amount 
Personal accidental coverageRs. 3 Lac. 
Air accidental coverageRs. 1 Cr. 

Lost card liability coverage to protect you from unfortunate events:

With this platinum visa credit card, you’ll additionally get gratis lost card liability coverage. So, if your card is ever lost or stolen, all you have to do is report it to the LIC credit card toll-free number 1800 419 0064, and you won’t be held liable for anything negative that happens to your account. The coverage amount will be equal to your card’s total credit limit.

A new and improved LIC platinum credit card payment option:

For its customers, LIC has developed a new and enhanced payment option. You only need to do the following to pay your LIC credit card bill on a monthly basis:

  1. Visit the LIC credit card online payment portal.
  2. Agree to the terms and conditions.
  3. A new page will open where you can see all the steps described in detail.
  4. Go through the steps and click “Submit”.
  5. Select the card type (MasterCard/Visa) and provide all the necessary credit card information and click on “Submit”.
  6. Enter your bank details (from which the amount will be debited) and confirm the payment amount.
  7. Once you confirm the details, the amount will be instantly debited from your bank account. You will also get a confirmation SMS along with a transaction id. 

You can also use any credit card payment app, such as the cred credit card payment app, to make your LIC credit card payment online.

Use your card anywhere in the world:

This LIC platinum card is Visa-compatible, making it usable in over 200 countries across the world.

LIC Credit Card Charges:

ParticularsPayable amount
LIC credit card cash withdrawal charge2.5% against the withdrawn amount (applicable once per withdrawal, also check your lic platinum credit card limit before making a withdrawal)
LIC credit card finance charges3.6% monthly or 52.86% annually
Foreign currency transaction charge3.50% against the transaction amount (applicable once per transaction)
Axis LIC credit card add-on card feeNone (for up to 3 cards)

LIC Credit Card Customer Care Contact Details:

  • Call the LIC cards customer care number: 1800 419 0064
  • Write to the LIC customer care mail id: [email protected] 

Cashback beta Ratings: 

7/10

Final Opinion:

Now the question is whether you should go for this LIC lifetime free credit card or not? But before going to the final answer let’s compare the advantages and disadvantages of this card. 

Pros Cons 
Lifetime free cardA lower interest rate on EMILost card liability coverageA simplified lic card online payment method that will make life much easier.Higher interest rate.Absence of benefits on some categories like dining and movie, etc.

So, it is evident that it is a very good credit card for beginners and those who like to have a secondary card in their wallet. But if you are looking for a premium card and can budget an annual fee between Rs. 5000 to 10000 then you should take a look at the Cashback beta top 10 credit card page, it will help you to find your desired card.