LIC Signature Credit Card Benefits, Features, Fees & Charges

Are you someone who tends to travel a lot frequently and loves shopping? If you are, then the LIC Signature Credit Card can be a good option for you, as this is a credit card that provides its cardholders benefits on many sections like travel, shopping, insurance, etc. Today, we want to talk about this credit card in detail and see all its advantages and benefits.

Fees and Charges

• Rewards Redemption Fee: So, when you want to use your rewards, like points you’ve earned with the LIC Signature Credit Card, you have to pay Rs. 30. But that’s not all! You also have to pay some extra money called GST. It’s like a small fee for getting cool stuff with your points.
• Foreign Currency Markup: If you go to another country or buy something online from another country using your LIC Signature Credit Card, they will charge you a little more money. It’s called a markup, and it’s 3.50% of what you spent. So, if you spend 100 rupees, you’ll pay an extra 3.50 rupees. It’s like a fee for using your card in other places.
• Interest Rates: If you borrow money using the LIC Signature Credit Card and don’t pay it back right away, they will charge you extra money every month. This is called interest. Every month, you have to pay 3.6% more, which adds up to 52.86% in a whole year! So, it’s really important to pay back what you owe as soon as you can so you don’t get charged too much.
• Fuel Surcharge: When you fill up your car or bike with petrol and use your LIC Signature Credit Card, you can save a little bit of money! If you spend between Rs. 400 and Rs. 4,000 on petrol, you don’t have to pay the extra 1% fee that usually comes with it. But there’s a limit! You can only save up to Rs. 400 on fuel charges each month.

LIC Signature Credit Card Details

• No Joining Fee: The LIC VISA Signature Credit Card is really cool because you don’t have to pay any money to get started! There’s no joining fee, which means you can get the card for free!
• Earn Reward Points: When you use your LIC VISA Signature Credit Card to buy things, you can earn reward points! If you spend Rs. 100 on international purchases or pay your LIC Premium, you get 2 reward points. For other stuff you buy with the card, you earn 1 reward point for every Rs. 100 you spend. But remember, you don’t get points if you spend money on fuel, loading money into a wallet, or on EMI transactions.
• Personal Accident Insurance: With this card, you get protection if something bad happens. If you have an accident, the card gives you insurance cover up to Rs. 5 lakhs. And if you have an accident while flying, the insurance cover is even bigger—up to 1 crore! That’s a lot of protection!
• Lost Card Insurance and Purchase Protection: If you lose your LIC VISA Signature Credit Card, don’t worry too much because you get free insurance cover up to Rs. 5 lakhs. And if something you bought gets damaged or stolen, you have purchase protection insurance that covers up to Rs. 1 lakh! That means you’re pretty safe with this card!

Advantages and Disadvantages of LIC Signature Credit Card

Advantages

• Rewards Rate: With the LIC VISA Signature Credit Card, you can earn reward points every time you spend! If you spend Rs. 100 on international purchases or pay your LIC premiums, you get 2 reward points. For other things you buy, you earn 1 reward point for every Rs. 100 spent. But you won’t earn points on fuel, wallet loads, or EMI transactions.
• Reward Redemption: The cool thing about your reward points is that you can trade them in for awesome stuff! You can use the LIC rewards catalog to pick from lots of different products, e-vouchers, and gift cards.
• Travel Perks: If you like to travel, this card is awesome because you get 2 free lounge visits every three months! This means you can relax in nice lounges at airports.
• Domestic Lounge Access: For travel within India, you also get 2 free visits to domestic airport lounges every three months. It’s a great way to enjoy your time at the airport!
• Insurance Benefits: This card comes with some really good insurance benefits. You get personal accident insurance up to Rs. 5 lakhs and air accident insurance up to 1 crore! Plus, there’s purchase protection insurance up to Rs. 1 lakh, so the things you buy are also covered.

Disadvantages

• Movie & Dining: Unfortunately, this card doesn’t offer any special perks or discounts for movies or dining out.
• International Lounge Access: If you’re traveling internationally, this card doesn’t give you free access to airport lounges outside of India.
• Golf Benefits: There are no special offers or perks for golf with this card, so golf lovers might miss out.

LIC Signature Credit Card Features and Benefits

• Airport Lounge Access: With the LIC Signature Credit Card, you can relax in the airport lounges for free! You get 2 complimentary visits to domestic lounges every three months.
• Insurance Benefits: This card offers some great insurance protection. You get up to Rs. 5 lakhs if you have a personal accident, and up to Rs. 1 crore for air accidents. Plus, if something you buy gets damaged or stolen, you’re covered for up to Rs. 1 lakh.
• Fuel Surcharge Waiver: When you use your LIC Signature Credit Card to buy fuel, you can save money! You get a 1% fuel surcharge waiver for fuel purchases between Rs. 400 and Rs. 4,000. But the most you can save each month is Rs. 400.
• Other Benefits: If your card ever gets lost, don’t worry too much because you’re protected! The LIC Signature Credit Card gives you insurance cover up to Rs. 5 lakhs for a lost card.

Reward Offers of LIC Signature Credit Card

• Earn 2 Reward Points: With the LIC VISA Signature Credit Card, you get 2 reward points for every Rs. 150 you spend on LIC premium payments and international transactions.
• Earn 1 Reward Point: For all other purchases, you earn 1 reward point for every Rs. 100 spent. However, you won’t earn points on wallet loads, EMI transactions, or fuel purchases.

Rewards Redemption on LIC Signature Credit Card

• Redeem Your Reward Points: With the LIC Signature Credit Card, you can use your accumulated reward points to buy products, e-vouchers, and gift cards.
• Use the Rewards Catalog: You can easily redeem your collected reward points by choosing from the LIC Credit Cards rewards catalog.

Eligibility Criteria of LIC Signature Credit Card

• Age: You need to be between 18 and 60 years old.
• Income: You should have a minimum net income of Rs. 15 lakhs.
• Citizenship: You must be a citizen of India or a Non-Resident Indian (NRI).

Documents Required for LIC Signature Credit Card

• Identity Proof: You can use one of these to prove who you are: Aadhar Card, Driving Licence, Passport, PAN Card, or Voter ID.
• Residential Proof: To show where you live, you can use one of these: Passport, Aadhar Card, Driving Licence, or Voter ID.
• Copy of PAN Card: You need to provide a copy of your PAN Card.
• Colored Photograph: You should include a recent colored photograph.
• Financial Documents: To show your income, you can provide one of these: your latest salary slips, the most recent bank statements, your Income Tax Return (ITR), or Form 16.

Application Process for LIC Signature Credit Card

1. Online Application: Prospective applicants need to access the Axis Bank website, download the application form, and submit it with the required documents. This method is quite simple and can be done from the comfort of one’s home. 
2. Branch Visit: As for the applicants, it is also possible to visit the nearest Axis Bank branch with the filled-in form and documents. This kind of option allows the client to get assistance in a face-to-face manner. The branch staff members are also helpful if there are some questions being made, and they ensure that all the necessary documents are submitted.
3. Customer Service: If the applicants face any problem in the above process, then they should immediately contact the customer care of Axis Bank. An applicant has the option of speaking with a customer service representative to help him or her through the process if he or she has any questions.

FAQs