Most of the credit card issuers in the country do not offer any reward points or benefits on insurance payments because of which cardholders prefer not to use them. Keeping this in mind, HDFC Bank launched a limited-period offer where customers can earn 2x reward points on insurance payments made through their HDFC Bank credit card.
This offer will run from 15th March 2023 to 31st March 2023, and the customers will have to make a minimum online insurance payment of Rs. 25,000 to be eligible for the 2x reward points.
Read further to know more about this offer, how to claim it, and the important terms and conditions associated with it.
HDFC Bank 2X Reward Points on Online Insurance – Offer Details
The accelerated 2x reward points offer on online insurance payments done with your HDFC Bank credit card runs from 15th March 2023 to 31st March 2023. It is a first-come first-serve offer applicable only to the first 1.25 Lakh customers.
Cardholders must make a minimum insurance payment of Rs. 25,000 with their credit card to be eligible for the offer. The maximum reward points with this offer are capped at 1000 RPs per customer.
Let’s understand this offer better with the help of an example.
- XYZ makes an insurance payment of Rs. 35,000 between 15thto 31st March 2023. As the transaction amount is higher than the minimum qualifying amount, he will receive the 2x reward points for the payment. 1x reward points are credited when the payment is made and the remaining 1x when the offer is fulfilled.
- XYZ makes an insurance payment of Rs. 23,500 between 15thto 31st March 2023. As the transaction amount is lower than the minimum qualifying amount, he will not be eligible to receive the 2x reward points.
- XYZ makes his first insurance payment of Rs. 18,000 and a second payment of Rs. 20,000 between 15thto 31st March 2023. The sum of the payments is Rs. 38,000 but he still won’t be eligible to receive 2x reward points as his payments did not meet the minimum transaction amount of Rs. 25,000.
Therefore, it is necessary to make a minimum insurance payment of Rs. 25,000 to be eligible to receive the 2x reward points.
HDFC Bank 2X Reward Points on Online Insurance – Terms and Conditions
- The offer period is from 15thMarch 2023 to 31st March 2023.
- The offer is applicable as first come first serve only for the first 1.25 Lakh customers
- The minimum transaction amount to be eligible for the offer is Rs. 25,000
- A customer can earn a maximum of 1000 RPs with the offer
- A customer will be eligible if his net transaction amount exceeds the threshold, excluding any cancellation or refunds
- The offer is only for HDFC Bank Retail credit cardholders. Corporate, Business, and Commercial credit cards are not eligible for this offer
- The transaction must be completed within the offer period to be eligible for the 2x RPs.
- 1x RP are processed when the insurance transaction is made and the remaining 1x RP will be processed by 30 June 2023, when the offer is fulfilled.
Other Insurance Offers on Credit Cards
Standard Chartered is offering 5x reward points on insurance payments up to a maximum of 2000 reward points until 31st March 2023.
American Express cardholders can earn 5 Membership Reward Points on every Rs. 100 spent on insurance spends, up to a maximum of 10,000 Reward Points. The offer is valid till 31st March 2023.
Insurance payments form a vital part of any person’s total expenditure and they cannot skip this payment. Most credit cardholders refrained from offering any deals or benefits on insurance payments which was a drawback for customers.
However, HDFC Bank recently rolled out a highly rewarding offer where customers can get 2x Reward Points on making an online insurance payment of at least Rs. 25,000 between 15th to 31st March 2023. This is great for customers but the perk here is that this offer is first come first serve only applicable for the first 1.25 Lakh customers.
This offer by HDFC Bank will encourage customers to pay their insurance with their credit cards and maybe other credit card issuers launch similar offers as well.