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Federal BankIDFC First Bank has introduced two new credit cards, namely LIC Classic and LIC Select, that are designed for individuals with LIC policies. The LIC IDFC Bank Select Credit Card is a co-branded card launched by IDFC Bank and LIC. LIC is one of India’s largest public companies and a top-rated insurance provider, which makes this credit card a preferred choice for many. In simple words, this credit card offers rewards on the purchases made towards LIC Insurance premiums. You shall earn 10X Reward Points on making spends for LIC payments. You can redeem your Reward Points against your premium payments, and you can also pay with your accumulated points. This is a lifetime-free credit card with a low-interest rate, which makes it a must-have addition for all.
Apart from accelerated Reward Points on LIC payments, this card offers higher rewards on groceries, utilities, government, and railway spends. For travelers, this card provides free access to railway lounges and domestic airport lounges. Additionally, you can enjoy exciting deals and benefits, such as a free Lenskart Gold membership and discounts on popular brands like MYGLAMM and Yatra.
LIC IDFC Select Credit Card
Fees
Joining Fee
Renewal Fee
Best Suited For
Travel | Shopping |
Reward Type
Reward Points |
Welcome Benefits
Movie & Dining
N/A
Rewards Rate
10X RPs for LIC Insurance Spends. 5X RPs for Spends on Utilities, Education, Groceries, and Railways
Reward Redemption
“Pay With Points” or Redeem With IDFC FIRST Rewards
Travel
4 Free Railway Lounge Access Each Quarter
Golf
N/A
Domestic Lounge Access
2 Free Airport Lounge Access Each Quarter
International Lounge Access
N/A
Insurance Benefits
Complimentary Insurance Covers are Provided
Zero Liability Protection
Cardholders Will Not Be Liable for Any Fraudulent Transaction if the Card is Reported Lost or Stolen to the Bank in a Timely Manner
Spend Based Waiver
N/A
Rewards Redemption Fee
Rs. 99
Rewards Redemption Fee
Rs. 99
Foreign Currency Markup
3.5% for All International Transactions
Interest Rates
Monthly - 0.75% - 3.5% (Annually 9% - 42%)
Fuel Surcharge
1% Waiver on Fuel Up to Rs. 300
Cash Advance Charges
Rs. 199
Add-on Card Fee
N/A
- Earn accelerated Reward Points for LIC spends.
- Free railway lounge access.
- Free domestic lounge access across airports in India.
- Multiple insurance covers are offered with this card.
Pros
- This card rewards your LIC insurance spending, which is highly beneficial because LIC is a very popular insurance provider, and many of us pay high premiums each year with them.
- There are multiple insurance coverages like Purchase Protection, Credit Shield, and Card Liability Cover provided along with this card, which makes it extremely safe.
Cons
- This card is mainly focused on LIC spends and offers no benefits in areas like movies and dining.
- If you make non-LIC insurance payments, you will not earn any reward points.
Features of LIC IDFC Select Credit Card
When applying for a new credit card, it’s important to review all of the features and benefits of the card. You should determine whether the card aligns with your individual spending habits. Below, you will find a list of all the features and facilities of this card. Please review them carefully to decide if this card is the best option for you.
Joining Benefits
- Free 1-year Lenskart Gold Membership worth Rs. 500.
- Free 6 months PharmEasy Plus Membership worth Rs. 399.
- 2,000 Reward Points on spends of Rs. 10,000 within 30 days of card generation.
Offers and Discounts
- 5% cashback on the first EMI transaction done within 30 days of card issuance. Maximum cashback is capped at Rs. 1,000.
- ₹500 off on Domestic Flights booking on Yatra.
- ₹500 off on purchases of Rs. 899 or above on MYGLAMM.
Complimentary Railway Lounge Access
The IDFC Select Credit Card offers free access to railway lounges in India. You can enjoy up to four free entries per quarter (16 in a year). To access the lounge at the railway station, you need to present your valid credit card along with your train ticket. Rs. 2 shall be charged to validate your card. New Delhi Railway Station, Jaipur Railway Station, Agra Cantt Railway Station, and Kolkata (Sealdah) Railway Station are some of the participating lounges that you can access with the LIC IDFC Select Card.
This facility is available for both primary and add-on cardholders.
Complimentary Domestic Airport Lounge
This card provides you with the perk of free access to select lounges at airports across India. You can utilize this benefit twice per quarter for free lounge access within India by using your card and making a minimum spend of Rs. 5,000 in the previous month. This spending requirement is calculated based on your card usage between the 1st and 31st of each month.
Road-Side Assistance
Road-Side assistance (RSA) is also an additional benefit provided with this card. Offered in association with Global Assure, you would get benefits worth Rs. 1399 with this. You can get RSA four times a year.
LIC IDFC Select cardholders can contact 1800 572 3860 during emergencies to avail Road-Side Assistance.
LIC IDFC Select Credit Card Rewards
Let us have a look at the reward structure of the LIC IDFC Select Card.
- Get 10X Reward Points on LIC Insurance Premium spends. To avail of these Reward Points for LIC spends, you shall have to make the payment through the official LIC website.
- Earn 5X Reward points on Grocery, Utilities, Education, Railways, and Government spends, maximum cap of 300 Reward Points each month.
- 5X Reward Points on all other spends.
- No Reward Points shall be awarded for fuel, rental, cash withdrawals, EMI transactions, and non-LIC insurance payments.
- 1 Reward Point = Rs. 0.25
- All Reward Points have a validity of three years from the date of earning.
Review of LIC IDFC FIRST Bank Select Credit Card
In India, more than 25 crore people hold an LIC policy. If you have an LIC IDFC Select Credit Card, you can earn 10X Reward Points for each transaction with LIC of Rs. 125 or more. The value of 1 RP is equal to Rs. 0.25. These points can be redeemed for paying insurance premiums and other online transactions. You can also redeem them at IDFC Rewards. These accelerated rewards would help you save big while making essential and recurring insurance payments.
In addition, you can also receive 5X Reward Points for various categories such as groceries, utilities, and more, allowing you to save money. However, please note that there is a monthly cap of 300 reward points for these categories. Being a lifetime-free offering is an attractive benefit in itself; this card offers numerous additional benefits, whether it’s travel privileges, a great reward rate, or welcome benefits worth Rs. 3,000. Therefore, it is a must-have for all LIC Insurance holders or people who prefer LTF Credit Cards.
