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LIC Platinum EMV Credit Card

LIC Platinum EMV Credit Card is a co-branded Visa card launched in collaboration with the Corporation Bank. The card comes with a standout feature, which includes a temporary credit limit enhancement, where cardholders can request an increase of up to 30% on their original limit when needed. This card also offers a revolving credit facility, allowing users to choose how much they want to pay each billing cycle, whether it’s the minimum amount due or the full balance.

This card charges zero annual fees from its customers on sign-up. In addition to this, the customers get 1 Reward Point for every ₹150 spent using this card. The LIC Platinum Credit Card comes with a balance transfer option, enabling primary cardholders to manage their existing debts efficiently. The VISA Bill Pay facility further simplifies life by allowing simple utility bill payments to over 120 billers. Read below to learn more about the LIC Platinum EMV Credit Card features and offers.

LIC Platinum EMV Credit Card

( 4.1 / 5 )
LIC Platinum EMV Credit Card
  • Joining FeeNil
  • Annual FeeNil
  • Best Suited ForShopping
  • Reward TypeReward Points

Rewards Rate

1 RP for every ₹150 spent on eligible categories

Welcome Benefits

N/A

Movie & Dining

N/A

Rewards Rate

1 RP for every ₹150 spent on eligible categories

Reward Redemption

1 RP = ₹0.50

Travel

N/A

Domestic Lounge Access

N/A

International Lounge Access

N/A

Golf

N/A

Insurance Benefits

You get personal accident insurance coverage and credit liability coverage of ₹50,000, along with a purchase protection cover of ₹50,000.

  • Spend-Based Waiver

    N/A

    Rewards Redemption Fee

    ₹30 per redemption request

    Foreign Currency Markup

    N/A

    Interest Rates

    3% per month; 36% per annum

    Fuel Surcharge Waiver

    2.5% fuel surcharge waiver on all fuel transactions across all petrol pumps

    Cash Advance Charges

    2.5% on the withdrawal amount subject to the minimum amount of ₹200.

    • This card has no joining or renewal fee, making it a lifetime-free card.
    • Insurance benefits are included with this card.
    • A balance transfer facility is provided to cardholders with this card.
    • EMI conversion options for purchases over ₹2,500.
    • 2.5% surcharge waiver on fuel transactions at fuel stations across India.

    Pros

    • Temporary credit limit enhancement up to 30%.
    • VISA Bill Pay for utility payments

    Cons

    • No additional perks for shopping or travel.
    • There are no Forex Markup fees with this card.

  • LIC Platinum EMV Card Rewards

    With LIC Platinum EMV card, you can get up to 1 Reward Point per ₹150 spent on all categories. The value of 1 reward point is equivalent to ₹0.50.

    Reward Redemption

    You can use your Reward Points to pay off your outstanding bills. You can redeem a minimum of 500 Reward Points using your LIC Platinum EMV credit card.

    Insurance Benefits

    You get several insurance benefits with the LIC Platinum EMV card. These benefits have been provided below.

    • The customers get personal accidental insurance with this card.
    • Along with it, you also get purchase protection of ₹50,000 for up to 60 days to cover your purchases against accidental loss or damage.
    • Credit Shield is worth up to ₹50,000, and the customer gets this protection cover in case of permanent disability.

    Other Benefits

    Customers can enjoy several other benefits by using the LIC Platinum EMV card. These benefits have been stated below.

    • You get a fuel surcharge waiver of 2.5%  using this card at petrol stations in India.
    • The card comes with absolutely zero joining fees or renewal fees.
    • Customers can convert their purchases into EMI transactions of 6,12, and 24 months using this credit card. The transaction value should be more than ₹2,500.
    • The LIC cardholders can use the VISA Bill Pay facility to pay their outstanding utility bills.

    Eligibility &  Documentation

    Eligibility Criteria
    • Applicant should be an Indian Resident
    • Applicant should be of an age between 18 years to 60 years
    • Applicant can be either a self-employed or salaried employee
    • The applicant shall have a credit score of 700 or above
    Documentation Required
    • Address Proof (Aadhaar card, Voter ID, and Passport)
    • Income Proof (Bank Statement or salary slip of last 3 months, last 2 years audited financial report, etc)
    • Identity Proof (Aadhaar Card, Driving License, Voter ID)

    Conclusion

    If you are an individual looking for an entry-level credit card then a LIC Platinum EMV card is a great option for you. This card charges zero membership fees and renewal fees from the customers, which, in my opinion, is the key feature of this card. Meanwhile, with the Platinum EMV card, the customers get a reward rate of ₹0.50. However, you do not get enough redemption options on this particular credit card. The card also doesn’t provide the customer with any accelerated rewards or milestones benefits. What do you think about the LIC Platinum EMV card? Do tell us your reviews in the comments. You can also check for an LIC Gold EMV Credit Card.

    FAQs:

    No, the LIC Platinum EMV Credit Card has no joining or renewal fees, making it a lifetime-free card.

    The card also includes a VISA Bill Pay facility, allowing customers to pay their utility bills simply and securely to over 120 different billers.

    The interest rate for the LIC Platinum EMV Credit Card is 3% per month, which translates to 36% per annum.

    Yes, cardholders can convert purchases of ₹2,500 and above into EMI transactions, with options for 6, 12, or 24 months.

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