LIC Signature Credit Card Review

General Information

Rewards and Benefits

Fees and Charges

Summary

There is no joining fee for the LIC VISA Signature Credit Card. You can earn 2 reward points for every Rs. 100 spent on international transactions and LIC Premium payments. For all other categories, excluding fuel, wallet load, and EMI transactions, you can earn 1 reward point for every Rs. 100 spent. With this card, you will also receive personal accident insurance cover up to Rs. 5 lakhs and air accident insurance cover up to 1 crore. Additionally, you will get complimentary insurance cover for lost cards up to Rs. 5 lakhs and purchase protection up to Rs. 1 lakh.

The LIC Signature Credit Card is a desirable option for avid shoppers, as it offers a range of benefits and reward points on various transactions.

With a joining fee and renewal fee of Nil, this card ensures that you can maximize its benefits without incurring any additional costs.

When it comes to earning reward points, this card allows you to earn 2 reward points for every Rs. 100 spent on international transactions and LIC premium payments.

For all other categories excluding fuel transactions, wallet load, and EMI transactions, you can earn 1 reward point for every Rs. 100 spent.

This provides ample opportunity to accumulate reward points and redeem them for exciting rewards.

For those who frequently travel, the LIC Signature Credit Card offers 2 complimentary lounge access per quarter, allowing you to relax and unwind during your journey.

Additionally, you can also enjoy 2 complimentary domestic lounge access per quarter.

These lounge access benefits add a touch of luxury to your travel experience.

The insurance benefits of this credit card are impressive as well.

It covers personal accident insurance of up to Rs. 5 lakhs and air accident insurance of up to 1 crore.

Furthermore, you also receive purchase protection insurance of up to Rs. 1 lakh, ensuring that your purchases are safeguarded against any untoward incidents.

When it comes to charges and fees, there is a small rewards redemption fee of Rs. 30 + GST.

The foreign currency markup is 0.035, which is quite competitive.

However, it is important to note that the interest rate for this card is relatively high at 3.6% per month (52.86% per annum).

Hence, it is advisable to pay off your outstanding balances on time to avoid any hefty interest charges.

Fuel transactions made at petrol pumps in India between Rs. 400 and Rs. 4,000 are eligible for a 1% fuel surcharge waiver.

The maximum benefit you can avail in terms of fuel surcharge is capped at Rs. 400 per month.

This feature is undoubtedly helpful in saving a few bucks on your fuel expenses.

For those in need of cash advances, this card offers a cash advance facility, charging 2.5% of the transaction amount or a minimum of Rs. 500.

However, it is recommended to utilize this feature sparingly due to the associated charges.

In conclusion, the LIC Signature Credit Card is ideal for individuals who love shopping and want to be rewarded for their expenses.

With its attractive reward points system, lounge access benefits, and insurance coverage, it offers a comprehensive package.

However, it is crucial to be mindful of the higher interest rate and utilize the cash advance feature judiciously.