LIC’s Credit Card Allows No-Cost EMI, Double Reward Points: How It Works?

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LIC Cards Services Limited (LIC CSL), in partnership with the Mumbai-based IDBI Bank, has announced two new Rupay credit cards, called the ‘Lumine’ Platinum ‘Eclat’ Select Credit Card.

These cards will provide a range of new benefits to cardholders and are reported to be the ‘best in class, as per the release.

At present, the two credit cards will be available only to a handful of customers. LIC policyholders, agents, and employees of LIC and its subsidiaries, like LIC Housing, will be able to apply for the new cards.

LIC x IDBI Credit Cards Benefits

The two newly launched ‘Eclat’ Select Credit Card and the ‘Lumine’ Platinum Credit Card are reported to latch in a bundle of new benefits to their cardholders.

Some of the benefits offered by the Rupay-based credit cards are listed below.

  • Cardholders of both Lumine and Eclat credit cards will be offered a credit limit of their suiting, meaning they can tailor it as per their lifestyles.
  • On each Spend of Rs 100, the Lumine cardholders will be awarded 3 ‘delight’ points, while the Eclat cardholders have 4 delight points.
  • Cardholders can enjoy a validity period of 4 years, along with an interest-free credit period of up to 48 days.
  • If you are a customer of LIC and you either renew or purchase the premium of a LIC insurance policy, you will get a unique benefit of twice (2x) the reward points.
  • Both the cards will offer their holder the option to convert transactions over Rs 3000 to EMI with zero processing and foreclosure fee, plus a 1% fuel surcharge waiver on transactions of Rs 400 and more.
  • Cardholders will be given the option to choose their EMI tenures for 3, 6, 9 or 12 months.
  • On spending Rs 10,000 within 60 days, Lumine cardholders will earn 1,000 ‘Welcome Bonus Delight Points’.
  • For Eclat cardholders, spending Rs 10,000 will earn 1,500 ‘Welcome Bonus Delight Points’ within the same period.
  • Eclat cardholders will get complimentary lounge access at all domestic and international airports.
  • These cards will offer several insurance covers, like air accident insurance cover, personal accident or permanent disability cover, credit shield cover and zero lost card liability.

Rakesh Kumar, CEO of LIC CSL, was quoted as saying, “We are pleased to partner with IDBI and RuPay for the launch of LIC CSL Credit Cards, Lumine and ECLAT. We hope to enhance the value of digital transactions by providing a variety of benefits/cards that will save time and money for both the buyer and the recipient. LIC CSL aims to be a leading brand in Cards and Digital Payments, catering to all segments with a geographical spread across the nation.”

IDBI Bank MD and CEO Rakesh Sharma said, “We are pleased to be partners with LIC CSL and RuPay to offer an innovative credit product that offers a variety of benefits to our customers including health, entertainment, travel, and various reward points. We aim to elevate the experience of credit card expenditure towards a holistic benefit for our customers.”

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