IDFC recently introduced a cobranded card, the LIC IDFC First Credit Card, along with LIC cards and Mastercards. An individual will get these cards in two varieties: LIC Select and LIC Classic, with various benefits of rewarding points on their LIC premium payments at an accelerated rate. Along with these benefits, cards offer various reward points on other expenses, including airport and railway lounge access, complimentary roadside assistance, and accident insurance coverage.
LIC Select provides better offers and features than LIC Classic. For the former, an individual who has a good credit score is probably qualified.
Features you get:
- For every Rs. 125 spent on the LIC Select and Classic credit cards, you’ll get 5 and 3 reward points, respectively, in mostly these categories, including utility bills, groceries, and government payments.
- If you are paying an LIC insurance premium, you’ll earn reward points for every Rs. 125 spent. You can earn 10 reward points for the select variants and 6 reward points for the classic model.
(Note: Each reward point is worth only Rs. 25 paise.)
These reward points can be redeemed on online payment transactions, conversions into travel miles, gift vouchers, etc.
As per the founder of TechnoFino, Sumanata Mandal, “the Classic and Select variants of the LIC IDFC First credit card provide lower value-back rates at 1.2 and 2 percent, respectively.
For every Rs. 100 spent on a card, the total rupee value of RPs generated is shown by the value-back rate.
The co-founder and CTO of Card Insider, Ankur Mittal, is a digital platform that offers you a slightly different view along with a credit card comparison and review platform. This card offers benefits to those who pay high-value LIC insurance premiums that include more than Rs 1 lakh annually with no additional charge.