Key Highlights of LIC IDFC Bank Credit Cards

LIC IDFC Cards VariantsLIC ClassicLIC Select
Joining & Annual FeeNilNil
Best Suited ForShoppingShopping, Travel
Welcome Benefits1,000 Reward Points on Spending Rs. 5,000 Within 30 Days of Card Issuance2,000 Reward Points on Spending ₹10,000 Within 30 Days of Card Issuance
Rewards RateReceive 6X Reward Points for LIC expenditures and 3X on utilities, education, railway, and government transactions.Earn 10X Reward Points on LIC Insurance expenses and 5X on utilities, education, groceries, and railway purchases.
Railway Lounge Access2 per quarter, 8 per year4 per quarter, 16 per year
Domestic Airport Lounge Access1 per quarter 2 per quarter

Features & Benefits of IDFC LIC Credit Cards

The LIC co-branded cards by IDFC not only allows you to pay your insurance premium at ease but they provide some illustrious benefits. There are two cards in this segment which are named LIC Classic and LIC Select. Below you can see the features and benefits which are offered by these cards.

Feature CategoryLIC IDFC Classic Credit CardLIC IDFC Select Credit Card
Joining Benefits- 1,000 Rewards on spending ₹5,000 within 30 days of card issuance.- Free 1-year Lenskart Gold Membership worth ₹500.
- 6 months PharmEasy Plus Membership worth ₹399.- Free 6 months PharmEasy Plus Membership worth ₹399. 
- Free 1-year Lenskart Gold Membership worth ₹500.- 2,000 Reward Points on spends of ₹10,000 within 30 days of card generation. 
Discounts & Offers- 5% cashback on first EMI within 30 days of card issuance, max ₹1,000.- 5% cashback on the first EMI transaction within 30 days, max ₹1,000.
- Flat ₹500 off on Domestic Flights on Yatra.- ₹500 off on Domestic Flights booking on Yatra. 
- ₹500 off on purchases of ₹899 or above on MYGLAMM.- ₹500 off on purchases of ₹899 or above on MYGLAMM. 
Complimentary Lounge Access- One domestic lounge access/month on spending ₹5,000 (primary & add-on cardholders).- Free access to railway lounges, 4 times/quarter.
- Complimentary Domestic Airport Lounge, twice/quarter on spending ₹5,000.  
Additional Benefits- Road-Side Assistance (RSA), four times a year. 

Accumulating Rewards on IDFC Bank LIC Credit Cards

Navigating the reward point systems of the IDFC LIC Credit Cards can be quite advantageous for cardholders. Both the Classic and Select variants offer a tiered reward points structure, catering to various spending categories. Here's an overview of how you can maximize your reward points accumulation with these cards:

IDFC LIC Classic Credit Card: Enhancing Everyday Spending

  • LIC Insurance Premium Payments: For every Rs. 125 spent on LIC insurance premiums through the official website, cardholders can earn 6 times the standard reward points.
  • Specialized Spending Categories: Triple reward points are available on purchases in specific sectors such as utilities, education, groceries, government services, and railways.
  • General Expenditures: All other spending categories also fetch triple reward points.
  • Exclusions: It is important to note that expenses on rent, fuel, cash withdrawals, and EMI transactions do not qualify for reward points.
  • Point Value and Validity: Each reward point is equivalent to Rs. 0.25, and they remain valid for a period of three years.

IDFC LIC Select Credit Card: Rewarding Premium Spends

  • Maximizing LIC Premium Payments: Making LIC insurance premium payments via the official website with this card earns you 10 times the usual reward points.
  • Accelerated Earning in Key Areas: Earn five times the reward points on groceries, utilities, education, railway, and government spends, with a ceiling of 300 reward points per month.
  • Broader Spending Benefits: The card extends the 5X reward points to all other spend categories.
  • Non-Qualifying Expenditures: Similar to the Classic card, no points are awarded for fuel, rent, cash withdrawals, EMI transactions, and non-LIC insurance payments.
  • Value and Duration of Points: Each point is worth Rs. 0.25 and stays valid for three years from the date of accrual.

By understanding and strategically using these reward point structures, IDFC LIC credit cardholders can significantly enhance the value they get from their everyday and specialized expenditures.

Fees & Charges of LIC IDFC Credit Cards

DetailsIDFC LIC Classic Credit CardIDFC LIC Select Credit Card
Monthly Interest Rate0.75% - 3.5%0.75% - 3.5%
Annual Interest Rate9% - 42%9% - 42%
Fuel Surcharge1% waiver upto Rs. 2001% waiver upto Rs. 300
Cash Advance FeeRs. 199Rs. 199
Forex Markup Fee3.5%3.5%
Add on Card FeeNilNil

Documents Required for LIC IDFC Credit Cards

Applying for an LIC IDFC Credit Card involves a straightforward process, which includes submitting various documents for KYC compliance and to verify eligibility. Below is a comprehensive guide to the types of documents you will need:

Essential KYC Documentation:

  • Identity Verification: You may use any of the following - Passport, Voter ID, Driving License, Aadhaar Card, NREGA Card, or PAN Card.
  • Address Proof: For validating your residence, you can present Utility Bills, your Ration Card, or Passport.
  • Additional ID Proof: Options here include Aadhaar Card, PAN Card, Driving License, or Voter ID.
  • Income Evidence: For those who are employed, the latest 3 months' Salary Slips or Bank Statements are required to confirm your earnings.
  • Photographic Identification: Current passport-sized photos are also a requisite.

Gathering these documents beforehand can streamline your application process, ensuring a smoother and more efficient approval for your LIC IDFC Credit Card.

Eligibility Criteria for IDFC LIC Cards

  • Age Limit for Primary Cardholder: Must be between 21 and 60 years.
  • Age Requirement for Add-on Cardholders: Should be over 18 years.
  • Residency: The card is exclusively available to Resident Indians.

How to Apply for LIC IDFC First Bank Credit Cards?

  • Step 1 - Click on “Apply Now” and you will be taken to the Credit Cards page
  • Step 2 - Fill in your details as required by the bank 
  • Step 3- Get a call from our executive who will verify your details and speed up your process of application.
  • Step 4 - Get your card delivered at your doorstep.

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LIC IDFC Credit Card FAQs

What are the primary benefits of the LIC IDFC Credit Cards?


LIC IDFC Credit Cards offer a range of benefits including reward points on various purchases, special rewards on LIC premium payments, and complimentary lounge access. Additional perks vary between the Classic and Select card variants.

How do I earn and redeem reward points with my LIC IDFC Credit Card?


Reward points can be earned on eligible purchases and specific transactions such as LIC premium payments. These points can be redeemed through the card's rewards portal for various items, vouchers, or services.

Are there any joining fees or annual charges for LIC IDFC Credit Cards?


The fee structure can vary between different LIC IDFC Credit Cards. Please refer to the specific terms and conditions for the card you're interested in for detailed information.

Can I get a waiver on the annual fee for my LIC IDFC Credit Card?


Waivers on annual fees may be offered based on annual spending thresholds or under specific promotional offers. Please check the latest terms for your card.

What should I do if my LIC IDFC Credit Card is lost or stolen?


Immediately report the loss or theft to the customer service helpline. They will guide you through the process of blocking the card and issuing a replacement.

Are there any foreign transaction fees on LIC IDFC Credit Cards?


Yes, foreign transaction fees are typically charged on international transactions. The exact rate can be found in your cardholder agreement.

How can I apply for an LIC IDFC Credit Card?


Applications can be made online through the LIC IDFC website or by visiting a local branch. Ensure you have all the necessary KYC documents ready for a smooth application process.

Is there a rewards cap on LIC IDFC Credit Cards?


Some cards may have a monthly or annual cap on the number of reward points that can be earned. Check the specific card details for any such limits.

Can I add family members to my LIC IDFC Credit Card account?


Yes, most LIC IDFC Credit Cards offer the option to add family members as authorized users or supplementary cardholders.

What kind of customer support does LIC IDFC offer for credit cardholders?


LIC IDFC provides customer support through various channels including a dedicated helpline, email support, and in-branch services for credit card-related queries and assistance.