LIC, IDFC First, MasterCard Launch Exclusive Co-Branded Credit Cards For Insurance Policyholders

In a strategic collaboration, IDFC FIRST Bank, LIC Cards, and Mastercard have introduced a the exclusive co-branded credit cards, LIC Classic and LIC Select. This collaboration, announced on December 14, aims to offer a range of benefits to the 27 crore policyholders across India, providing them with unique opportunities to save while enjoying a host of privileges.

The co-branded credit cards are designed to make every LIC insurance premium payment a rewarding experience. According to a joint statement by the companies, policyholders can accumulate reward points with each premium payment, offering an incentive for responsible financial planning.

The two variants, LIC Classic and LIC Select, not only cater to the diverse needs of consumers but also come with an array of benefits. Cardholders will enjoy perks such as up to Rs 50,000 cover for lost card liability and a substantial personal accident insurance cover of up to Rs 5 lakh.

One of the standout features of the new co-branded credit cards is the absence of joining and annual fees, making them an attractive proposition for a wide range of consumers. Additionally, the cards offer low-interest rates starting from 9%, reflecting a commitment to providing financial solutions that bring tangible value to customers.

The benefits extend beyond insurance-related perks. Cardholders can redeem their accumulated reward points against various online purchases, including upcoming LIC insurance premiums. This flexibility adds a layer of convenience to the financial planning process for policyholders.

Both LIC Classic and LIC Select variants come with travel benefits, elevating the user experience. Cardholders will enjoy complimentary access to lounges at airports and railway stations in their journeys. Moreover, the cards include personal accident insurance and offer a 1% fuel surcharge waiver, making them an all-encompassing solution for the modern consumer.

The co-branded credit cards are expected to appeal to consumers of all age groups, thanks to their comprehensive range of features and benefits. The collaboration leverages the strengths of IDFC FIRST Bank, LIC Cards, and Mastercard, combining financial expertise and cutting-edge technology to create a product that aligns with the evolving needs of today's consumers.

This collaboration signifies a significant move in the financial services sector, bringing together industry leaders to offer innovative solutions. With the exclusive co-branded credit cards, IDFC FIRST Bank, LIC Cards, and Mastercard are providing a financial tool as well as a holistic experience that enhances the financial well-being of policyholders across the nation.