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LIC CARD

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LIC

  • Life Insurance Corporation of India is India’s premier organisation formed by Government of India under LIC Act, 1956 on 1st September 1956. Today LIC has more than Rs. 8 Lakh Crore worth of assets and over 23 crore policies in force. LIC has invested over Rs. 80,000 Crore in people welfare. Over the years, LIC has become a synonym for life insurance in India and a financial conglomerate. It has 2048 branch offices and more than 550 Satellite Sampark offices networked through WAN with 1.10 million agents across the country. In line with the corporate vision to emerge as a transnationally competitive financial institution, LIC has diversified into many businesses.



  • LIC Cards Services Limited came into existence on 11th November, 2008 as a 100% subsidiary of LIC to bring out its own Credit Card in the market. The Company has its registered office at Jeevan Prakash Building, 6th floor, 25. K.G. Road, New Delhi-110001.

AXIS BANK TIE-UP WITH LIC CARDS

  • Axis Bank was one of the first of the new private banks to have begun operations in 1994, after the Government of India allowed new private banks to be established. The Bank was promoted jointly by the Administrator of the specified undertaking of the Unit Trust of India (UTI - I), Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC) and other four PSU insurance companies, i.e. National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance Company Ltd. The Bank as on 31st March, 2011 is capitalised to the extent of Rs. 410.54 Crore with the public holding (other than promoters and GDRs) at 53.60%. The Bank's registered office is in Ahmedabad and its central office is located in Mumbai. The Bank has a very wide network of more than1281 branches (including 169 Service Branches/CPCs as on 31st March, 2011). The Bank has a network of over 6270 ATMs (as on 31st March, 2011) providing 24 hrs banking convenience to its customers. They have one of the largest ATM networks in the country. The Bank has strengths in both retail and corporate banking and is committed to adopting the best industry practices internationally in order to achieve excellence.

Zero Lost Card Liability

  • If your credit card from LIC Cards ever gets lost or stolen, you are protected against fraudulent purchase transactions up to the Insured amount from the moment you report the loss to LIC Cards Customer Service or through the VISA Global Service helpline, if overseas.
  • The insurance is not valid for Internet and ATM transactions.
  • LIC Cards will arrange to replace your card within 7 working days after you put a request for card replacement with our customer service agent.
  • If you recover your card after you have reported its loss, please do not attempt to use it. Instead, please destroy the card by cutting it into several pieces through the magnetic strip

How to Claim

  • Report loss of card to LIC Cards customer service immediately
  • You are required to file an FIR with the police for the lost/stolen card
  • What are their financial implications?
  • Fill up the Insurance Claim form and the dispute form and send it to the address mentioned in the form along with the requisite documents

Terms & Conditions

  • In addition to Terms and Conditions as may be stipulated by the company providing insurance cover / facilities, the following Terms and Conditions shall govern such insurance cover Insurance covers may vary from Card to Card. The Card member understands that he/she is required to check and understand the specific complimentary insurance cover provided to the Card member under the specific LIC Cards.
  • he Card member specifically understands that any complimentary insurance cover / facilities provided on any card, if any, might not be available for any one or more specific category / type of Card.
  • The complimentary insurance cover may be available only to LIC Cards card members who have transacted on the card for a Purchase / Cash Advance / EMI / Payment transaction, at least once, within 90 days prior to the day of occurrence of the incidence, for which the insurance claim is being made.
  • Inactive cards (cards that have been inactive as aforesaid for 90 days or more) and cards that are overdue for payment will not qualify for the complimentary insurance covers. Air Accident cover is applicable only if the ticket has been booked using your LIC Cards Credit Card
  • Insurance covers are not provided by Axis Bank / LIC Cards.
  • Exclusions / limitations are applicable as per policies issued by the concerned insurance company.
  • The card member specifically acknowledges that Axis Bank / LIC Cards will not be liable in any manner whatsoever by virtue of any insurance cover provided, whether or not the premium for such insurance cover is paid by the card member
  • The card member acknowledges that the concerned insurance company will be solely liable, for all such insurance related claims / matters and the Card member shall not hold the Bank responsible for any matter arising out of or in connection with such insurance cover, whether for or in respect of any deficiency or defect in such insurance cover, recovery or payment of compensation, processing or settlement of claims or otherwise howsoever, and all such matters shall be addressed to and sorted out directly with the concerned insurance company and to the exclusion of LIC Cards and no communication in this regard will be entertained by LIC Cards.
  • However, there could be specific exceptions to the aforesaid for certain insurance covers offered wherein Axis Bank / LIC Cards may assist (but not obliged to) in informing about and collecting claim documentation and these can be communicated at the time of selling such insurance covers.
  • The card member acknowledges that the insurance cover so provided will be available to the card member only as per the terms of the relevant insurance policy in force, and only so long as the card member is and remains a card member of Axis Bank / LIC Cards with his Account being maintained in good standing, and on the card membership being withdrawn (whether temporarily or permanently)for whatever reason, the benefit of such insurance cover shall automatically and ipso facto cease to be available from such date of cessation of card membership
  • Further, the card member also agrees that even during the continuation of his card membership, Axis Bank / LIC Cards may at any time (in its sole discretion and without giving any notice thereof to the card member or assigning any reason thereof) suspend, withdraw or cancel the benefit of such insurance cover, and there will be no binding obligation on Axis Bank / LIC Cards to continue this benefit
  • The insurance benefits provided are as per the Terms and Conditions of the policies effected with the concerned insurance company. The card member acknowledges that Axis Bank / LIC Cards reserves the right to add, change, modify or completely withdraw any or all benefits provided with notice to the card member.

SCHEDULE OF CHARGES


It gives us immense pleasure to announce that LIC Cards Services Limited (LIC CSL), a wholly owned subsidiary of LIC of India launched its LIC Credit Card on 29th March, 2011 to be powered by Axis Bank.
Particular Signature Card Platinum Card Titanium Card Gold Card
Standard Annual Fee Nil Nil Nil Nil
Standard Add-on Card Joining Fee Nil Nil Nil Nil
Standard Add-on Card Annual Fee Nil Nil Nil Nil
Finance Charges (Retail Purchases & Cash) 3.25% per month (46.78% per annum) 3.25% per month (46.78% per annum) 3.25% per month (46.78% per annum) 3.25% per month (46.78% per annum)
Cash Withdrawal Fees 2.5% (Min. Rs 250) of the Cash Amount 2.5% (Min. Rs 250) of the Cash Amount 2.5% (Min. Rs 250) of the Cash Amount 2.5% (Min. Rs 250) of the Cash Amount
Card Replacement (lost or stolen or re-issue) Waived Waived Waived Waived
Emergency Card Replacement Fee when overseas (through VISA) As per VISA Global Customer Assistance Services (GCAS). As per VISA Global Customer Assistance Services (GCAS). As per VISA Global Customer Assistance Services (GCAS). As per VISA Global Customer Assistance Services (GCAS).
Duplicate Statement Fee Waived Waived Waived Waived
Overdue Penalty or Late Payment Fee Late Payment Fee is linked to total amount due on card account i.e. Rs. 300 if Total Payment Due is up to Rs. 2000, Rs. 400 if Total Payment Due is between Rs. 2001 - Rs. 5000 & Rs. 600 if Total Payment Due is Rs. 5001 or more Late Payment Fee is linked to total amount due on card account i.e. Rs. 300 if Total Payment Due is up to Rs. 2000, Rs. 400 if Total Payment Due is between Rs. 2001 - Rs. 5000 & Rs. 600 if Total Payment Due is Rs. 5001 or more Late Payment Fee is linked to total amount due on card account i.e. Rs. 300 if Total Payment Due is up to Rs. 2000, Rs. 400 if Total Payment Due is between Rs. 2001 - Rs. 5000 & Rs. 600 if Total Payment Due is Rs. 5001 or more Late Payment Fee is linked to total amount due on card account i.e. Rs. 300 if Total Payment Due is up to Rs. 2000, Rs. 400 if Total Payment Due is between Rs. 2001 - Rs. 5000 & Rs. 600 if Total Payment Due is Rs. 5001 or more
Over Limit Penalty 3% of the over limit amount (Min. Rs 500) 3% of the over limit amount (Min. Rs 500) 3% of the over limit amount (Min. Rs 500) 3% of the over limit amount (Min. Rs 500)
Charge slip Retrieval Fee or Copy Request Fee Waived Waived Waived Waived
Outstation Cheque Fee Waived Waived Waived Waived
Cheque return or dishonor Fee or Auto debit Reversal Bank A/c out of Funds Rs 300 Rs 300 Rs 300 Rs 300
Surcharge on purchase or cancellation of Railway Tickets As prescribed by IRCTC/Indian Railways As prescribed by IRCTC/Indian Railways As prescribed by IRCTC/Indian Railways As prescribed by IRCTC/Indian Railways
Fuel Transaction Surcharge Waived (For fuel transactions between Rs. 400 and Rs, 4000; maximum benefits upto Rs. 400 per month) Waived (For fuel transactions between Rs. 400 and Rs, 4000; maximum benefits upto Rs. 400 per month) Waived (For fuel transactions between Rs. 400 and Rs, 4000; maximum benefits upto Rs. 400 per month) Waived (For fuel transactions between Rs. 400 and Rs, 4000; maximum benefits upto Rs. 400 per month)
Foreign Currency Transaction Fee 3.50% of the transaction value 3.50% of the transaction value 3.50% of the transaction value 3.50% of the transaction value
Transaction Alert Charges Waived Waived Waived Waived
Hot listing Charges Nil Nil Nil Nil
Balance Enquiry Charges Waived Waived Waived Waived
PlusPoint Redemption Fee Rs. 30 per request Rs. 30 per request Rs. 30 per request Rs. 30 per request
Balance Transfer - Interest rates and Charges Plan 1 - 0% interest rate for 3 months and 2.95% interest after 3 months with 2% processing fee or Rs. 199 (whichever is higher)

Plan 2- 0.75% interest rate for 6 months and 2.95% interest after 3 months with 1% processing fee or Rs. 100 (whichever is higher)
Dial-an-EMI - Interest rates and Charges 1.5% interest rate for 3, 6, 12 and 24 months EMI Tenure with 1.5% processing fee or Rs. 150 (whichever is higher)


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