LIC Axis Bank Signature Credit Card . A co-branded credit card designed for LIC policyholders, offering accelerated rewards on premium payments and basic travel perks.
Overall Lootdealtricky Rating: 3.0 / 5.0
- Rewards: 2.5/5
- Travel: 3.0/5
- Co-branded Benefits: 3.0/5
Key Highlights:
- 2X Rewards on LIC Premium & International Spends
- 8 Complimentary Domestic Lounge Visits/Year
- Lifetime Free Card (No Joining/Annual Fee)
At a Glance: Card Snapshot
| Feature | Benefit |
|---|---|
| Joining/Annual Fee | Nil (Lifetime Free) |
| Reward Rate on LIC/International | 2% (2 RP per ₹100) |
| Reward Rate on Other Spends | 1% (1 RP per ₹100) |
| Welcome Benefit | Not Available |
| Domestic Lounge Access | 8 per year (Max. 2 per quarter) |
| Fuel Surcharge Waiver | 1% (Max. ₹400/month) |
Detailed Benefits & Features
💰 Rewards Program
- Earning Rewards:
- 2 Reward Points per ₹100 spent on LIC premium payments.
- 2 Reward Points per ₹100 spent on international transactions.
- 1 Reward Point per ₹100 spent on all other eligible categories.
- No rewards on Fuel, Gold/Jewellery, Utilities, Wallet loads, Rent, EMI, etc.
- Redeeming Rewards:
- Points can be redeemed for e-vouchers, gift cards, and products via the LIC credit card rewards catalogue.
- Reward Point Validity: 12 months from the date of earning.
✈️ Travel Benefits
- Lounge Access: Enjoy 8 complimentary visits per year to domestic airport lounges (maximum of 2 per quarter).
- International Spends: Earn double rewards on all spends made abroad.
⛽ Lifestyle & Other Benefits
- Fuel Surcharge Waiver: Get a 1% waiver on fuel spends between ₹400 and ₹4,000 at all Indian fuel stations (maximum waiver of ₹400 per month).
- Dining Discounts: Avail up to 20% discount at partner restaurants.
- Insurance:
- Complimentary lost card liability cover up to your credit limit.
Fees & Charges of LIC Axis Bank Signature Credit Card
A detailed breakdown of the costs associated with this card.
| Fee Type | Amount |
|---|---|
| Joining Fee | Nil |
| Annual Fee | Nil |
| Finance Charges | 3.75% per month (55.55% p.a.) |
| Foreign Currency Markup | 3.5% |
| Cash Advance Fee | 2.5% of amount (Min. ₹500) |
| Late Payment Fee | ₹0 (for dues ≤ ₹500) |
| ₹500 (for dues ₹501 – ₹5,000) | |
| ₹750 (for dues ₹5,001 – ₹10,000) | |
| ₹1,200 (for dues > ₹10,000) |
Eligibility Criteria
- Age: 18 – 70 years
- Employment: Salaried or Self-Employed
- Credit Score: A good credit score is required for approval.
Lootdealtricky Review: Is It The Right Card For You?
👍 What We Like
- Accelerated rewards on the typically excluded category of LIC premium payments.
- Good value for occasional travelers with complimentary lounge access.
- True lifetime free card, with no hidden joining or annual fees.
- Benefits like fuel surcharge waiver and dining discounts add to its value.
👎 What Could Be Better
- Low reward rate on all spends other than LIC and international transactions.
- High forex markup fee (3.5%) negates the value of 2X rewards on international spends.
- Lacks premium travel and lifestyle benefits like hotel memberships or golf access.
- Reward redemption options are limited compared to other cards.
Who Should Get This Card?
- ✅ Individuals with high LIC premium payments seeking to save on them.
- ✅ Those looking for a simple, lifetime free credit card with basic benefits.
- ✅ Occasional domestic travelers who value complimentary lounge access.
- ✅ Users who want a secondary card specifically for LIC and international spending.
Who Should Skip This Card?
- ❌ Frequent international travelers (due to the high forex markup).
- ❌ Those seeking high reward rates on everyday spending (groceries, shopping, etc.).
- ❌ Anyone looking for a premium card with comprehensive travel insurance and benefits.
Top 20 FAQs: LIC Axis Bank Signature Credit Card
1. Is the LIC Axis Bank Signature Credit Card truly lifetime free?
Yes, the card has zero joining fees and zero annual fees, making it a lifetime free credit card.
2. What is the reward rate for paying my LIC premium?
You earn 2 reward points for every ₹100 spent on LIC premium payments, which is equivalent to a 2% reward rate.
3. Are there any spending categories that do not earn rewards?
No reward points are earned on transactions including fuel, gold/jewellery purchases, utility bill payments, wallet loads, rent payments, government services, cash advances, and EMI conversions.
4. How many complimentary lounge accesses do I get?
You get 8 complimentary domestic lounge access visits per year, with a maximum of 2 visits per quarter.
5. What is the fuel surcharge waiver offer?
You get a 1% waiver on fuel surcharges for transactions between ₹400 and ₹4,000 at all fuel stations in India. The maximum waiver is ₹400 per calendar month.
6. What is the foreign transaction (forex) markup fee?
A foreign currency markup fee of 3.5% is applied to all international transactions. This is high and reduces the benefit of the 2X rewards on such spends.
7. How can I redeem my earned reward points?
Points can be redeemed against a variety of options like e-vouchers, gift cards, and merchandise through the dedicated LIC credit card rewards catalogue.
8. How long are my reward points valid?
The reward points are valid for 12 months from the date they are credited to your account.
9. What is the late payment fee?
The late payment fee is structured as follows:
- Outstanding up to ₹500: Nil
- Outstanding from ₹501 to ₹5,000: ₹500
- Outstanding from ₹5,001 to ₹10,000: ₹750
- Outstanding above ₹10,000: ₹1,200
10. What is the cash advance fee?
A fee of 2.5% of the withdrawn amount is charged, subject to a minimum of ₹500.
11. What is the eligibility criteria for this LIC Axis Bank Signature Credit Card?
The primary criteria are:
- Age: 18 to 70 years
- Employment: Salaried or self-employed individuals
- Credit Score: A good credit score is required for approval.
12. Can I get add-on cards for my family?
Yes, you can request up to three add-on cards. These are also free of cost, with no joining or annual fees.
13. How do I apply for this credit card?
You can apply online via the official LIC Cards website or the Axis Bank website by filling out the application form and submitting the necessary KYC documents.
14. Is there any insurance cover provided with this card?
Yes, the card provides a complimentary lost card liability insurance cover up to the credit limit on your card.
15. Does this card offer any dining benefits?
Yes, you can get up to a 20% discount at partner restaurants. The list of partner restaurants is available on the Axis Bank or LIC Cards website.
16. What is the interest rate on unpaid balances?
The finance charge is 3.75% per month, which translates to an annual percentage rate (APR) of 55.55% per annum.
17. Why should I choose this card over the LIC Axis Bank Platinum Card?
The key difference is lounge access. The Signature variant offers 8 domestic lounge visits per year, while the Platinum variant does not offer any. The reward rate on LIC and other spends is identical.
18. Is this a good card for international travel?
While it offers 2X points on international spends, the high 3.5% forex markup fee makes it an expensive option for international transactions. Cards with lower or zero forex markup fees are generally better for travel.
19. Who is this card best suited for?
This card is ideal for existing LIC policyholders who want to save on their premium payments, individuals seeking a simple lifetime free card, and those who want basic lounge access benefits.
20. Who should avoid getting this card?
Frequent international travelers (due to the high forex fee), those seeking high rewards on general spending, and users looking for premium benefits like travel insurance or airport transfer services should consider other options.
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