LIC Gold EMV Cards provides Free Card - No Joining Fees, No Annual & Renewal Fees.
Predefined
Credit Limits: The
card holders would have the flexibility of fixing credit limits less than the
credit limit assigned to them and transactions beyond the card holder specified
limit would be declined. This facility will also be applicable on the add-on
cards issued against the account. The predefined limits can be changed on
request and will be effective from the next billing cycle.
Temporary
Credit Limit Enhancement*: Card holders can request for temporary enhancement in their credit
limits and such temporary enhancement would be considered up to 30% of the
original credit limit. The temporary credit limit would be restored to the
original credit limit during the next billing cycle. This facility is
Revolving
Credit Facility: On
receiving the credit card statement, the cardholders would have the option of
any one of the following payment options:
a)
Payment of the Minimum Amount Due and carry forward the balance to the next
billing cycle
b) Payment of any amount greater than Minimum Amount Due and the total amount
due
c) Payment of the total amount due i.e., total amount outstanding
Balance
Transfer Facility*: The
cardholder shall have the option to transfer the balances from other Bank
credit card to their credit card account. This option would be provided only to
the Primary Cardholder.
VISA Bill
Pay facility: Credit
cardholders shall also have the facility for paying utility bills and payments
to various other services through their credit card using the VISA bill pay
facility. Cardholders will have to register for the facility at http://www.visabillpay.in and
can make payment to over 120 billers as on date. VISA International offers this
service to all its cardholders.
Visa Bill
Pay is a unique online service that enables cardholders with Visa branded cards
issued by any Visa member to conveniently make their bill payments using their
Visa branded cards. This is the first such service for cardholders in the Asia
Pacific region and is currently available for cardholders in India.
Equated
Monthly Installment Payments*: Cardholders have the option to convert any
purchase transactions made using the card for value equal to more than
Rs.2500/- into Equated Monthly Installments (EMI) of 6, 12 or 24 months. The
interest rate for the amount would be 16% p.a. for tenor less than 6 months and
18% p.a. for tenor more than 6 months.
This
would be provided only after one year of satisfactory operations in the credit
card account.
Subject to terms and conditions as mentioned in card user's guide.
Age Criteria:
Sl. No. |
Type of holding |
Minimum Age |
Maximum Age |
1. |
Primary Cardholder |
18 years |
60 years |
2. |
Add on Cardholder |
18 years |
65 years |
General Eligibility:
Sl. No. |
Segment |
Minimum Age |
1. |
LIC Employee |
Confirmed employees of LIC / Group Companies
with SR No. |
2. |
LIC Agents |
Club Member Agents of LIC of India viz.
Corporate Club, CM Club, MDRT, ZM Club, DM Club & BM Club with in-force
agency status. |
3. |
LIC Policy Holders |
Salaried and Self-Employed Segment: The policyholder must have at-least one
In-force or Fully Paid-up Non-Single Premium LIC Policy which must have
completed at-least 3 years from the Date of commencement of the Policy till
Date of Application. |
Income criteria:
Sl. No. |
Segment |
Gold |
Platinum |
1 |
LIC/Group Company Employees |
Min: Rs. 1.80 Lakhs p.a.
Limit |
Min: Rs. 1.80 Lakhs p.a. |
2 |
LIC Agents |
Surrogated Income Limit |
Surrogated Income |
3 |
LIC Policy Holders Salaried |
Min: Rs. 1.80 lakhs p.a. |
Min: Rs. 3.00 lakhs |
4 |
LIC Policy Holders Self Employed |
Min: Rs. 1.80 lakhs p.a. |
Min: Rs. 3.00 lakhs |
5 |
LIC Policyholders - HNI (GC) Segment |
Surrogated Income Limit |
Surrogated Income |
Other Criteria:
Documents to be furnished:
The prospective applicants will be from three different segment as above and
hence will have different requirements. However, the requirements can be
broadly classified into the following sub groups. They are:
Photo-Identity Proof: Copy of PAN Card is a mandatory document. In
exceptional cases, where PAN No. is available but PAN Card is not available,
one of the following documents may be submitted as alternate ID Proof;
Indian Passport, Driving Licence, Voter ID Card, Aadhar Card, Employment - ID
card with photo issued by Government or PSUs, Ration Card with Photo, Copy of
Bank Passbook with Photograph issued by nationalized Banks, IRDA Licence with
photo, LIC/Group Companies' ID Card. Any document that is submitted as a part
of KYC must be within the validity period. No expired documents shall be
accepted in this regard.
Address Proof: The following documents shall be accepted as
valid Address Proof for all the segments; Indian Passport, Ration Card, Driving
Licence, Utility Bills such as Electricity, Telephone, Gas, Water, Postpaid
Mobile, House Maintenance Bills etc. (Utility Bills payment date must not be
more than 3 months old as on the date of Application). Bank Passbook (at-least
one customer induced transaction during last 3 months). Rent Agreement, Lease
Agreement, Aadhaar Card, Government / PSUs / LIC / Bank issued Staff Quarter
Allotment Letter, Official Identity Card containing Residential Address (In
case of Government, PSUs, Employees of LIC & Group Companies and Banks only)
LIC Policy Bond, LIC Premium Receipt or Policy Status Report (If current
residence address is mentioned). Employer's Certificate in prescribed proforma
in case of LIC Employees only. Certified Agency Status Report extracted from
LIC's Database through eFEAP Program (in case of LIC Agents only).
Income Proof:
a) LIC Employees: No Surrogated documents are allowed for this
segment. Income proof is mandatory, which can be one of the following
documents:
b) LIC Agents:
i) Income Documents: One of the following two documents
ii) Income-Surrogated
Documents: No separate Income Proof is mandatory for this segment. All
eligible Clubmember Agents are to submit Certified Agency Status Report showing
the Club Membership Status in lieu of Income Proof.
c) LIC Policyholders:
i) Salaried Segment: One of the following documents;
ii) Self Employed
Segment: Both the following documents are required.
iii) HNI Segment (GC):
No separate Income Proof is
mandatory for this segment. All eligible policies (Non single premium,
In-force/Fully Paid-Up, 3 Years or more duration) Certified Status Reports or
Premium Receipts are to be submitted in lieu of Income Proof. A multiplier factor
of 10 will be used to arrive at the Notional Income for this segment (Total
Annual Non-single Premium X 10 = Notional Net Annual Income). However,
depending on eligibility, Income Proof as mentioned above may additionally be
submitted. In case, additional income proof is submitted, higher of the actual
income & notional income shall be considered while determining the Net
Annual Income.
In case the income proof does
not clearly show Net Annual Income, then 80% of the gross income shall be
treated as Net Annual Income. For Example: Form 16, Form- 16A, ITR may not
disclose the deductions. In such cases, 80% of Gross Annual Income shall be
treated as Net Annual Income. In case of Salary Slip, 12 times of Average
Monthly Net Income shall be considered as Annual Net Income.
Handwritten Salary Slip shall
be accepted only in case of Government/PSU Employees. However, the same must be
signed & stamped by Authorized Signatory.
For self employed, ITR should
be in the name of individual and not in the name of the company / firm.
Electronically/web-based
submitted ITR shall also be accepted.
Relationship Proof:
i) LIC Employees:
One of the following documents to be submitted.
ii) LIC Agents:
iii) LIC Policyholders:
One of the following documents to be submitted.
· Interest
rate for revolving credit - 2.75% p.m [annualized 33%]
· 5
years validity
· Photo
Card with imprinted signature
· Max.
three add on cards
· Cash
withdrawal upto 10% of the limit
· Interest
Free Credit period ranging from 15 to 45 days.
· Personal
Accident Insurance. - Rs. 1.00 lakh
· Purchase
Protection of maximum Rs. 50,000/- upto 60 days.
· Credit
Shield of upto Rs. 50,000/- in case of Permanent Disability. (subject to terms
and conditions)
· One
reward point for every Rs. 150 spent. 1 Reward point = Rs. 0.25. Rewards Points
adjustable against outstanding amount or request before 30th June over &
above 500pts
· Billing
Date - 21st of every month
· Payment
due date 5th/6th of every month.