LIC Credit Card processing : LIC and Axis Bank come together for new Credit Card

The LIC Credit Card program is designed to offer new-age payment solution to customers of LIC of India finally launched its much awaited white-labelled credit card on Monday, March 30th. 

Last Updated: Tuesday, October 01, 2019

Launching the LIC Credit Card, LIC Managing Director D K Mehrotra said, "We have launched our credit card today.

The card would be like other credit cards but we will also offer value-added services like payment of premiums for our policy-holders."

In the first phase the insurance giant is going to target its existing policyholders for selling the card.

"Initially, we will be offering cards to our policy- holders which will enable them to pay their premiums using the card," said Mehrotra.

LIC has tied up with Corporation Bank for issuing the credit card that would be available in New Delhi and Mumbai at limited scale for now.

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Types of LIC Credit Card

  1. LIC Gold Credit Card It is a card that captures the essence of a premium lifestyle and brings an unparalleled range of privileges.

  2. Titanium Credit Card It is a card that is packed with soaring travel benefits to make your journeys all the more rewarding along with a host of other benefits.
  3. Platinum Credit Card It is a credit card that offers a powerful reward programme, fuel surcharge refund and complimentary insurance cover.
  4. Signature Credit Card It is a card that captures the essence of a premium lifestyle and brings an unparalleled range of privileges.

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.

Axis Bank Cum LIC Credit Card

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.