LIC Cards, IDFC First Bank, Mastercard collaborate to launch co-branded credit card

IDFC FIRST Bank, LIC Cards and Mastercard on Thursday, December 14, announced their collaboration to launch an exclusive co-branded credit card. Available in two variants — LIC Classic and LIC Select, the credit cards will provide more than 27 crores policyholders across the country an opportunity to save in the form of reward points on every LIC insurance premium payment, the companies said in a join statement.

It will also come with other benefits, including up to ₹50,000 cover for lost card liability and a personal accident insurance cover of up to ₹5 lakh.

"Loaded with other benefits such as no joining and annual fees and low interest rates starting from 9%, the new card has been designed to bring value to consumers of varied age groups across the country," the companies said.

Cardholders will also be able to redeem reward points against any online purchase, including upcoming LIC insurance premiums.

Both the variants of the card will have travel benefits, such as complimentary access to lounges at airports and railway stations, and other covers such as personal accident insurance. Additionally, cardholders also get to avail a 1% fuel surcharge waiver along with roadside vehicle assistance worth ₹1,399.