In a significant partnership, IDFC FIRST Bank, LIC Cards, and Mastercard have joined forces to unveil an exclusive co-branded credit card tailored to address the ever-evolving financial requirements of the nation. The collaboration aims to cater to the diverse needs of over 27 crore policyholders across India.
Two Distinct Variants: LIC Classic and LIC Select
The newly launched credit cards come in two distinct variants – LIC Classic and LIC Select. These variants offer policyholders the opportunity to accumulate reward points with every LIC insurance premium payment, presenting a valuable avenue for savings.
Benefits Beyond Rewards
Comprehensive Coverage: The co-branded credit card provides a lost card liability cover of up to Rs 50,000, offering enhanced security and peace of mind to users.
Personal Accident Insurance: Cardholders will benefit from a substantial personal accident insurance cover of up to Rs 5 lakh, ensuring financial protection in unforeseen circumstances.
Travel Perks and Additional Covers
Travel Benefits: Both variants of the credit card extend travel perks, including complimentary access to lounges at airports and railway stations, enhancing the overall travel experience for users.
Protective Covers: The credit cards offer various protective covers, such as personal accident insurance, further bolstering the suite of benefits available to cardholders.
LIC Cards: A Subsidiary of India’s Insurance Giant
LIC Cards, a subsidiary of the esteemed Life Insurance Corporation of India (LIC), is a key player in this collaboration, leveraging its expertise to enhance the financial offerings available to the vast customer base.
Important Questions Related to Exams
Q: What collaboration was recently announced by IDFC FIRST Bank, LIC Cards, and Mastercard?
A: They unveiled co-branded credit cards, LIC Classic and LIC Select.
Q: What benefits do these credit cards offer?
A: Users earn reward points on LIC premium payments, get lost card cover up to Rs 50,000, personal accident insurance up to Rs 5 lakh, and travel perks.
Q: Who is LIC Cards, and what role does it play in this collaboration?
A: LIC Cards, a subsidiary of LIC, is a key player in enhancing the financial offerings of the co-branded credit cards.