LIC CSL partners with IDBI Bank to launch co-branded RuPay Credit Cards
Mumbai/IBNS: LIC Cards Services Limited (LIC CSL) and IDBI Bank have partnered to launch two variants of co-branded RuPay Credit Cards - LIC CSL ‘Lumine’ Platinum Credit Card and LIC CSL ‘Eclat’ Select Credit Card powered by IDBI Bank.
LIC CSL is a wholly owned subsidiary of LIC of India.
IDBI Bank Ltd is a full service universal bank, providing a wide gamut of financial products and services encompassing deposits, loans, payment services and investment solutions.
According to the collaborators, initially, the card variants are targeted to LIC Policyholders, LIC Agents, and Employees of LIC of India and its subsidiaries and associates.
Lumine and Eclat cardholders may enjoy the best-in-class credit limit to suit their lifestyle, according to a release.
Cardholders will earn three delight points on every spend of Rs. 100 through Lumine card and four delight points on Eclat card.
These cards offer a special benefit of 2X reward points while paying renewal insurance premium of LIC.
Lumine and Eclat Cardholders will earn 1000 and 1500 Welcome Bonus Delight Points, respectively on spending Rs. 10,000 within 60 days from the date of card issuance.
The cards come with Insurance Coverage viz. Air Accident Insurance Cover, Personal Accident/ Permanent Disability cover, Credit Shield Cover, and Zero Lost Card Liability.
Along with the benefit of 1 per cent fuel surcharge waiver on transactions of Rs 400 onwards, both cards have the facility for its users to convert their transactions of over Rs. 3000 to EMI with zero processing and foreclosure fee.
They can choose their EMI tenure options of 3, 6, 9 or 12 months as per their requirement.
The Eclat cardholders will also get complimentary lounge access at Domestic and International Airports.
Both the cards come with a validity of four years and interest free credit period of up to 48 days.
As part of the ‘welcome aboard’ offer, the cards are also offering various attractive merchant discount offers for its initial customers.
Rakesh Sharma, MD & CEO of IDBI Bank said, “We are glad to be partners with LIC CSL and RuPay, for an innovative credit product that offers an array of benefits to our customers with a focus on health, entertainment, travel, and various beneficial reward points.”
Rakesh Kumar, CE of LIC CSL said, “We aim to enhance the value of digital transactions by providing a variety of benefits/cards thereby saving time and cost of transactions for both buyer and recipient.”
Dilip Asbe, MD & CEO, NPCI said, “We believe that this partnership will add more value to customers’ day-to-day spends and purchases. It is our constant endeavour at NPCI to offer renewed transactions experience for all our customers while using their RuPay cards.”