IDFC FIRST Bank, LIC Cards and Mastercard Collaborate to Launch a Co-Branded Credit Card to Meet the Financial Needs of India
Dec 14, 2023
BusinessWire India
Mumbai (Maharashtra) [India], December 14: IDFC FIRST Bank, LIC Cards and Mastercard today announced their collaboration to launch an exclusive co-branded credit card to meet the dynamic financial needs of India. Loaded with many exciting benefits such as no joining & annual fees and low interest rates starting from 9 per cent p.a., the new card has been designed to bring value to consumers of varied age groups across the country.
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. It will also come with other benefits, including up to Rs 50,000 cover for lost card liability and a personal accident insurance cover of up to Rs 5 lakh. Cardholders will also be able to redeem reward points against any online purchase, including upcoming LIC insurance premiums, making it as good as cash!
"LIC is truly an iconic institution of our country. We are delighted to announce our partnership with LIC Cards to introduce this exciting co-branded credit card. Since the start of our bank, we have come out with Customer-First products including Zero Joining Fee and Zero Annual Fee with no minimum spend conditions, dynamic APR, low revolving credit for better credit customers, online redemption of rewards points, etc. Now, these additional benefits will be extended to LIC policy holders also who opt for this Credit Card, along with co-brand benefits. We are also delighted that MasterCard with its global presence is our partner in this card," said V. Vaidyanathan, MD & CEO, IDFC FIRST Bank.
Both the variants of the card will also be packed with travel benefits, such as complimentary access to lounges at airports and railway stations, and various protective covers such as personal accident insurance. Additionally, cardholders also get to avail a 1 per cent fuel surcharge waiver along with roadside vehicle assistance worth Rs 1,399.
"We are delighted to partner with the IDFC First Bank and Mastercard for the launch of LIC Classic and LIC Select credit cards. The partnership signifies our commitment to provide the best services to our valued customers. The new partnership will create synergy by collaborating Brand LIC which signifies 'Trust' and IDFC First Bank which represents new age "Customer Centricity". I firmly believe that the co-branded credit card will bring rewarding experience to all our customers and will provide significant digital tool for making their life secure," said Siddhartha Mohanty, Chairperson, LIC Cards.
The card will help to streamline online transactions and at same time offer best in class benefits as well as experience along with rewarding customers on their LIC Policy payments, ensuring that our customers can secure their future, while enjoying their lives today to the fullest. The other rewards and benefits offered under the program ensure it is a holistic offering that will truly hold the customer in good stead, every day.
"Safety is the fundamental promise at the heart of every Mastercard transaction. In addition, this card is packed with exciting features such as insurance upto 5 lacs, accelerated reward points on paying LIC insurance premiums as well as benefits like airport and railway lounge access, low interest rates and flexible payment options. It is specially designed to provide those in tier two and three cities the confidence to transact digitally using credit cards. Mastercard is committed to forging collaborations to design and deliver world-class products and solutions across consumer segments," said Gautam Aggarwal, Division President, South Asia, Mastercard.
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