If you regularly pay LIC premiums, the Axis Bank LIC Credit Card can help you save money and earn rewards on those payments. It is a co-branded credit card offered by Axis Bank in partnership with Life Insurance Corporation of India (LIC).
In this detailed guide, we’ll explain everything in easy way—how the card works, its benefits, fees, eligibility, and whether it’s worth it for you.
What is Axis Bank LIC Credit Card?
Axis Bank LIC Credit Card is a co-branded credit card designed for LIC policyholders. It gives:
- Rewards on LIC premium payments
- Cashback-like benefits through reward points
- Discounts and fee waivers on insurance payments
👉 In simple terms:
You earn benefits every time you pay your LIC premium using this card.
Types of Axis Bank LIC Credit Cards
There are mainly two variants:
- Axis Bank LIC Signature Credit Card (Premium)
- Higher rewards
- Higher annual fee
- More benefits
- Axis Bank LIC Platinum Credit Card (Entry-level)
- Lower fee
- Basic rewards
- Good for beginners
How Does It Work?
The working of this card is quite simple:
Step 1: Use the Card for Payments
You can use the card for:
- LIC premium payments
- Online shopping
- Utility bills
- Travel and dining
Step 2: Earn Reward Points
- Earn reward points on every spend
- Higher rewards on LIC premium payments
Step 3: Redeem Rewards
You can redeem points for:
- Gift vouchers
- Merchandise
- Travel bookings
Step 4: Get LIC-Specific Benefits
- Discount on LIC premiums
- Bonus reward points
Key Benefits of Axis Bank LIC Credit Card
- Rewards on LIC Premium Payments
This is the biggest benefit.
- Earn reward points on LIC premium payments
- Extra rewards compared to normal spending
👉 This makes it ideal for people with large insurance premiums.
- Welcome Benefits
- Bonus reward points after first transaction or premium payment
This helps recover part of the joining fee.
- Annual Fee Waiver
- Fee waiver on achieving annual spending milestones
👉 Useful if you use the card regularly.
- Cashback-like Savings
Though not direct cashback, reward points can be redeemed for value, effectively reducing your expenses.
- Dining and Lifestyle Offers
- Discounts on restaurants
- Online shopping offers
- EMI conversion facility
- Fuel Surcharge Waiver
- 1% waiver on fuel transactions (within limits)
- Insurance Benefits
- Personal accident cover
- Lost card liability protection
Fees and Charges
Here is a general idea of fees (may vary slightly):
| Fee Type | Signature Card | Platinum Card |
| Joining Fee | ₹5,000 | ₹1,000 |
| Annual Fee | ₹5,000 | ₹1,000 |
| Interest Rate | ~3.6–3.75% per month | Same |
| Cash Withdrawal | 2.5% (min ₹500) | Same |
| Forex Markup | ~3.5% | Same |
👉 Important:
Always check the latest charges on the official website before applying.
Eligibility Criteria
To apply for Axis Bank LIC Credit Card:
- Age: 18 to 70 years
- Must be an Indian resident
- Stable income source
Income Requirement (Approx.)
- Signature card: ₹10–12 lakh/year
- Platinum card: ₹3–5 lakh/year
👉 You must ideally be an LIC policyholder.
Documents Required
You need basic KYC and income proof:
- PAN Card
- Aadhaar Card / Passport / Voter ID
- Address proof
- Income proof (salary slip, ITR, bank statement)
Real-Life Examples
Example 1: LIC Policyholder with High Premium
Amit pays ₹1.5 lakh yearly LIC premium.
- Earns reward points on premium
- Gets fee waiver due to high spend
- Uses rewards for vouchers
👉 Result: Saves ₹3,000–₹5,000 yearly
Example 2: Low Usage User
Neha has a LIC policy but pays only ₹20,000/year premium.
- Earns very few points
- Doesn’t meet fee waiver condition
👉 Result: Annual fee becomes a burden
Pros and Cons
👍 Pros
- Best for LIC premium payments
- Reward points on insurance spending
- Fee waiver options available
- Useful for regular users
👎 Cons
- Limited benefits outside LIC payments
- Not ideal for cashback lovers
- Reward redemption value can be lower
- Premium version has high annual fee
Common Mistakes to Avoid
- Taking It Without LIC Usage
If you don’t pay LIC premiums, this card loses its main advantage.
- Ignoring Annual Fee Waiver
Not tracking your spending may lead to unnecessary fees.
- Not Redeeming Points Smartly
Redeeming for low-value items reduces your benefit.
- Paying Only Minimum Due
This leads to high interest charges (3.5%+ per month).
Useful Tips to Maximise Benefits
✔ Use for LIC Premium Payments
Always use this card for insurance payments to maximise rewards.
✔ Track Annual Spending
Try to reach the fee waiver threshold.
✔ Combine with Other Cards
Use:
- LIC card for insurance
- Cashback card for daily spending
✔ Redeem Points Wisely
Choose high-value redemption options like vouchers or travel.
✔ Pay Full Bill on Time
Avoid interest charges and maintain a good credit score.
Who Should Take This Card?
Best For:
- LIC policyholders
- People paying high insurance premiums
- Moderate to high spenders
Not Ideal For:
- People without LIC policies
- Cashback-focused users
- Low spenders
FAQs
- Is Axis Bank LIC Credit Card worth it?
Yes, if you regularly pay LIC premiums and can use the rewards effectively.
- Can I get cashback on LIC payments?
Not direct cashback, but reward points act like savings.
- Is there a lifetime free option?
Usually no, but fee waiver is possible on spending.
- Can non-LIC customers apply?
Yes, but benefits are limited without LIC usage.
- Which variant is better?
- Signature → for high spenders
- Platinum → for beginners
Final Conclusion
The Axis Bank LIC Credit Card is a specialised credit card built mainly for LIC customers.
👉 If you:
- Pay high LIC premiums
- Want to earn rewards on insurance
- Can meet spending targets
Then this card can help you save money.
👉 But if you:
- Don’t use LIC
- Prefer simple cashback
- Spend less
Then this card may not be the best choice.
Simple Rule:
👉 Have LIC premium = Good card
👉 No LIC usage = Skip it