LIC Credit Card and Credit Card Protection program

LIC credit card holders can now report loss of any of their cards from anywhere in the world to a 24-hour helpline launched by LIC Cards Services. 

LIC Cards Services Ltd has launched Card Protection Plan for its credit card customers in partnership with CPP Assistance Services which will safeguards all of the LIC cardholder's payment cards - credit, debit and ATM cards. 

The members can also be able to register their non-financial cards such as store cards, loyalty and membership cards. 

Credit Card Security

Besides these, customers will be able to retrieve important details on lost/stolen documents like passport, PAN and driving license also 

To avail the new service, customers would need to purchase a membership plan offered by LIC and register their cards with CPP.

back to Credit Card News

LIC Credit Card Launched

LIC had announced its plans to roll out its credit card in the beginning of September, 2008. Now it has finally launched its much awaited white-labelled credit card on Monday, March 30th.

Launching the card, LIC Managing Director D K Mehrotra said, "We have launched our credit card today. The card would be like other credit cards but we will also offer value-added services like payment of premiums for our policy-holders."

In the first phase the insurance giant is going to target its existing policyholders for selling the card. "Initially, we will be offering cards to our policy- holders which will enable them to pay their premiums using the card," said Mehrotra.

LIC has tied up with Corporation Bank for issuing the credit card that would be available in New Delhi and Mumbai at limited scale for now.

The card is a Visa branded credit card that will have a photo of the cardholder and signature digitally imprinted over it. It is an internationally valid card that would also facilitate the policyholders to pay premiums from outstation thus saving on the bank charges.

The credit card business of LIC will be run through a separate firm, LIC Credit Cards Services. The card would be managed by Corporation Bank that has given the contract for end to end processing of credit cards to a leading electronic payment solutions provider, ELECTRACARD SERVICES (ECS).

LIC Credit Cards

Life Insurance Corporation of India (LIC), which had earlier scheduled the launch its credit card for January will now do so before end-March, a senior company official said.

"We plan to launch our credit card before the end of this fiscal," a LIC spokesperson told PTI here. LIC has tied-up with Karnataka-based Corporation Bank for its white-labelled credit cards. The bank will be the card issuer. The launch was deferred due to "some technical reasons," the LIC spokesperson said.

LIC had asked Corporation Bank to sort out the problems before the launch itself so that there were no issues later on, the spokesperson said. When contacted, a Corporation Bank official said that the bank had sorted out all technical problems and was now ready for the launch.

"The launch was delayed since the card is a white- label credit card which requires some formalities (to be completed). But now we are ready and awaiting the launch date," Corporation Bank's General Manager (New Initiatives), B R Bhat, said. "In any case, we will launch the credit card in this financial year itself," Bhat said.