IDFC FIRST Bank, LIC Cards and Mastercard launch co-branded credit card

By Gloria Mathias

IDFC FIRST Bank, LIC Cards, and Mastercard have announced their collaboration to launch an exclusive co-branded credit card to meet the financial needs of India.

Available in two variants, LIC Classic and LIC Select, the credit cards will provide more than 27 crore policyholders across the country with an opportunity to save in the form of reward points on every LIC insurance premium payment.

“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 a 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 policyholders 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.

“We are delighted to partner with IDFC First Bank and Mastercard for the launch of LIC Classic and LIC Select credit cards. The partnership signifies our commitment to providing the best services to our valued customers. I firmly believe that the co-branded credit card will bring a rewarding experience to all our customers and will provide significant digital tools for making their lives secure,” said Siddhartha Mohanty, Chairperson, LIC Cards.

The card will help to streamline online transactions and at the same time offer benefits as well as experience, along with rewarding customers on their LIC Policy payments.

“Safety is the fundamental promise at the heart of every Mastercard transaction. In addition, this card is packed with exciting features such as insurance up to 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 2 and Tier 3 cities the confidence to transact digitally using credit cards,” said Gautam Aggarwal, Division President, South Asia, Mastercard.