IDFC FIRST Bank, LIC Cards, and Mastercard unveil co-branded credit card in India

IDFC FIRST Bank, in partnership with LIC Cards and Mastercard, has announced the launch of an exclusive co-branded credit card, tailored to meet the dynamic financial needs of consumers across India. This new card, characterized by no joining & annual fees and competitive interest rates starting from 9% p.a., is designed to add value to consumers of various age groups nationwide.

Tailored Benefits for LIC Policyholders

The card, available in two variants — LIC Classic and LIC Select, aims to cater to over 27 crores policyholders in India. It offers an opportunity to earn reward points on every LIC insurance premium payment. Moreover, the card includes additional benefits like a cover of up to Rs 50,000 for lost card liability and a personal accident insurance cover of up to Rs 5 lakh. The unique feature of this card is the ability to redeem reward points against online purchases, including LIC insurance premiums, effectively making these points as valuable as cash.

A Collaboration Focused on Customer-Centricity

V. Vaidyanathan, MD & CEO of IDFC FIRST Bank, expressed his enthusiasm for the partnership. He highlighted the bank’s commitment to customer-first products and shared that these benefits would now extend to LIC policyholders who opt for this credit card. He also noted Mastercard’s global presence as a key factor in this collaboration.

Travel Benefits and Protective Covers

Both card variants offer travel benefits, including complimentary lounge access at airports and railway stations. They also feature various protective covers, such as personal accident insurance, and provide additional perks like a 1% fuel surcharge waiver and roadside vehicle assistance.

Strengthening Digital Payment Solutions

Siddhartha Mohanty, Chairperson of LIC Cards, emphasized the partnership’s role in offering the best services to customers, combining the trust of Brand LIC with the customer-centricity of IDFC First Bank. He expressed confidence that the co-branded credit card would offer a rewarding experience to customers.

Gautam Aggarwal, Division President, South Asia, at Mastercard, highlighted the card’s safety features and its suite of exciting features, including insurance coverage, accelerated reward points, and flexible payment options. The card is designed to boost confidence in digital transactions, particularly in tier two and three cities.