LIC Cards Services Limited (LIC CSL) and IDBI Bank announced that they will be partnering to launch two new variations of co-branded RuPay Credit Cards. The new cards are to be dubbed, the ‘Lumine’ Platinum Credit Card and the LIC CSL ‘Eclat’ Select Credit Card. These card variants are aimed at a very specific demographic of customers as per the press release. These customers will be LIC Policyholders, LIC Agents, and Employees of LIC India as well as the subsidiaries. As per the release, the credit card holder will apparently be able to gain access to a range of new benefits that have been termed, ‘the best in class’. The companies said that the credit limit will ideally suit the target audience’s lifestyle.
Having said that, the cards offer an array of different offers and benefits that are aimed at attracting customers. One such benefit for every Rs 100 that they spend through the cards, the cardholders will be able to attain three delight points when using the Lumine card and four points when using the Eclat card. When a customer pays for the renewal or premium of an LIC insurance policy, they will receive twice the reward points.
The cardholder of the Lumine card will be eligible to earn 1,000 ‘Welcome Bonus Delight Points’ if they spend around Rs 10,000 within a 60-day timeframe. Eclat cardholders will earn 1500 points for the same. Both the cards come with several layers of insurance such as air accident insurance cover, personal accident/ permanent disability cover, credit shield cover, and zero lost card liability.
Speaking on the launch of the cards, Rakesh Sharma, MD and CEO of IDBI Bank said, “We are glad to be partners with LIC CSL and RuPay, for an innovative credit product that offers an array of benefits to our customers with a focus on health, entertainment, travel, and various beneficial reward points. We aim to elevate the experience of credit card expenditure towards a holistic benefit for our customers.”
Adding to this, Rakesh Kumar, CE of LIC CSL said, “We are delighted to partner with IDBI and RuPay for the launch of LIC CSL Credit Cards viz LUMINE and ECLAT. We aim to enhance the value of digital transactions by providing a variety of benefits/cards thereby saving time and cost of transactions for both buyer and recipient. LIC CSL have a vision to be the top Brand in Cards and Digital Payments, catering to all segments with geographical spread across the Country.”
Cardholders can also benefit from a 1 per cent fuel surcharge waiver for transactions of Rs 400 or above. On the other side of the coin, the card also gives users the facility to convert transactions above Rs 3,000 to EMI without any processing or foreclosure fee. Both forms of cardholders can choose a range of EMI scheme options from 3 months to 6 months, 9 months or 12 months, depending on their needs or preferences. Eclat also appears to be taking the customer benefit a step further as it was mentioned in the release that the cardholders of this particular card will get complimentary lounge access at Domestic and International Airports. Both cards have an interest free period of 48 days and validity of four years.
Dilip Asbe, MD and CEO of NPCI said, “We are happy to collaborate with LIC CSL and IDBI Bank to launch Lumine and Eclat co-branded credit cards on the RuPay network. These cards are designed to offer a rewarding shopping experience to the customers with comprehensive privileges. We believe that this partnership will add more value to customers’ day-to-day spends and purchases. It is our constant endeavour at NPCI to offer renewed transactions experience for all our customers while using their RuPay cards.”