LIC CARDS SERVICES LIMITED

LIC Lumine Card by IDBI

LIC Lumine Card by IDBI

Product Features of Lumine Card

Parameters

IDBI Bank-LICCSL ‘Lumine’ Credit Card

Card Network and Variants

Rupay

Credit Limit

On basis of Income Assessment

Welcome Bonus Delight points

                                                                                     500 Delight Points on single transaction of Rs. 2,000 or more within 30 days of Card issuance.

500 Additional Points on card activation within 30 days of card issuance


Milestone Benefits

                                                                                                             Earn 1500 delight points on annual spend of above Rs 2 lakh

 Earn 2000 delight points on annual spend of above Rs 4 lakh

The annual spends would be considered on the basis of the card issuance date and benefits are applicable once a year


Redemption Criteria

   Can be redeemed against cashback, e-vouchers and available merchandise items.

   Minimum 1,000 Delight Points required for redemption.

   Fees of Rs 20 plus taxes applicable for redemption between 1000 to 4000 points.

   No fees are applicable for redemption above 4000 points.

  Minimum Loading of 1000 Delight Points in case of redemption through cashback


EMI facility

Minimum Transaction Amount: Rs. 3000/- (excluding cash withdrawal, fuel purchase, Jewelry transactions)

Interest Rate: 13% per annum

Processing Fees and foreclosure fees: NIL

Tenure Options: 3, 6, 9, 12, 18, 24, 30 and 36 month

Add-on card

Yes, 02 Add-on card will be issued.

Card Validity

7 Years

 

 Eligibility Criteria for Lumine Credit Card

Sr. No.

Criteria

Description

1

Eligible Applicants

1. Must be Employees / Agents/ Policyholders of LIC and its Subsidiaries/Associates.

2. Must be Resident Indians.

3. Must be Salaried/Retired (max. age 65)/ Self Employed with consistent source of income.

4. Customers with only commission income (except for LIC Agents)/Rental Income/Interest Income will not be eligible under normal category.

5. Salaried employees working in Proprietorship Firms & Partnership Firms and contractual employees are not to be considered.

6. Should not have existing Credit Card with IDBI Bank

2

Geographical location

As per the approved list of cities mutually agreed between IDBI Bank and LIC Cards.

3

Age Norms

Minimum : 21 (Add-on Cards- 18 years)

Maximum : 60 for salaried and 65 for Self Employed/Retired/Pre-approved category

4

Work Experience

Salaried: Minimum 1 Year

Self Employed: Minimum 2 Years

# to be ensured by LICCSL- Marketing Channel

5

Minimum Income Norms

Salaried: Minimum Net Adjusted Income to be Rs. 30,000/- p.m.

Self Employed: Minimum Net Adjusted Annual Income >= Rs. 4, 80, 000 (as per ITR) across all locations.

6

FOIR (Fixed Obligation to Income Ratio)

Maximum FOIR of 70%

7

CIBIL Credit Vision Score

·       Minimum Score of 740

·       Minimum Score of 700 for LIC Employees

·       The cases with eligible scores  and a mention in the CIR as "CREDIT AGE LESS THAN SIX MONTHS" will be offered the limit based on the eligibility and extant Credit Underwriting norms, subject to the maximum limit (based on NAI) defined below.

NAI (in Rs.)

Maximum Limit to be Assigned (in Rs.

>=30000

100000

8

Mobile Connection

Mandatory

9

Verification

Positive Field Investigation Report

* Waived off for Customers who have availed HL, LAP or EL from IDBI Bank Ltd. and such loan is Live with satisfactory track record.

* Waived off for Employees of LIC and its Subsidiaries/Associates, LIC Corporate/MDRT/Galaxy/CM /ZM Club Agents.

10

Previous Rejected Application

Customer application for a credit card should not have been rejected by the Bank in the last 6 months.

 

 

 

 

    

 

LIC Lumine Card by IDBI

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