LIC Cards, IDFC First Bank, Mastercard collaborate to launch co-branded credit card

IDFC First Bank, LIC Cards, and Mastercard on Thursday announced their collaboration to launch an exclusive co-branded credit card to meet the dynamic financial needs of the country.

Available in two variants -- LIC Classic and LIC Select -- the credit cards will let more than 27 crore policyholders across the country save in the form of reward points on every LIC insurance premium payment, as per a joint statement.

It will also come with other benefits, including up to Rs 50,000 cover for lost card liability and a personal accident insurance cover of up to Rs 5 lakh, it said.

"Now, these additional benefits will be extended to LIC policyholders also, 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," IDFC Bank MD V Vaidyanathan said.

LIC Cards Chairman Siddhartha Mohanty said, "The partnership signifies our commitment to provide the best services to our valued customers." "The new partnership will create synergy by collaborating Brand LIC which signifies 'Trust' and IDFC First Bank which represents new age "Customer Centricity". I firmly believe that the co-branded credit card will bring rewarding experience to all our customers and will provide significant digital tool for making their life secure," Mohanty, who is also the LIC Chairman, said.

LIC Cards is a subsidiary of insurance behemoth Life Insurance Corporation of India (LIC).

Both variants of the card will offer travel benefits, such as complimentary access to lounges at airports and railway stations, and various protective covers such as personal accident insurance, the statement added.

Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.