lic credit card

LIC credit card services limited ( D. K. Mehrotra, Current-in-Charge-Chairman) has announced their partnership with Axis Bank (Ms. Shikha Sharma, MD & CEO of Axis Bank) on June 21st, 2011 and received the first Visa Signature powered by Axis Bank by Ms. Shikha Sharma. Other Executives that were present at this function are S. C. Singh – Director & Chief Executive, and Jairam Sridharan – Head-Consumer Lending & Payments, Axis Bank. Source

It’s time to cheers for all the customers, employees, its subsidiaries and group companies  because (India’s No. 1 insurance service provider) and Axis Bank (India’s third largest private sector Bank) has come in collaboration to provide Value added services

Eligibility for LIC credit card:

  1. Age criteria : Primary card holder
  2. Minimum Age: 18 years
  3. Maximum Age: 60 years
  4. Add-on* card holder
  5. Minimum Age: 15 years
  6. No maximum age prescribed

*(Maximum of 4 add-ons can be issued to a primary card)

Residential Status: LIC credit card to be issued only to the following persons

  • Individuals resident in India.
  • Eligible Segment: Following segments are eligible.
  1. Employees
  2. Agents
  3. policy holders (not life assured)
  • Serviceable Pin Code Location:  Residence should be in serviceable pin code location

Documents required for LIC credit card:

  1.  Income and KYC documents to be given as specified.
  2. For existing Axis bank customers liability / loan account number to be mentioned in application form.
  3. All documents should be self-attested by the applicant.
  4. Photocopies of Income and KYC documents to be verified as per guidelines issued (i.e. Document verification by authorized LICCSL Sales Personnel).

#) Contact Information:

  1. Office Land line number is mandatory (exempt only for agents).
  2. Residence landline or mobile number mandatory.
  3. Where office number is a board number, extension number is mandatory.
  4. Pin Code is mandatory.

#) Not Eligible for LIC credit card:

  1. Housewives and retired persons.
  2. People having Income less than the Minimum Net Prescribed Income.
  3. People residing in Non Serviceable Areas.
  4. People in “Profile A and B” list.
#) Documents to be submitted with LIC credit card Application form:
The following documents are to be submitted with the duly filled and signed application form
   1. Copy of PAN card
                      OR
        Duly filled Form 60 (Only if PAN Card never issued) with any one of  the following documents as Photo Identity Proof.
  • Valid Passport (un-expired)
  • Voters’ Identity Card
  • Valid Permanent Driving License (un-expired) containing photograph of applicant.
   2.  Address Proof:
       Any one of the following documents is to be submitted by way of  proof of the present residential address:
  • Copy of Passport
  • Policy premium receipt not more than a year old.
  • Ration card
  • Copy of Utility bills such as electricity bill, telephone bill, postpaid mobile bill, house maintenance bill, water bill, gas bill, etc. (not more than 3 months old).
  • Copy of other bank credit card statement not more than 3 months old. Statement should either have full credit card number or stencil imprint on the statement.
  • Copy of Bank statement/passbook with transactions not more than 3 months old from the date of application with minimum three customer induced transactions.
  • Copy of registered lease / leave and license agreement in the individual name, which are not expired. In case of unregistered agreement, copy of the utility bill in the name of owner (not more than 3 months old) is required.
  • Staff quarters allotment letter
  • Copy of ID card wherein the address is mentioned and matches with the address mentioned in the application form.
NOTE:
  • Where address proof is in the name of blood relative / spouse, relationship proof would be required.
  • In case of add-on applicant, if add-on applicant stays with primary applicant, a declaration from primary applicant in prescribed format as per Annexure B is required. Else, address proof in the name of add-on applicant is required.

3. INCOME PROOF: The following documents need to be submitted by way of income proof for LIC credit card:

#) Salaried Class

A. Employee:
  • Copy of Latest Form 16
                           OR
  • Last 1 month’s salary slip. Salary slip should contain account number and name of bank in which salary is credited or bank statement reflecting salary credit of the salary slip needs to be submitted.
B. OTHERS:
  • Copy of Latest Form 16
                           OR
  • Last 1 month’s salary slip. Salary slip should contain account number and name of bank in which salary is credited or bank statement reflecting salary credit of the salary slip needs to be submitted.
                           OR
  • Salary certificate with last 1 month’s bank statement.

SELF EMPLOYED:

  • Copy of latest Income Tax returns (ITR) and copy of ITR acknowledgement
                           OR
  • Prrofit & Loss A/C, Balance sheet attested by CA with membership number and copy of ITR acknowledgement.

LIC credit card for Agents:

  • Copy of latest Income Tax returns (ITR) and copy of ITR acknowledgement with latest 6 months Bank statement.
                          OR
  • Latest 2 years form 16A with latest 6 months Bank statement.

4. Other special mandatory documents for LIC credit card.

LIC credit card for Employees:

  • Photocopy of Employee ID card containing employee number on it.
  • Email ID (if available)

Policy Holders:

  • Latest Premium receipt (policy should be in force) / First Premium Receipt (where date of commencement < 1 year)

#)  Agents:

  • Photocopy of Agent ID card
  • Latest club membership certificate (if applicable). Latest 6 months Bank statement

Income criteria for LIC credit card issuance:

Card Type                     Minimum Net Annual Income
Gold                                       1,80,000
Titanium                              3,00,000
Platinum                              5,00,000
Signature                             15,00,000

#) Computation of Annual Income:

Document                                                    Computation
  • ITR :  Income from Salaries * 80% + Income from house property + Income from busines/profession + Income from other sources.
  • Form 16:  Gross Salary * 80%
  • Salary Slip:Net salary * 12 OR Gross salary * 80% * 12, whichever is higher
  • Salary Account:  Lower salary credit of last 2 months * 12
  • Appointment/Offer letter:Annual Gross pay * 80%
  • Profit & Loss A/C:Net Profit (Net Profit to be lower than Gross total income figure given in ITR acknowledgement)

#) COMPUTATION OF ANNUAL INCOME:

  1. Capital gains/Losses not to be considered for computation of Annual Income.
  2. Negative income from house property not to be considered fro computation of Annual Income.
  3. Agricultural Income not to be considered for computation of Annual Income.
  4. In case of salary slip contains bonus/performance pay/one time incentives/advances salary, the same to be deducted from net/gross and added back to annual income on time
  5. Where 2 months salary slip is given, annual income to be calculated based on latest salary slip.

#) CLARIFICATIONS:

Salary slip related:

  1. Salary slip should contain either company logo or HR /Admin attestation or website address/URL link.
  2. Where the salary slip does not contain company logo or HR/Admin attestation or website address/URL link, the salary needs to be supported by original visiting card or copy of company ID of the applicant or bank statement (including ATM mini statement) reflecting salary credit for the month.
  3. Applicant cannot authorize his own document.
  4. Hand written salary slip with sign and stamp of authorized signatory to be considered only for central and state government employees.

#) ITR RELATED:

  1. Copy of ITR should be as follows:
  • ITR 1: acknowledgement with first two pages
  • ITR 2: acknowledgement with 6 pages
  • ITR 3: acknowledgement with 7 pages
  • ITR 4: acknowledgement with 9 pages
  • ITR V: acknowledgement with computation of income or copy of ITR.
Note:

ITR 1 SAHAJ (5 pages) and ITR 4 – SUGAM (7 pages) can be accepted.

  1. For self employed, ITR should be in the name of individual and not in the name of the company / firm.
  2. In case Income Tax Department has acknowledge ITR form with stamp and serial number instead of acknowledge, the same can be accepted.

#) GUIDELINES FOR SRs:

While sourcing LIC  Credit card applications, please make sure:
  1. The Applicant is eligible to be issued the card.
  2. The Application form is completely filled and signed at the proper place by the applicant.
  3. The latest color photo of appropriate size has been affixed at the proper place.
  4. The required documents have been self attested by the applicant.
  5. The accompanying documents have been self attested by the applicant.
  6. The accompanying documents have been verified by you by affixing the following stamp:
=============================================
Verified with original
For LICCSL
.
.
(signature)
Name of SR
SR Code Number
Region:
Place where document was picked (tick one):
Customer office/customer residence / LICCSL centre
==============================================

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