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Please suggest CC for LIC premium payment of more than 3L/year

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thegame

thegame

TF Select
Hi all,

So far was happy with Axis ACE & Amazon ICICI credits for 2% cashback on insurance payments but now need to find a card which can give cashback or reward points for LIC insurance payment directly at LIC site.

Checked AMEX but to confirm is it none of their cards for personal use give any RPs for insurance payments?

Please suggest cards that give either CB or RPs or take into account these insurance payments for milestone completion, don't need the premium ones like Axis Magnus as this CC payment or usage will be for just once in a year and rest of the months the max usage won't cross 50k except for Sep/Oct for FK BBD sales 😀

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thegame said:
any suggestions?
Click to expand...
1. Are you salaried or self employed? If salaried you can try for HSBC Cashback Credit Card, it gives 1.5% unlimited CB.

2. When is your last date to make the LIC payment? If it isn't anytime soon you can stock up on Amazon GV every month and then make the payment.

3. After using any CC for payment you can use certain debit cards to earn up to 1% CB on repayment of your credit card bills.

You can check these threads.

www.technofino.in

Best Way to pay Credit Card Bill

Guys I am redacting this post as I have been asked by the bank for non disclosure as mentioned in TnCs else my account would be suspended. They had asked me to remove this as this violates the TnC related to not getting reward points for CC payments.
www.technofino.in www.technofino.in

RBL Bank Signature+ Debit Card Benifits

- 1000 Rs Worth Voucher Every Month Even u Spend 1Lakh in anything (Wallet ,Rent,CC Bill Also) - No Forex Charges (Other bank Charge 4%) On POS And Online Txn Only - 2 Domestic Lounge Access Mostly Every Airport is there in the List - Bonus 5000 Rs Worth Voucher When You Spend 5 Lakh in a year...
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thanks @4uziaul for getting back!! and sorry for missing out your reply..

Am salaried and have zeroed in on LIC Axis card but when checked it needs to be checked with LIC branch folks who in turn have Axis contacts as Axis CC mentioned they can't apply from their end, currently have 3 Axis cards so need to drop one first.. LIC have tie up with Axis and IDBI and for IDBI, LIC manager said I need to go to the bank only and even though they advertise its for policy holders, getting it for LIC employee/agent itself is a tedious process itseems and he recommended to go with Axis.

I have dropped an email to HSBC to confirm for 1.5% CB for their Cashback card and any upper limit on CB here as when i checked their site there was no mention on Insurance payments exclusion or inclusion as such for this card..

Since the premium will be close to 3L and due in 4-5months not sure if I can pile up those many Amazon GVs and thanks for the debit card suggestions as so far was using Postpe and Cheq but now need to look for HDFC account as now all CB reduced and max is 0.3% (Amazon voucher) in Cheq and 0.25% via Postpe for CB..

Once again thanks a lot for your suggestions!!
4uziaul said:
1. Are you salaried or self employed? If salaried you can try for HSBC Cashback Credit Card, it gives 1.5% unlimited CB.

2. When is your last date to make the LIC payment? If it isn't anytime soon you can stock up on Amazon GV every month and then make the payment.

3. After using any CC for payment you can use certain debit cards to earn up to 1% CB on repayment of your credit card bills.

You can check these threads.

www.technofino.in

Best Way to pay Credit Card Bill

Guys I am redacting this post as I have been asked by the bank for non disclosure as mentioned in TnCs else my account would be suspended. They had asked me to remove this as this violates the TnC related to not getting reward points for CC payments.
www.technofino.in www.technofino.in

RBL Bank Signature+ Debit Card Benifits

- 1000 Rs Worth Voucher Every Month Even u Spend 1Lakh in anything (Wallet ,Rent,CC Bill Also) - No Forex Charges (Other bank Charge 4%) On POS And Online Txn Only - 2 Domestic Lounge Access Mostly Every Airport is there in the List - Bonus 5000 Rs Worth Voucher When You Spend 5 Lakh in a year...
www.technofino.in www.technofino.in
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I'm in the exact same situation. Have to pay 3L premium in September. I don't find any good option other than getting amex platinum travel card. Just to complete the milestone(even if we dont get RP I think the milestone rewards alone would be fair). And have to find if we pay through phonepe or tata neu using amex what the mcc is. If it's same for utility and insurance. Then we are set
 
logu said:
I'm in the exact same situation. Have to pay 3L premium in September. I don't find any good option other than getting amex platinum travel card. Just to complete the milestone(even if we dont get RP I think the milestone rewards alone would be fair). And have to find if we pay through phonepe or tata neu using amex what the mcc is. If it's same for utility and insurance. Then we are set
Click to expand...
any bill payment in tata neu app above 20k doesn't allow CC option now, only way that I have figured out is Amazon ICICI Pay card directly at LIC website (in my case) for 1% CB..

I was planning to get IDBI LIC cards but the LIC contact person is saying they have stopped as they (LIC) themselves find the service by IDBI pathetic (not sure whom to believe 😂), no reply from HSBC bank for Cashback card if it gives 1.5% CB and for AXIS still confused which card to drop as for the extra 1% CB don't want to lose Axis FK LTF card or the ACE/Airtel..

Also the LIC person said they are going to drop IDBI and rope in IDFC in the coming months so need to see what offers they bring in (again all this info for LIC based insurance/premium payments so no use if you have other insurers)
 
thegame said:
any bill payment in tata neu app above 20k doesn't allow CC option now, only way that I have figured out is Amazon ICICI Pay card directly at LIC website (in my case) for 1% CB..

I was planning to get IDBI LIC cards but the LIC contact person is saying they have stopped as they (LIC) themselves find the service by IDBI pathetic (not sure whom to believe 😂), no reply from HSBC bank for Cashback card if it gives 1.5% CB and for AXIS still confused which card to drop as for the extra 1% CB don't want to lose Axis FK LTF card or the ACE/Airtel..

Also the LIC person said they are going to drop IDBI and rope in IDFC in the coming months so need to see what offers they bring in (again all this info for LIC based insurance/premium payments so no use if you have other insurers)
Click to expand...
Why not go for amex plat travel?
 
logu said:
Why not go for amex plat travel?
Click to expand...
based on their website info, for 1.9L you get 15k points and for 4L you get 25k points.. so first I need to spend 4L and for that say I have 3L insurance premium then need to spend 1L extra on it which would give 2k points (Rs 50 fetches 1RP so 2k RP for 1L) so overall would get 42k points for 4L spends which would be 10.5k (1RP = 0.25 cash) cash which is 2.62% but need to pay renewal fee of 5k+GST assuming joining fee as free or tallied by joining offers so final CB rate would be around 1.15% - please correct me if I am wrong..

Also its more helpful if you are into hotels & airmiles redemption as you get better conversion rates and voucher is only FK i guess as if its Amazon Pay /GC voucher (not shopping voucher) then we can use for utility bill payments in Amazon.

American Express Platinum Travel Card | Amex Platinum

The Platinum Travel Credit Card provides unbeatable luxury travel experiences. Apply today and earn air miles and complimentary flights immediately.
www.americanexpress.com
 
My LIC premium payment is yearly 1 lakh and also have term insurance from Icici.
Here is what I do.
I have changed my LIC premium into quarterly and term insurance into monthly.
If you have amazon prime membership, then you will get one reward scratch monthly which give you 100 cb if you load 3000 Rs in wallet. (that is 3.33%)
Apart from it you will get 150 cb for 3500 rs loading on certain intervals(4.28%)
You will get this kind of scratch cards more if you have >5k in your wallet. If you don't get this rewards then just do UPI to bank transfer every day 3 times.
This rewards are at least give you 3% cb. These rewards are mostly based on UPI though.
I do the premium payments through amazon pay wallet.
I am not sure if jupiter can be linked with amazon UPI. Someone need to test it out.
 
CreditFreak said:
My LIC premium payment is yearly 1 lakh and also have term insurance from Icici.
Here is what I do.
I have changed my LIC premium into quarterly and term insurance into monthly.
If you have amazon prime membership, then you will get one reward scratch monthly which give you 100 cb if you load 3000 Rs in wallet. (that is 3.33%)
Apart from it you will get 150 cb for 3500 rs loading on certain intervals(4.28%)
You will get this kind of scratch cards more if you have >5k in your wallet. If you don't get this rewards then just do UPI to bank transfer every day 3 times.
This rewards are at least give you 3% cb. These rewards are mostly based on UPI though.
I do the premium payments through amazon pay wallet.
I am not sure if jupiter can be linked with amazon UPI. Someone need to test it out.
Click to expand...
not sure how it was in your case or current scenario but until 2018 yearly premium payments in LIC have atleast 2-3% discount, half yearly 1-2% and none in case of quarterly and monthly and if you are changing your yearly to quarterly then premium will increase and its the highest in monthly which has to be ECS (can't use CC as its direct debit) so its not really effective and you always end up paying more premium with more or less returns in the end (endowment plans)
 
thegame said:
not sure how it was in your case or current scenario but until 2018 yearly premium payments in LIC have atleast 2-3% discount, half yearly 1-2% and none in case of quarterly and monthly and if you are changing your yearly to quarterly then premium will increase and its the highest in monthly which has to be ECS (can't use CC as its direct debit) so its not really effective and you always end up paying more premium with more or less returns in the end (endowment plans)
Click to expand...
Answer to your first question, Yes, LIC indeed gives 3% discount on yearly premium payment. Even if you choose to pay quarterly, you would not lose anything. I will tell you why. Apparently, it seems you lose 3% discount on quarterly premium, but if you choose yearly then another thing you lose is "opportunity cost". Think it like this, instead of paying the entire premium at the beginning of the year, you could have invested it somewhere and get back at least 3% return.
(Lets assume I pay 1 lakh yearly premium. If I choose quarterly and invest 25k for 9 months, 6 months, 3 months and if it gives average 6% return then I 'll get 3k at the end of the year as interest. )
Answer to 2nd, I do not recommend monthly LIC premium, because the only payment method is ECS. So go with quarterly.
 
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thegame said:
Hi all,

So far was happy with Axis ACE & Amazon ICICI credits for 2% cashback on insurance payments but now need to find a card which can give cashback or reward points for LIC insurance payment directly at LIC site.

Checked AMEX but to confirm is it none of their cards for personal use give any RPs for insurance payments?

Please suggest cards that give either CB or RPs or take into account these insurance payments for milestone completion, don't need the premium ones like Axis Magnus as this CC payment or usage will be for just once in a year and rest of the months the max usage won't cross 50k except for Sep/Oct for FK BBD sales 😀
Click to expand...


Doesn't lic charge extra for making lic payments on there website ,if you pay via credit card?
 
brahmin_baniya said:
Doesn



Doesn't lic charge extra for making lic payments on there website ,if you pay via credit card?
Click to expand...
haven't tried it so far and also this year premium is not due yet, saw some posts where they mentioned 1% CB via Amazon Pay card and no mention of extra charges..
 
I am in a similar spot - need to pay medical premium (CARE) for about 2 lacs by September. I hold Infinia, Ace, SBI Cashback, APAY ICICI, Zenith, Tata Neu Infinity. What would be the best option?
 
thegame said:
just checking if you have tried it personally and which CC @ LIC website? FAQ says CC will have charges but borne by LIC so is it they don't charge the card or will it be later credited etc?
Click to expand...
I've used amex and visa. Both goes through without any charges.
 
T
thegame said:
based on their website info, for 1.9L you get 15k points and for 4L you get 25k points.. so first I need to spend 4L and for that say I have 3L insurance premium then need to spend 1L extra on it which would give 2k points (Rs 50 fetches 1RP so 2k RP for 1L) so overall would get 42k points for 4L spends which would be 10.5k (1RP = 0.25 cash) cash which is 2.62% but need to pay renewal fee of 5k+GST assuming joining fee as free or tallied by joining offers so final CB rate would be around 1.15% - please correct me if I am wrong..

Also its more helpful if you are into hotels & airmiles redemption as you get better conversion rates and voucher is only FK i guess as if its Amazon Pay /GC voucher (not shopping voucher) then we can use for utility bill payments in Amazon.

American Express Platinum Travel Card | Amex Platinum

The Platinum Travel Credit Card provides unbeatable luxury travel experiences. Apply today and earn air miles and complimentary flights immediately.
www.americanexpress.com
Click to expand...
Thanks for the detailed explanation. Plat travel for insurance payment of big amount gives good return on hotel points but its a bad option if we want to redeem for cash.
 
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