Want to make insurance payment of 13l but card limit is 3.8l

[meetshahaha]

I have a Magnus card with a limit of 3.8l and have an insurance payment coming up for 13l. Can I prepay the additional amount to my card and then make the payment? Any other way to do it? The payment has to be made in a single swipe.

 

[vaibhav111vaibhav111 is verified member.]

If it 3000 more than your cl then it might would have work cause my axis Card over 3800 negative balance but 10lakhs more it shouldn't work but you can try cause try you need to pre pay then use it, my suggestion is pay using debit card cause if you can bank might block your cc

 

[visvin]

For insurance the Max points that can be earned is 6000 on magnus. It will be a waste to prepay and use Magnus even if it is allowed
You can search the forum for the link of the 6K limit.

 

[ANewUser]

Wouldn't it be great to use SC Ultimate (if possible to acquire) to get 3.3% back ( 42900 worth ).

With 13 lac you get milestone benefits of so many cards.

 

[Rahul92]

If your goal is to reach yearly milestone , i admire your noble thoughts , but odds are against you.

 

[suhas.gopal]

13 lakhs premium of a single insurance or many policies put together?

 

[ANewUser]

Also there is a possibility you get flagged for non-personal / business use of card.

For limit, maybe Amex charge cards can help you with no pre-set limit

 

[ak93]

I have a Magnus card with a limit of 3.8l and have an insurance payment coming up for 13l. Can I prepay the additional amount to my card and then make the payment? Any other way to do it? The payment has to be made in a single swipe.

I prepaid about 2.5L to increase my available limit. Did not face any issues. But 13L may be too high and could be flagged.

 

[meetshahaha]

It's a personal insurance premium. So shouldn't be an issue. And it's a single premium so needs to be a single swipe.

 

[agrawalshishir]

I have a suggestion, i converted my single premium policy to monthly, the markup is 6.5% interest when u pay monthly. Eg 10L single, 10.65L total / 12 monthly.

Now you can add this as a standing charge to your magnus and enjoy the 25000 Milestone benefit

You get 300000 edge reward almost 2.5L worth tickets in addition to regular points if they do

You end up paying 65000 for getting 2.5L tickets

Follow me on @agrawalshishir

 

[typhoon]

It's a personal insurance premium. So shouldn't be an issue. And it's a single premium so needs to be a single swipe.

If your ITR is good then its okay, otherwise single premium of hefty amount can raise a flag.

 

[meetshahaha]

I have a suggestion, i converted my single premium policy to monthly, the markup is 6.5% interest when u pay monthly. Eg 10L single, 10.65L total / 12 monthly.

Now you can add this as a standing charge to your magnus and enjoy the 25000 Milestone benefit

You get 300000 edge reward almost 2.5L worth tickets in addition to regular points if they do

You end up paying 65000 for getting 2.5L tickets

Follow me on @agrawalshishir

Should I contact LIC to convert it to emi? If not then who can I contact? Thanks so much for this advice.
And is it possible to convert it for 6 months emi?

 

[vaibhav111vaibhav111 is verified member.]

Should I contact LIC to convert it to emi? If not then who can I contact? Thanks so much for this advice.
And is it possible to convert it for 6 months emi?

That single premium amount

 

[Dr. Drake]

Should I contact LIC to convert it to emi? If not then who can I contact? Thanks so much for this advice.
And is it possible to convert it for 6 months emi?

you can request them to shift your plan from yearly to montly/Qtrly/Half yearly should be smooth I believe

 

[anirban.choudhuryanirban.choudhury is verified member.]

Write a mail to cc to increase your limit even temporary if possible
If a bank account is linked to cc, try depositing the required limit in your account first and then negotiate with all necessary insurance documents.

May sound weird but anything is possible in banking

 

[agrawalshishir]

Should I contact LIC to convert it to emi? If not then who can I contact? Thanks so much for this advice.
And is it possible to convert it for 6 months emi?

Yes you should contact LIC... Preferably 12 month if you have Magnus..

Effectively you get 20% Return on your 13Lakhs policy

 

[Zacobite]

I have a Magnus card with a limit of 3.8l and have an insurance payment coming up for 13l. Can I prepay the additional amount to my card and then make the payment? Any other way to do it? The payment has to be made in a single swipe.

Change frequency of payment to Quarterly and pay. Or monthly even.. other way is to ask for a temporary increase on limit. Prepayment on card may not be allowed to this high amount and may have flags.. Anyways if you pay such a high amount on CC it will get flagged to the IT department as it exceeds 10 L in a year.

 

[statusquo]

Hi everyone, had a query related to this. If I change my LIC premium payment frequency to monthly or quarterly, can I use credit card or Amazon Pay for payment? Or, are these methods only allowed in case of annual premium?