LIC And Axis Bank Come Together For New Credit Card

Mumbai, India (PressExposure) June 24, 2011 -- The largest life insurer in the country, LIC of India and Axis Bank, India's third largest private sector Bank have come together to offer value added Credit Card services to the customers and employees of LIC of India, its subsidiaries and group companies.

The partnership between LIC Cards Services Limited and Axis Bank was announced today with Ms. Shikha Sharma, MD & CEO of Axis Bank presenting the first LIC Visa Signature Credit Card powered by Axis Bank to Mr. D. K. Mehrotra, Current-in-Charge-Chairman of LIC of India. Others present on the occasion were Mr. S. C. Singh - Director & Chief Executive, LIC Cards Services Limited and Mr. Jairam Sridharan - Head-Consumer Lending & Payments, Axis Bank.

Speaking on the occasion, Mr. D.K. Mehrotra, Current-in-Charge-Chairman, LIC of India said It is a great pleasure for us to announce the launch of LIC Credit Cards in partnership with Axis Bank limited. We are confident that our relationship with Axis Bank will accelerate the process of increasing customer comfort which has been our constant endeavor and further add value to our services.

Speaking on the occasion, Ms. Shikha Sharma, Managing Director & CEO, Axis Bank said, "We at Axis Bank are delighted to partner with LIC Cards and are committed to making this program a grand success. Through the program, we will address the payment solution needs of LIC customers thereby giving them yet another reason to stay with LIC of India."

The LIC Credit Card program is designed to offer new-age payment solution to customers of LIC of India. The LIC Credit Cards program will be on four product variants, namely Visa Gold, MasterCard Titanium, Visa Platinum, and Visa Signature Credit Card. In addition to regular credit card benefits like global acceptance, interest free credit period, cash withdrawal etc., LIC-Card holder will also get fuel surcharge waiver across all fuel pumps (not applicable to Gold Credit Card) and lost card liability insurance cover to all cardholders. LIC Card holders will get bonus reward points for paying LIC Policy premiums through the card.

LIC Credit Cards - Exclusive Benefits in detail

• Preferential Reward Points program: For LIC Policy premium payment and International spends, cardholder will get 2 Reward Points for every Rs. 100/- spent. On all other spends (excluding cash withdrawal, fuel, EMI etc.) cardholder will get 1 Reward Point for every Rs. 100/- spent. Accumulated Reward Points can be redeemed against attractive gifts and vouchers from the Rewards Redemption Catalogue.

• Fuel Surcharge Waiver: Holders of Titanium MasterCard, Visa Platinum and Visa Signature card will be entitled to fuel surcharge refund on fuel purchases (with transaction value between Rs. 400 to Rs. 4000) across all fuel stations in India.

• Lost Card Liability: LIC Credit Cardholders will be protected by lost card liability of up to Rs.5 lacs (cover varies depending on product variant).

• Access to Airport lounges: Holders of Titanium MasterCard and Visa Signature Credit Card will be given complimentary access to select airport lounges across domestic and international airports terminals.

About Axis Bank Limited

Axis Bank was the first of the new private banks in India to have begun operations in 1994, after the Government of India allowed new private banks to be established. The Bank was promoted jointly by the Administrator of the specified undertaking of the Unit Trust of India (UTI - I), Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC) and other four PSU insurance companies, i.e. National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance Company Ltd.

The Bank as on 31st March, 2011 is capitalized to the extent of Rs. 410.54 crores with the public holding (other than promoters and GDRs) at 53.60%.

The Bank's Registered Office is at Ahmedabad and its Central Office is located at Mumbai. The Bank has a very wide network of more than 1281 branches (including 169 Service Branches/CPCs as on 31st March, 2011). The Bank has a network of over 6270 ATMs (as on 31st March, 2011) providing 24 hrs a day banking convenience to its customers. This is one of the largest ATM networks in the country.

The Bank has strengths in both retail and corporate banking and is committed to adopting the best industry practices internationally in order to achieve excellence. The Bank's website offers comprehensive details about its various schemes.

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Press Release Submitted On: June 24, 2011 at 6:57 am
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