Accident Insurance: Cardholders would be entitled for accident insurance of Rs.2,50,000/- for Platinum Cards and Rs.1,00,000/- for Gold Cards. This would cover only accidental death [accident caused by external, violent and visible means] and to be eligible for insurance cover, the card should have been activated and the cardholder should have carried out one transaction using the card. Inactive cards would not be eligible for insurance cover and the effective date of insurance cover would be the 01st of succeeding month of the transaction.
Purchase Protection: Any durable goods of value of Rs. 1,000/- or more purchased through LIC Credit Cards would be insured against accidental damage or loss due to fire or theft. The cover shall be valid for 60 days from the date of purchase subject to production of invoice in favour of the insured/card holder and the maximum value of cover shall be Rs.50,000/-.
Credit Shield: Credit shield enables the cardholders to protect against accidental death and disability and the enrollment process is simple and no medical checkup is required. The insurance cover available would be restricted to a maximum of Rs.50,000/- in the event of accidental death or due to loss of employment arising out of permanent total disability following an accident.
All the claims would be settled by the Insurance Company and the Bank would not be responsible for rejection of any claims by the Insurance Company from the legal heirs/dependents of the cardholder.
The Bank reserves the right to discontinue the insurance facility so offered at any time. In such an event Cardholders shall be informed about the cut-off date. Any decision of Bank in this regard shall be final.
The insurance coverage is provided to Cardholders is as per Insurance Company’s terms, conditions and decisions, for which Bank is not liable.
The Bank does not hold any warranty and/or make representation about delivery of the cover, claims processing or settlement of the claim by the Insurance Company, in any manner whatsoever.