LIC Pre-paid Credit Cards now in the markets

LIC Pre-paid Cards are now in the markets

The RBI on Thursday said that banks may issue pre-paid instruments to LIC for credit of either one-time or periodic payments by the Corporation to its customers. Speaking to ET, SC Singh, chief executive, LIC Cards said that the Corporation has been eyeing pre-paid cards as a business opportunity. Besides saving the Corporation remittance cost, it would also enable it to acquire card customers. “There may be people who are more comfortable with using a pre-paid instrument. This will also aid financial inclusion as it will allow payment cards to be issued to those without bank accounts and who are not ‘cardable’ at present,” said Mr Singh.

LIC Card is the subsidiary company of LIC India, the largest life insurance company of India. The main benefit of LIC Credit cards is that they are life time free if you apply it before March 2011.