LIC Axis Bank Platinum Credit Card

The number that decides it: what one point is worth

LIC Axis Bank Platinum earns 2 reward points per ₹100 on LIC premiums. Whether that is a decent card or a near-useless one depends on a single figure Axis does not publish: the rupee value of a point.

Users of this card put it at about ₹0.20, which makes the LIC rate roughly 0.4%. Users of the sibling LIC Signature card report redeeming 1,000 points for a ₹1,000 Amazon Pay voucher, which would make it close to 2%. Those two readings are five times apart. Ask Axis which catalogue and rate apply to your card before you plan around the points.

This page covers the Platinum card. It is not the LIC Axis Bank Signature Credit Card, which adds lounge visits, and not IDFC FIRST's LIC Select or LIC Classic.

A ₹50,000 premium, both ways

• At ₹0.20 a point: 1,000 points, worth about ₹200. Users report a ₹30 + GST fee per redemption, so you keep closer to ₹165.
• At ₹1 a point: the same 1,000 points are worth about ₹1,000, less the fee.

If your redemption only gets ₹0.20, treat the card as a free way to pay premiums, not a rewards card. Redeem in one batch a year so the fee bites only once.

What else the card does

Axis's page, checked in October 2026, confirms:

• 2 points per ₹100 on LIC premiums and on foreign currency spends.
• 1 point per ₹100 on other spends, except fuel and wallet loads. Our record also excludes EMI.
• Nil joining fee and nil annual fee.
• 1% fuel surcharge waiver, up to ₹400 a month.

There is no lounge access and no UPI benefit. Abroad, 2 points per ₹100 would not cover the 3.5% forex markup in our record, which Axis's page check did not confirm, so use another card there.

Users do like one practical thing: paying LIC premiums through Axis's BBPS bill pay, they say, adds no convenience fee.

Watch the "lifetime free" calls

Several users describe pushy Axis telecallers offering a lifetime free card and then delivering this LIC co-brand, or promising a different Axis card altogether. One thread describes a KYC call for an LIC Axis card that felt unsafe. Confirm the exact card name in writing, never share an OTP on a call, and start any KYC from Axis's own app or site.

Worth a slot in your wallet?

Yes, if you pay LIC premiums every year, want a card that costs nothing, and confirm your points redeem at a good rate. It also does no harm as an old, free card that keeps your credit history long.

No, if you want real returns on insurance. Users point to SBI Cashback via gift vouchers, though SBI changed that card in April 2026, so check its current rules. If you are eligible, the Signature tier earns the same and adds lounges.

Credit Card Information Compiled by: Abhijeet Kumar | Reviewed by: Anmol Ratan Sachdeva