LIC to Roll Out its Credit Card Next Month

Life Insurance Corporation of India or otherwise commonly known as LIC, the India’s largest insurance company is going to venture into a new domain, i.e. credit cards. Yes, it is confirmed now that LIC is going to start its own credit card business. This is confirmed recently by the senior officials from LIC.

This is indeed a new venture for LIC who has had a very successful story so far in the insurance segment with a vast majority of the Indians being insured with LIC. They are in talks with the companies to offer these card in co-brand or co-existent manner. But it seems it was not yet finalized but hope that they will come up with the credit card soon.

The new credit card will bear the name as LIC Card Services or LIC Credit Cards. It is indeed a good wait to see how they promote this new LIC Credit Card. Since being a fully owned government company its promotion and marketing strategy would differ a lot when compared to other MNC credit card companies.

I am also not sure how the interest rates for the new LIC Credit Card will be, will the interest rates will be less when compared to other credit cards or will remain the same.

I am actually quite surprised to hear this news of LIC entering into credit card business. Since LIC has been a huge success and the profits for them from insurance is huge and I guess they want to diversify it into other businesses and I guess this could just be the start of more such ventures for LIC.