Best Credit Cards for Insurance Premium Payment
Last Updated : May 8, 2024, 6:46 p.m.
Insurance protects individuals from facing financial crises during any emergency. People take a health insurance plan or a life insurance plan just to keep their future secure. But you will always have to pay a monthly or yearly premium to continue the coverage of the policy. So, some credit cards have offers on premium payments. You must explore the best credit cards for insurance premium payment. These credit cards will earn you thousands of reward points when you make payment from them for your insurance premiums. Therefore, have a look at the offers these cards have on insurance premiums and the joining fee of these cards.
Best Credit Card Rewards on Insurance
Four credit cards of multiple banks can be used to make the payment of insurance premiums. These cards will earn thousands of reward points when you pay the insurance premium through it. You can apply for the credit card online .
| Credit Cards | Offers | Joining Fee |
|---|---|---|
| LIC Select Credit Card | 10X Rewards on LIC Insurance Premium spends | NIL |
| LIC Classic Credit Card | 6X Rewards on LIC Insurance Premium spends | NIL |
Advantages of Paying Insurance Premiums via Cards
- Paying your insurance premiums through your credit card will earn thousands of reward points and enjoy great deals.
- If you have given the standing instructions to the bank to debit the premium amount from your credit card then you will not have to remember the due date every time.
- The higher the premium, the higher the reward points.
Why Pay Insurance Premium with a Credit Card?
Paying your insurance premiums through your credit card can be a smart move that comes with several benefits. Here are some reasons why you should consider paying your insurance premiums with a credit card:
- Earn Reward Points: One of the most significant benefits of using a credit card for insurance premium payments is that you can earn reward points. Many credit cards offer reward points or cashback offers when you pay your insurance premiums through them. These points can be redeemed for various benefits, such as discounts, vouchers, and other offers.
- Automatic Payments: By using your credit card to pay your insurance premiums, you can set up automatic payments and avoid the hassle of remembering the due date every month. You can simply set up a standing instruction with your bank, and the premium amount will be automatically charged to your credit card on the due date.
- Build Your Credit Score: Paying your insurance premiums regularly and on time using your credit card can help you build a good credit score. A good credit score is essential when applying for loans or credit cards in the future.
- Fraud Protection: Credit cards offer fraud protection, which means that you are not liable for any fraudulent charges made on your card. This can give you peace of mind and protect you from potential financial losses.
- Interest-free period: Many credit cards offer an interest-free period of up to 45 days, which means that you can pay your insurance premiums without any interest charges if you pay your credit card bill in full before the due date.
- Convenience: Paying your insurance premiums through your credit card is a convenient option that saves you time and effort. You can make payments from anywhere, anytime, without visiting the bank or the insurance company.
In conclusion, paying your insurance premiums through a credit card can offer several benefits, including reward points, automatic payments, building your credit score, fraud protection, interest-free period, and convenience. Therefore, it is worth exploring the best credit cards for insurance premium payment and choosing the one that suits your needs and preferences.