Best Credit Card for Insurance Payment In India 2024

We all have insurance policies and need to pay a heavy insurance premium each year. The insurance premium payment is an essential part of our financial planning. Since we cannot escape paying the premium, we can definitely pay it through the right source, which can earn us rewards and benefits. One such popular method is to use a credit card for insurance payments. Paying insurance premiums with a credit card is becoming quite popular in India. Doing so has several advantages, such as earning reward points, getting EMI payment options, cashback, etc.

While paying insurance premiums with a credit card is a tempting idea, which credit is the best for insurance payments is a difficult choice. As so many credit card options and choices are available, selecting the best credit card for insurance payment is often confusing. Before making the choice, we should be aware of all the details and features of various credit cards for insurance payments available, their benefits, and any costs attached to them. By making an informed and well-researched decision, we can maximise the benefits of using a credit card for insurance payments.

Best Credit Card for Insurance Payment In India – Novmber 2024

Here is a list comparing some of the best credit cards for insurance payments in India:

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1. HDFC Bank Regalia Gold Credit Card

   The HDFC Bank Regalia Gold Credit Card is a credit card designed to offer rewards and benefits to frequent spenders. With this card, you can earn reward points on your everyday purchases and redeem them for a variety of rewards, including flights, vouchers, and merchandise. The card also comes with a number of other benefits, such as complimentary lounge access, travel insurance, and purchase protection.

   Rewards & Benefits

   • Reward Points: Earn 4 reward points for every Rs. 150 spent on retail transactions and 5X reward points on spends at select merchants like Marks & Spencer, Myntra, Nykaa, and Reliance Digital.
   • Milestone Benefits: Get vouchers worth Rs. 1,500 from Marriott, Myntra, Marks & Spencer, or Reliance Digital every quarter when you spend Rs. 1.5 lakh. Additionally, you can earn flight vouchers worth Rs. 5,000 for spending Rs. 5 lakh in a year and an additional Rs. 5,000 for spending Rs. 7.5 lakh in a year.
   • Welcome Benefits: Get complimentary Swiggy One and MMT Black Membership (as of November 1, 2024, Swiggy One replaces Club Vistara Silver Tier) upon joining.
   • Lounge Access: Enjoy complimentary domestic and international airport lounge access with 12 complimentary visits per year in India and up to 6 complimentary visits per year with Priority Pass outside India.
   • Travel Benefits: Get comprehensive travel insurance coverage for accidental air death, emergency hospitalization, and credit liability.
   • Other Benefits: Enjoy exclusive 24/7 concierge services, contactless payments for faster transactions, zero lost card liability, and good food trail program with discounts on restaurant bills via Swiggy Dineout.
   • Annual Fee Waiver: Spend Rs. 4 lakh in a year to get your renewal fee waived for the next year.

2. ICICI Bank Coral Credit Card

   The ICICI Bank Coral Credit Card is a rewards-based credit card designed to offer a range of benefits and perks to its cardholders. It aims to provide a convenient and rewarding payment experience, with a focus on earning reward points that can be redeemed for various products and services.

   Rewards and Benefits

   • Reward Points: Cardholders earn reward points on their purchases, which can be redeemed for a variety of rewards, including movie tickets, travel vouchers, lifestyle products, gadgets, appliances, and more.
   • Milestone Rewards: The card offers a milestone rewards program where cardholders can earn bonus reward points for reaching specific spending milestones within an anniversary year.
   • Easy Redemption: Redeeming reward points is a hassle-free process, allowing cardholders to enjoy their rewards conveniently.

   Key Features

   • Wide Range of Redemption Options: The card offers a diverse selection of redemption options, catering to different preferences and lifestyles.
   • Competitive Reward Rates: Cardholders earn a competitive rate of reward points on their purchases.
   • Exclusive Offers: The card provides access to exclusive offers and discounts from various merchants.

3. HDFC Bank Infinia Credit Card

   The HDFC Bank Infinia Credit Card is a premium card designed for high-net-worth individuals who value exclusive privileges and exceptional rewards. This invitation-only card offers a host of benefits and perks that cater to the discerning lifestyle of its members.

   Key Features and Benefits

   • Exclusive Membership: The Infinia card is available only by invitation, ensuring a select clientele.
   • Welcome and Renewal Benefits: Enjoy 12,500 reward points* upon joining or renewing your membership.
   • Renewal Fee Waiver: Spend ₹10 lakhs or more in the preceding 12 months and get your renewal membership fee waived off for the next year.
   • Travel Privileges: Access to airport lounges worldwide, concierge services, and exclusive travel offers.
   • Luxury Experiences: Enjoy complimentary stays at luxury hotels and resorts, as well as discounts on fine dining and entertainment.
   • Lifestyle Benefits: Benefit from discounts on premium brands, golf memberships, and spa treatments.
   • Enhanced Security: Enjoy advanced security features like chip and PIN technology and contactless payments.
   • Personalized Service: Receive dedicated customer support and personalized services tailored to your needs.

4. Amazon Pay ICICI Bank Credit Card

   The Amazon Pay ICICI Bank Credit Card is a credit card with no joining or annual fees that offers cashback rewards on purchases. It’s a good option for frequent shoppers on Amazon.in, especially if you have an Amazon Prime membership.

   Rewards & Benefits

   • No joining or annual fees: You won’t be charged any fees for getting or keeping the card.
   • Cashback rewards:
   • Amazon Prime members: Earn 5% cashback on all Amazon.in purchases.
   • Non-Prime members: Earn 3% cashback on all Amazon.in purchases.
   • 100+ Amazon Pay partner merchants: Earn 2% cashback on purchases made through Amazon Pay.
   • All other purchases: Earn 1% cashback on all other purchases.
   • Rewards never expire: There’s no limit or expiry date on the cashback you earn.
   • Use rewards on Amazon.in and partner merchants: You can use your cashback rewards to purchase from over 10 crore products on Amazon.in and at more than 100 Amazon Pay partner merchants.
   • Other benefits:
     • No cost EMI (Equated Monthly Installment) options for 3 and 6 months on Amazon.in purchases.
     • Welcome offer: Includes benefits like cashback on shopping, bill payments, and recharges.

5. IDFC FIRST Select Credit Card

   The IDFC FIRST Select Credit Card is designed to cater to the needs of individuals with a high annual income. This premium card offers a range of exclusive benefits and privileges, making it a compelling choice for those seeking a luxurious and rewarding card experience.

   Key Features and Benefits

   • Lifetime Free Card: Enjoy the benefits of this premium card without incurring any annual fees.
   • Low Interest Rates: Benefit from competitive interest rates on your credit card balance.
   • Airport and Railway Lounge Access: Experience comfort and convenience with complimentary access to domestic airport lounges and railway lounges.
   • Up to 3X Reward Points on UPI Spends: Earn reward points on your UPI transactions, making everyday purchases even more rewarding.
   • 10X Reward Points: Accumulate reward points at a higher rate when you exceed a certain spending threshold in a statement cycle.
   • Lifetime Free Reward Points: Your earned reward points never expire, providing you with long-term value.
   • Buy-One-Get-One on Movie Tickets: Enjoy exclusive offers and discounts on movie tickets.
   • Year-Round Offers from Top Brands: Benefit from ongoing promotions and deals from popular brands.
   • Complimentary Domestic Airport Lounge Access: Relax and unwind before your flights with access to exclusive lounges.
   • Low Forex Markup: Save on international transactions with a low forex markup.
   • Assured Trip Cancellation Cover: Enjoy peace of mind with travel insurance that covers trip cancellations.

What are the Benefits of Using a Credit Card for Insurance Payments?

There are many benefits of using a credit card for insurance payments:

• You earn rewards and cash back on all the accumulated points earned with each insurance premium payment.
• Tracking your monthly insurance premium payments becomes easier, and you can manage your finances more efficiently with detailed credit card statements.
• You can convert your payments into EMI payments to spread the costs over a few months and avoid spending a large amount in a single month.
• You also enjoy extra benefits such as purchase protection, travel insurance, etc.
• When you use your credit card responsibly and pay all your dues on time, you improve your credit score and build your credit.

Key Features to Look for in a Credit Card for Insurance Payments

Each credit card has multiple features and benefits; you should select a card that best suits your needs and preferences when using a credit card for insurance payments:

• Reward Points or Cashback Structure: Research the credit card’s reward structure and earning potential, and always opt for cards that offer more rewards on insurance payments and overall spending.
• Welcome Bonus or Sign-Up Offers: Many credit cards offer attractive welcome offers, bonuses, etc., which increase our savings.
• Insurance Coverage: Always check if the credit card offers any insurance coverage, such as purchase protection or travel insurance.
• Annual Fee and Other Charges: Check the annual fee and other charges associated with the credit card to ensure it is within your budget.
• Customer Service and Support: It is very important to have good customer service when dealing with any financial matters. You should get a credit card with reliable customer support.

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Conclusion

Selecting the right credit card for insurance payment is important as it greatly impacts your savings and financial well-being. Before selecting a credit card for insurance payments, you should consider factors like reward points, cashback, insurance coverage, and annual fees. It is a smart idea to compare all possible options, go through the terms and conditions carefully, and use your credit card responsibly.

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