Is your insurance premium payment due and you are looking for offers to maximize your benefit? If answer to this question is yes then read on. In this article, I have compiled a list of offers on insurance premium payment using credit cards. Let’s look in to each of these offers in detail.
- HDFC Bank Credit Card
- American Express Card
- Standard Chartered Credit Card
- Kotak Credit Cards
- Bank of Baroda Credit Cards
- Bottomline
HDFC Bank Credit Card
- Offer: Get 5X Reward Points on insurance premium payments
- Period: 16th January 2020 to 31st March 2020
- Maximum Cap: 2,000 reward points per month
- Maximum Capping Reset: Every calendar month
- Excluded Cards: Corporate Cards, Commercial Cards, Dealer Cards, Distributor Cards, Business Cards & Value Plus Cards
- Type: Targeted, not valid if communication is not received from HDFC Bank
- Fulfillment: Bonus reward points will be posted within 90 working days from the end date of the offer
- Source: Website
This is indeed a lucrative offer where HDFC Bank Infinia and Diners Club Black credit card holders can enjoy a reward rate of whooping 16.5%. However to get maximum benefit, premium amount should be limited to Rs. 12,000 per month for these cards. For HDFC Bank Regalia and Diners ClubMiles, the reward rate is 6.5% which is still decent. And in case of these cards, the maximum payment should be limited to Rs. 15,000 per month.
American Express Card
- Offer: Get 10 Membership Rewards points for every Rs. 100 spent on insurance transactions
- Period: 17th January 2020 to 31st March 2020
- Maximum Reward Points: 5,000 Membership Rewards points
- Excluded Cards: Corporate Cards
- Type: Open for all, registration required
- Fulfillment: Bonus reward points will be credited by 30 June 2020
- Other T&C:
- Offer valid only on registration.
- Register here
- Source: Email, Website
Amex generally doesn’t provide any reward points on insurance spends. However this offer provides a reward rate of 5% on insurance spends which is fantastic. Even though I didn’t receive the offer email, I was able to enroll by filling the form. I got a confirmation email too after enrolling in to the offer. Hence it appears that it’s not a targeted offer.
Standard Chartered Credit Card
- Offer: 2X reward points on insurance premium payments
- Period: 25th December 2019 to 31st March 2020
- Maximum Cap: 2,000 reward points
- Minimum Transaction: Nil
- Excluded Cards: Emirates, Ultimate, DigiSmart and Landmarks Credit Card
- Type: Targeted, registration required
- Fulfillment: Reward points will be posted within 60 days from end of offer period
- Other T&C:
- Offer valid only on registration.
- To register, SMS INS to 57575 or give a miss call on 8080944959 from registered mobile number
- Source: SMS, Website
Under this offer you just get 2 extra points per Rs. 150 spent, not twice the reward points you are earning on your credit card. For example, on Standard Chartered Manhattan Credit Card, you earn 3 reward points per Rs. 150. Under this offer you will earn 2 reward points extra, i.e. you will earn total 5 reward points per Rs. 150 spent on insurance premium payment.
I received this offer on my Standard Chartered Manhattan Credit Card via an SMS and I registered by sending the SMS. I got below confirmation SMS in reply:
Thank you for registering for the limited period offer on your StanChart credit card. Get additional 2 reward points on every INR 150 spent on insurance premium between 25 Dec 2019 - 31 Mar 2020. Max reward points 2000. For TnC, visit https://bit.ly/2ZK0dMd
I am not sure why Standard Chartered has excluded their super premium card, Standard Chartered Ultimate, from this offer. On Standard Chartered Manhattan Credit Card, this offer translates to an additional reward rate of 0.56% (considering 1 RP = Rs. 0.28) which is quite low.
Kotak Credit Cards
- Offer: 10X reward points on insurance premium payments
- Period: 15th December 2019 to 31st March 2020
- Maximum Cap: 5,000 reward points
- Minimum Transaction: Rs. 5,000
- Included Cards: Kotak Platinum League Credit Card, Kotak Signature Royale Credit Card, Kotak Privy League Signature Credit Card, Kotak Privy League Insignia Credit card and Kotak Urbane Credit Card
- Type: Targeted, not valid if communication not received from Kotak Mahindra Bank
- Fulfillment: Reward points will be posted within 90 days from end of offer period
- Source: Email, Website
I received this offer on my Kotak Signature Royale Credit Card. This offer translates to an additional reward rate of 1.67% (considering 1 RP = Rs. 0.25) which I feel is decent.
Bank of Baroda Credit Cards
- Offer: 2% cashback on insurance premium payments
- Period: 1st December 2019 to 31st March 2020
- Maximum Cap: Rs. 1,000 per month per card
- Minimum cumulative spend: Rs. 2,000 per month
- Excluded Cards: Corporate Credit Cards
- Type: Targeted, not valid if communication not received from Bank of Baroda
- Fulfillment: Cashback for a particular calendar month would be credited into customers’ account within 90 days
- Source: SMS, Website
I received this offer on my Bank of Baroda Premier Credit Card. I feel 2% additional reward rate is decent and best part is it’s cash back, not reward points. Bank of Baroda has been pushing loads of offer on their credit cards recently, but frankly all of them have failed to impress me.
Bottomline
Well none the above offers are exciting and I wish credit card companies should have come up with better offers on insurance premium payments. HDFC ran a pretty generous 5x reward points offer on insurance payments last quarter. I am not going to utilize any of these offers as my HDFC Infinia Credit Card provides 3.3% reward rate by default which is way better than all of the above.
Are you aware of any other offer on insurance premium payment? Let me know my leaving a comment below and I’ll add it to the article.
