LIC CSL Launches RuPay Prepaid Gift Card, Shagun

The Shagun Gift Card allows loading any amount ranging from Rs 500 to Rs 10,000

LIC CSL Launches RuPay Prepaid Gift Card, Shagun
LIC CSL Launches RuPay Prepaid Gift Card, Shagun
OLM Desk - 16 June 2021

In collaboration with IDBI Bank, LIC Cards Services Limited (LIC CSL) has launched a contactless prepaid Gift Card – ‘Shagun’ on RuPay Platform; with the purpose to expand the Gift Card market with an intent to promote cashless ways of gifting and present a wide range of end-use choices and in a future foray into the market of e-Gift Cards. In the initial phase, the Shagun Card will be available to LIC and its subsidiaries/associates for official use. It will be used to facilitate awards and special rewards during official conferences/ functions.

The Shagun Gift Card allows loading any amount ranging from Rs 500 to Rs 10,000. The customer can perform multiple transactions within the validity of 3 years. The Shagun Gift card will not only be used at millions of merchant outlets and e-commerce websites but will also diversify spending options on the card. The card will provide users the freedom to make purchases at various merchant locations and allow them to pay utility bills, book tickets for air, rail, bus, and so on through various mobile wallets and e-commerce portals or apps using this card.

The contactless (tap & go) feature of the card is aimed at transforming the transaction experience for users. The cardholders just need to tap their gift card at the contactless Point of Sale (PoS) terminal and make payments without having to enter the PIN for purchases up to Rs 5,000. The card comes pre-wrapped, ready for gifting, and includes the feature of having personalized messages for the recipient. To keep track of the payment history, the card gets auto-linked to its mobile app, m-Passbook. The card also comes with an in-house 24x7 customer care team.

Spokesperson of LIC Cards Services Limited (LIC CSL) said, “We are delighted to partner with IDBI Bank and RuPay for the launch of LIC Gift Card powered by IDBI Bank on RuPay Platform. The number of occasions for gifting is not just confined to festivals but also includes several personal moments and we want to make these moments thoughtful, warm, and full of personal attention by launching LIC Gift Card – “SHAGUN”. We aim to enhance the value of digital transactions by providing a variety of benefits/cards thereby saving time and cost of transactions for both gift card buyer and recipient.”

“In continuum with our on-going business synergies with LIC, we are glad to also have NPCI and LIC Cards Services Ltd as partners on-boarded for this initiative. This product has been curated keeping in mind the distinct privileges for the cardholders as well as the convenience of the contactless payment feature,” said Rakesh Sharma, MD & CEO, IDBI Bank.

“We are thrilled to partner with LIC CSL and IDBI Bank for the launch of Shagun Gift Card on RuPay network. We believe that this card will provide a delightful shopping experience to cardholders and will act as a comprehensive gifting option with the utmost convenience owing to the vast and extensive network of RuPay,” Dilip Asbe, MD & CEO, NPCI said.