Best Credit Cards for Insurance Premium Payments in India 2019

A handful of credit cards in India give a high reward rate on paying bills, including insurance premium payments. Of note, it is important to confirm your provider is eligible for bill pay while doing your research. Based on our analysis, we've laid out the best options if you want a good return on your insurance premium payments.

Best Credit Cards for Insurance Premium Payments
Top PickSC Ultimate3.33% all spending, up to Rs. 10,000 MakeMyTrip bonus
SecuredBOB Financial Prime1% cashback, Rs. 15,000 minimum fixed deposit
High IncomeYES Prosperity Cashback Plus5% cashback bill pay, groceries & movies; 0.75% retail
YES Prosperity Cashback5% cashback bill pay, groceries & movies; 0.50% retail
PointsYES First Preferred1,000 points per bill, 15,000 point sign-up bonus
MilesAir India SBI1.8% on all spending, 13.5% on Air India
Tata AIGHDFC Bharat5% on bill pay, groceries, fuel & more

Best Card for Insurance Premium Payment: Standard Chartered Ultimate Card

Consider this if you want a great reward rate on multiple spend categories

Age Requirement 21-65
Annual Income Requirement None listed by issuer
Bonuses
  • Welcome Gift: Up to ₹ 10,000 cashback on MakeMyTrip on tickets booked within 90 days of card issuance

The Standard Chartered Ultimate Card is an excellent choice for high rewards across the board, including on insurance premium payments. First, cardholders will get an excellent welcome gift of up to Rs. 10,000 cashback on MakeMyTrip tickets booked within the first 90 days. On general spend, you'll receive best-in-market 3.33% rupee value back (5 points per Rs. 150 spent; 1 point = Rs. 1 cashback). The SC Ultimate Card stands out in that this high reward rate applies to all spend without exceptions, including insurance premium payments.

The card has great travel perks too, including 4 airport lounge visits per quarter (Visa program), and one free Priority Pass visit per month if you reach Rs. 20,000 in monthly spend. You'll also receive 5% off duty free purchases and only be charged a 2% foreign currency transaction fee overseas, much lower than the typical 3.5% on most cards. Overall, get the SC Ultimate Card to earn great cashback on your insurance premium payments and everything else, as well as for its great perks.

  • Annual Fee: Rs. 5,000
  • Reward Earn Rate: 5 points per Rs. 150 spent on all transactions; 5% cashback duty free spend
  • Point Value: 1 point = Rs. 1 cashback
  • Perks: Complimentary Priority Pass membership (USD 27/visit, waived once monthly if last month's spend > Rs. 20,000); Visa Lounge access (4 free visits/quarter, major airports in India); 2 free domestic golf games/month (1 free guest game/month), 1 free golf coaching session/month; air accident cover of Rs. 1 crore, emergency medical, bag delay, loss of bags/personal docs, hijacking and flight delay coverage
  • Annual Fee: Rs. 5,000
  • Reward Earn Rate: 5 points per Rs. 150 spent on all transactions; 5% cashback duty free spend
  • Point Value: 1 point = Rs. 1 cashback
  • Perks: Complimentary Priority Pass membership (USD 27/visit, waived once monthly if last month's spend > Rs. 20,000); Visa Lounge access (4 free visits/quarter, major airports in India); 2 free domestic golf games/month (1 free guest game/month), 1 free golf coaching session/month; air accident cover of Rs. 1 crore, emergency medical, bag delay, loss of bags/personal docs, hijacking and flight delay coverage

Best Secured Credit Card for Insurance Bills: BOB Financial Prime Card

Consider this if you have poor, limited or nonexistent credit history

Age Requirement None listed by issuer
Annual Income Requirement None listed by issuer

The BOB Prime Card is the best pick for insurance premium payments if you need a secured credit card. Also known as a credit card against fixed deposit, it's a great card to start with, build credit and eventually move up to a more valuable card. The BOB Financial Prime Card will give you 1% rupee value back (4 points per Rs. 100 spent, 4 points = Rs. 1) on all spend, including insurance premium payments, which is the best deal among secured cards. It also has the lowest deposit requirement (Rs. 15,000) in India. Get the BOB Prime to earn good value on your insurance premium and other spend while you need a credit card against fixed deposit.

  • Minimum Fixed Deposit: Rs. 15,000
  • Reward Earn Rate: 4 Reward Points per Rs. 100 spent
  • Point Value: 4 Reward Points = Rs. 1
  • Fuel Surcharge Waiver: Transactions Rs. 400 – 5,000; max Rs. 250 waived per month
  • Minimum Fixed Deposit: Rs. 15,000
  • Reward Earn Rate: 4 Rewards Points per Rs. 100 spent
  • Point Value: 4 Reward Points = Rs. 1
  • Fuel Surcharge Waiver: Transactions Rs. 400 – 5,000; max Rs. 250 waived per month

Best Insurance Premium Credit Cards for High Income Earners

YES Bank has two great cards for high income earners, with the main differences being annual fee and retail spend cashback rate.

YES Prosperity Cashback Plus Credit Card

Consider this if you make at least Rs. 300,000 per year (Rs. 500,000 if self-employed)

Age Requirement 21-60
Annual Income Requirement Rs. 300,000 (Rs. 500,000 if self-employed)
Bonuses
  • Welcome Gift: ₹ 250 cashback on ₹ 2,500 spend in first 30 days

The YES Prosperity Cashback Plus Credit Card will provide the highest return on bill pay, including insurance premiums, for high income earners. YES Bank's platform, PayNow, will also give you 5% back on bills for rent, mobile, telephone, gas and electricity, but be sure to check the bank's eligible providers for bill pay. Also, be mindful that there is a Rs. 100 monthly cashback cap on bill pay, so your 5% return will be driven down if your bill spend is high enough. You'll also get the same great 5% rate on groceries and movie ticket spend (each category also has a Rs. 100 monthly cashback cap). All other retail spend will net you a solid 0.75% cashback rate. In all, if you can clear the income requirement, this is the most valuable cashback card for paying your insurance premiums and other bills.

  • Annual Fee: Rs. 1,500
  • Reward Earn Rate: 5% cashback on 1) YES PayNow (insurance, rent, mobile, telephone, gas, electricity - various eligible providers on Biller List), 2) groceries & 3) movie tickets (Rs. 500 min transaction, max Rs. 100 cashback monthly separately for each group #1-3); 0.75% cashback on all other retail spend
  • Annual Fee: Rs. 1,500
  • Reward Earn Rate: 5% cashback on 1) YES PayNow (insurance, rent, mobile, telephone, gas, electricity - various eligible providers on Biller List), 2) groceries & 3) movie tickets (Rs. 500 min transaction, max Rs. 100 cashback monthly separately for each group #1-3); 0.75% cashback on all other retail spend

YES Prosperity Cashback Credit Card

Consider this if you make at least Rs. 300,000 per year (Rs. 500,000 if self-employed)

Age Requirement 21-60
Annual Income Requirement Rs. 300,000 (Rs. 500,000 if self-employed)
Bonuses
  • Welcome Gift: ₹ 250 cashback on ₹ 2,500 spend in first 30 days

The YES Prosperity Cashback Credit Card is very similar to the YES Prosperity Cashback Plus, with key differences being a Rs. 1,000 annual fee (instead of Rs. 1,500) and 0.50% cashback on retail spend (instead of 0.75%). It still provides the same top-of-market return on bill pay, including insurance premiums, for high income earners. You'll get 5% back on bills for rent, mobile, telephone, gas and electricity via PayNow, but still be sure to check the bank's eligible providers for bill pay. And, you'll still have a Rs. 100 monthly cashback cap on bill pay, so your 5% return will be driven down if your bill spend is high enough.

The same great 5% rate on groceries and movie ticket spend still applies (each category also has a Rs. 100 monthly cashback cap). Overall, if you prefer the lower annual fee instead of the higher cashback rate on retail spend, get the Prosperity Cashback instead of the Prosperity Cashback Plus.

  • Annual Fee: Rs. 1,000
  • Reward Earn Rate: 5% cashback on 1) YES PayNow (insurance, rent, mobile, telephone, gas, electricity - various eligible providers on Biller List), 2) groceries & 3) movie tickets (Rs. 500 min transaction, max Rs. 100 cashback monthly separately for each group #1-3); 0.50% cashback on all other retail spend
  • Annual Fee: Rs. 1,000
  • Reward Earn Rate: 5% cashback on 1) YES PayNow (insurance, rent, mobile, telephone, gas, electricity - various eligible providers on Biller List), 2) groceries & 3) movie tickets (Rs. 500 min transaction, max Rs. 100 cashback monthly separately for each group #1-3); 0.50% cashback on all other retail spend

Best Points Card for Bill Pay: YES FIRST Preferred Credit Card

Consider this if you are looking for a card that offers great rewards on bill pay

Age Requirement 21-60
Annual Income Requirement Rs. 150,000
Bonuses & Promotions
  • 15,000 points after first swipe within 90 days of card issuance
  • Earn 20,000 Reward Points on achieving annual spends of ₹ 7.5 Lakhs or more in each anniversary year.
  • Renewal benefit of 10,000 points

The YES First Preferred Credit Card is a great points option that offers a Yes PayNow promotion of 1,000 reward points per registered bill. The card also offers a rewards rate of 1% (4 points per Rs. 100 on all spends, 1 reward points = Rs. 0.25) on all spending categories other than travel booking and dining. The YES First Preferred Card Offers a sign-up bonus of 15,000 bonus points. Additionally, the YES First Preferred card has a promotional offer of 20,000 reward points once the cardholder surpasses an annual spend of Rs. 7.5 lakhs within a year, every anniversary year. Lastly, the card also has an annual renewal benefit of 10,000 points. Therefore, this card is a good fit for those looking to pay their bills with a credit card that will provide them with great promotions.

  • Annual Fee: 2,500
  • Earn Rate: 8 points per Rs. 100 spent on travel bookings and dining, 4 points per Rs. 100 on all other spending
  • Point Value: 1 Reward Point = Rs. 0.25
  • Air Travel: Priority Pass Membership & 4 annual visits,, domestic lounge access (3 visits per quarter)
  • Movies: 25% discount on movie tickets booked on BookMyShow
  • Insurance: Life insurance coverage of Rs. 1 crore for death due to flight accidents, medical Insurance coverage of Rs. 25 lakhs for hospital related emergencies when travelling overseas, credit shield coverage in case of accidental death of the primary cardmember
  • Fuel Surcharge Waiver: 1% fuel surcharge waiver with your Air India Card across all petrol pumps with transaction of Rs. 500 to Rs. 4,000 (max surcharge waiver of Rs. 250 per statement cycle)
  • Annual Fee: 2,500
  • Earn Rate: 8 points per Rs. 100 spent on travel bookings and dining, 4 points per Rs. 100 on all other spending
  • Point Value: 1 Reward Point = Rs. 0.25
  • Air Travel: Priority Pass Membership & 4 annual visits, domestic lounge access (3 visits per quarter)
  • Movies: 25% discount on movie tickets booked on BookMyShow
  • Insurance: Life insurance coverage of Rs. 1 crore for death due to flight accidents, medical Insurance coverage of Rs. 25 lakhs for hospital related emergencies when travelling overseas, credit shield coverage in case of accidental death of the primary cardmember
  • Fuel Surcharge Waiver: 1% fuel surcharge waiver with your Air India Card across all petrol pumps with transaction of Rs. 500 to Rs. 4,000 (max surcharge waiver of Rs. 250 per statement cycle)

Best Miles Card for Insurance Premium Payments: Air India SBI Card

Consider this if you are looking for a miles card that offers great earnings across all categories, including insurance payments

Age Requirement 21-60
Annual Income Requirement None listed by issuer
Bonuses & Promotions
  • Signup bonus of 20,000 points - ₹ 9,000 when converted to cash (Covers fees for approximately two years).
  • By spending ₹ 2,000,000 cardholder receives 50,000 points, by spending ₹ 1,000,000 cardholder receives 30,000 and by spending ₹ 500,000 cardholder receives 20,000 points (Approximately ₹ 45,000 in total)
  • Renewal benefit of 5,000 reward points (₹ 2,250)

The Air India SBI Signature Card is a great miles card for individuals looking for solid earnings across all categories. This card earns a rewards rate of 1.8% (4 points on Rs. 100 spends, 1 Reward Point = 1 Airline Mile = Rs. .45), including insurance premium payments. Additionally, the Air India SBI Card has a best-in-market rewards rate of 13.5% (30 reward points per Rs. 100) on Air India bookings.

Notably, the Air India SBI Signature Card has the largest sign-up bonus available in our review of 20,000 points (Rs. 9,000) and this helps offset the relatively high annual fee of Rs. 4,999 for just under two years. Additionally, the cardholder would be incentivised to surpass the spending thresholds to make the most of the promotions offered. For example, by spending Rs. 2,000,000 cardholders receive 50,000 points, by spending Rs. 1,000,000 cardholders receive an additional 30,000 and by spending Rs. 500,000 cardholders receive 20,000 more points. This is a great option for individuals looking for a primary card with rewards that improve as spending increases, due to the promotional benefits.

  • Annual Fee: Rs. 4,999
  • Earn Rate: 30 points per Rs. 100 spent on Air India for yourself; 10 points per Rs. 100 spent on Air India for others; 4 points per Rs. 100 on all other spend
  • Point Value: 1 point = 1 Air India mile = Rs. 0.45
  • Fuel Surcharge Waiver: Transactions between Rs. 500 and Rs. 4,000, maximum of Rs. 250 per month
  • Perks: Visa Domestic Lounge Program (8 free visits/year, max 2/quarter; lounges across 6 major cities), free Priority Pass membership (USD 27 charged/visit), Air India tier upgrade benefits
  • Annual Fee: Rs. 4,999
  • Earn Rate: 30 points per Rs. 100 spent on Air India for yourself; 10 points per Rs. 100 spent on Air India for others; 4 points per Rs. 100 on all other spend
  • Point Value: 1 point = 1 Air India mile = Rs. 0.45
  • Fuel Surcharge Waiver: Transactions between Rs. 500 and Rs. 4,000, maximum of Rs. 250 per month
  • Perks: Visa Domestic Lounge Program (8 free visits/year, max 2/quarter; lounges across 6 major cities), free Priority Pass membership (USD 27 charged/visit), Air India tier upgrade benefits

Best Card for Tata AIG Life Insurance: HDFC Bank Bharat Card

Consider this if you're a moderate spender who makes at least Rs. 144,000 per year

Age Requirement 21-60 (65 if self-employed)
Annual Income Requirement Rs. 144,000 (Rs. 200,000 if self-employed)

The HDFC Bharat Card is a narrow pick for a top insurance premium card, but we are including it due to a very high rate for Tata AIG Life Insurance. HDFC indicates you'll get 5% cashback on bill pay, but for insurance premiums, we can confidently state that this applies for Tata AIG after reviewing the list of eligible providers for payment.

Additionally, the card provides a great 5% cashback rate on groceries, online shopping, travel, fuel, rail, mobile recharge and other bill payments (be sure to check the provider list). Be mindful that there's a Rs. 150 monthly cashback cap on each of: 1) bill pay (including insurance premium) + groceries + fuel + IRCTC bookings + mobile recharge, as well as 2) SmartBuy (HDFC's online platform for travel, shopping & more) + EasyEMI (pre-approved loan facility) + PayZapp (payments product). So, if you do spend enough to exceed the maximums, your 5% return will decline.

Last, note that you won't get any cashback on dining, a large category for many people, and that you have to make Rs. 144,000 annually to get approved. Bottom line, if you're a Tata AIG Life Insurance customer, this could be a good card to consider.

  • Annual Fee: Rs. 500 (after 1st year, waived on annual spend Rs. 20,000)
  • Earn Rate: 5% cashback bill pay (select providers), groceries, fuel, mobile recharge, IRCTC (max Rs. 150 cashback on sum of 4 categories), HDFC SmartBuy (travel/online shop), EasyEMI (pre-approved loan facility) & PayZapp (max Rs. 150 cashback on sum of 3 categories); no cashback on other
  • Fuel Surcharge Waiver: Transactions Rs. 400+, max Rs. 250 waived/month
  • Insurance: Accidental death insurance Rs. 50 lakhs; fire/burglary protection for goods Rs. 5,000+ for 180 days
  • Annual Fee: Rs. 500 (after 1st year, waived on annual spend Rs. 20,000)
  • Earn Rate: 5% cashback bill pay (select providers), groceries, fuel, mobile recharge, IRCTC (max Rs. 150 cashback on sum of 4 categories), HDFC SmartBuy (travel/online shop), EasyEMI (pre-approved loan facility) & PayZapp (max Rs. 150 cashback on sum of 3 categories); no cashback on other
  • Fuel Surcharge Waiver: Transactions Rs. 400+, max Rs. 250 waived/month
  • Insurance: Accidental death insurance Rs. 50 lakhs; fire/burglary protection for goods Rs. 5,000+ for 180 days