India Post Postal Life Insurance - Premium payment suggestion

[R@J]

Hi All,

This might be a bit offbeat question/topic.

I have an upcoming annual premium payment of 1 Lakh+ for my family member. The provider is India Post's Postal Life Insurance (yes, something like this exists 😄 ) - hence, most of the bill pay platforms/ options are already out (as it is not available at those platforms). Only option known to me is their own website, which levies ~1% charge for Credit Card payment.

1. I wanted to ask if anyone who has paid it through their India Post PLI website - knows the MCC code or category? I'm not sure if it will fall under Utility/Insurance (by nature of payment) or Govt Transaction(nature of service provider). Since, it is a govt entity, the accuracy and compliance wrt MCC tagging is also not guaranteed.

2. I wanted to use this opportunity to collect some reward points and also compensate the 1% charge. Available card options to use: Magnus, Vistara Infinite, Atlas, DCB, SBI CB.
As of now, Atlas seems like the safest option. Any suggestions? [Magnus's monthly milestone for Aug is already done]

@TechnoFino @Subhankar @anirban.choudhury @4uziaul @TheMentalist @adigk @Walter White @VISHESH_BANSAL

 

[TechnoFino]

No idea about the MCC, it's a real problem.
Yea... Atlas is better

 

[ak93]

Hi All,

This might be a bit offbeat question/topic.

I have an upcoming annual premium payment of 1 Lakh+ for my family member. The provider is India Post's Postal Life Insurance (yes, something like this exists 😄 ) - hence, most of the bill pay platforms/ options are already out (as it is not available at those platforms). Only option known to me is their own website, which levies ~1% charge for Credit Card payment.

1. I wanted to ask if anyone who has paid it through their India Post PLI website - knows the MCC code or category? I'm not sure if it will fall under Utility/Insurance (by nature of payment) or Govt Transaction(nature of service provider). Since, it is a govt entity, the accuracy and compliance wrt MCC tagging is also not guaranteed.

2. I wanted to use this opportunity to collect some reward points and also compensate the 1% charge. Available card options to use: Magnus, Vistara Infinite, Atlas, DCB, SBI CB.
As of now, Atlas seems like the safest option. Any suggestions? [Magnus's monthly milestone for Aug is already done]

@TechnoFino @Subhankar @anirban.choudhury @4uziaul @TheMentalist @adigk @Walter White @VISHESH_BANSAL

I paid using Magnus in March. It shows as Govt Services in my statement. Don't have the exact MCC though. If you can, pay before 31st to get RPs using Magnus.

 

[SpiesCan'tCatchMe]

How do we check for mcc, i pay premium every month using rupay credit card tata neu infinity. It is counted as govt payment so no neu coins on that transaction.

 

[R@J]

No idea about the MCC, it's a real problem.
Yea... Atlas is better

Thanks for the suggestion @TechnoFino dada!

Thanks @adigk , @Niketan: The info about Govt Payment is really useful. I'll select the card accordingly.

@adigk: yes, I can pay before 31st. Just that I'm not sure if my Burgundy salary is TRUE burgundy or FALSE burgundy (Axis terminology...lol). In case I do not get 5:4, then net reward (airmiles) will be 2.4%, whereas for Atlas it will be 4%. hence, thinking of Atlas.

 

[ak93]

@

Thanks for the suggestion @TechnoFino dada!

Thanks @adigk , @Niketan: The info about Govt Payment is really useful. I'll select the card accordingly.

@adigk: yes, I can pay before 31st. Just that I'm not sure if my Burgundy salary is TRUE burgundy or FALSE burgundy (Axis terminology...lol). In case I do not get 5:4, then net reward (airmiles) will be 2.4%, whereas for Atlas it will be 4%. hence, thinking of Atlas.

Go for atlas then 👍

 

[starstruck]

Vistara Infinite can be an option too. You will be completing the milestone plus CV points at 8% + 3% returns.

 

[R@J]

Vistara Infinite can be an option too. You will be completing the milestone plus CV points at 8% + 3% returns.

Yes, for a safe side I looked up the last years smaller entries for same payment, and mailed CustCare for the MCC codes. Axis replied 9399 Govt Services for transaction in Feb 2023.
Waiting for HDFC's response for txn of Aug 2022 - because I had received points under Insurance for HDFC DCB then..... so, will just check if its Govt Services or Insurance for HDFC.

btw, is it possible that same merchant (and same payment gateway) will have different MCC codes for different banks? Or might be, they have update the MCC over time.

 

[RajMahadik]

Hi All,

This might be a bit offbeat question/topic.

I have an upcoming annual premium payment of 1 Lakh+ for my family member. The provider is India Post's Postal Life Insurance (yes, something like this exists 😄 ) - hence, most of the bill pay platforms/ options are already out (as it is not available at those platforms). Only option known to me is their own website, which levies ~1% charge for Credit Card payment.

1. I wanted to ask if anyone who has paid it through their India Post PLI website - knows the MCC code or category? I'm not sure if it will fall under Utility/Insurance (by nature of payment) or Govt Transaction(nature of service provider). Since, it is a govt entity, the accuracy and compliance wrt MCC tagging is also not guaranteed.

2. I wanted to use this opportunity to collect some reward points and also compensate the 1% charge. Available card options to use: Magnus, Vistara Infinite, Atlas, DCB, SBI CB.
As of now, Atlas seems like the safest option. Any suggestions? [Magnus's monthly milestone for Aug is already done]

@TechnoFino @Subhankar @anirban.choudhury @4uziaul @TheMentalist @adigk @Walter White @VISHESH_BANSAL

working with the same dept of post... its payment will be count as govt services category

 

[R@J]

working with the same dept of post... its payment will be count as govt services category

Thanks for the insight @RajMahadik...this is really helpful