Axis Magnus Insurance premium payment through Axis magnus after devaluation

[Rutvik28]

Hello,

I have a very interesting question/doubt on an insurance premium payment through axis magnus credit card after it getting devalued recently.

So the question goes like this, if I pay insurance premium of more than 1.5 lacs in a month in multiple transactions (considering the individual transactions are less than 1 lac), then if I pay more insurance premium in the same month will I get 35 reward points on 200rs spent for next set of transactions or the normal reward rate of 12 reward points per 200rs ?

And if let's say the answer is 35 reward points per 200rs, then how will the cap of 6000 reward points per transaction be applied for those transactions ?

I have an insurance premiums of ~3-4 lacs coming in the Oct end and November month, so I was thinking if I can pay all the premiums in the month of November, then will I get more reward points instead of paying in separate months.

 

[helloworld]

The accelerated EDGE Reward Points will be calculated basis [Total Eligible Spends = Total Spends in a calendar month – Rs. 1.50 lakhs – Spends on Exclusion list (ref link.) – Spends on Travel Edge up to Rs. 2 Lakhs – Rental Payments (incremental spends above Rs. 50,000)] * [23 EDGE Reward Points/Rs.200]

https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/terms-and-conditions-for-accelerated-35-edge-reward-points.pdf

 

[Harry1]

6000 points + 23/200 * (X-1.5L) where X is paid amount, assuming u don't have any other spends in that month.

 

[helloworld]

6000 points + 23/200 * (X-1.5L) where X is paid amount, assuming u don't have any other spends in that month.

Also, last I checked they said, its one policy (like one insurance payment) per month? Is this true (haven't paid any in between so not sure whether it is true or not)?

 

[Harry1]

Also, last I checked they said, its one policy (like one insurance payment) per month? Is this true (haven't paid any in between so not sure whether it is true or not)?

No, 6000 is per transaction limit.

 

[Rutvik28]

Understood, thanks folks. That helps a lot 😁

 

[ccdc]

so if i pay ins premium of 3L (50k*6).....how many total points will i get?....32250 points?

 

[Avijeet]

No, 6000 is per transaction limit.

So no Accelerated Rewards.. i mean addition 23 points per 200 for Insurance?

Even if the Insurance transaction is done after achieving the 1.5L limit ..?

 

[Harry1]

So no Accelerated Rewards.. i mean addition 23 points per 200 for Insurance?

Even if the Insurance transaction is done after achieving the 1.5L limit ..?

Check the post to which i replied.

 

[rogerthat]

Hope someone who pays a large insurance premium updates us on the result.

 

[Avijeet]

Hope someone who pays a large insurance premium updates us on the result.

I have paid .. will update

 

[techno123]

I have paid .. will update

Sure Waiting .

 

[Avijeet]

Sure Waiting .

got 6K each for 2 transactions ... now have to wait for 45 days to check for additional 23 points/200

 

[LEO10]

got 6K each for 2 transactions ... now have to wait for 45 days to check for additional 23 points/200

do tell,if we are getting accelerated spends on insurance will be a must have then.Will have to open a burgundy account if they give out.i thought they were giving only 6k per transaction.
And if anyone knows how to pay insurance in parts that would be even more rewarding,so please tell if you know how to do it?

 

[game.ruler]

got 6K each for 2 transactions ... now have to wait for 45 days to check for additional 23 points/200

I also made 2 insurance payments of 1.4 lacs and 2.5 lacs this month.
Yet to get 6k base, hopefully we will get AEP as well. Although I called Axis customer care on this and they said no AEP on insurance payments, but the example table for AEP in the terms and conditions document is clearly including insurance payments in the eligible spend calculations.
Fingers crossed

 

[praneeth999]

What kind of insurances are these where premiums are in multiples of lakhs if you don't mind sharing? I'm just curious.

 

[a.k.sudhakar]

I also made 2 insurance payments of 1.4 lacs and 2.5 lacs this month.
Yet to get 6k base, hopefully we will get AEP as well. Although I called Axis customer care on this and they said no AEP on insurance payments, but the example table for AEP in the terms and conditions document is clearly including insurance payments in the eligible spend calculations.
Fingers crossed

Insurance premium max points is 6K/transaction. If base 12 points itself gave you 6K then no more AEP (remaining 23pts) for that transaction.
Assuming the base 1.5L is crossed by other transactions, then, the optimized Insurance premium to fully get the AEP is approx Rs 34200.
171*12=2052pts and then AEP 171*23=3933pts. Total pts for the Insurance transaction will be 2052+3933=5985.
So, if possible, you have to split multiple Insurance transactions of 34200 each to enjoy the full AEP pts benefit.

 

[game.ruler]

What kind of insurances are these where premiums are in multiples of lakhs if you don't mind sharing? I'm just curious.

It's health insurance premium for my wife and me for 3 years of 1.4 lacs, and 2.5 lacs of my parents for 4 years.

 

[game.ruler]

Insurance premium max points is 6K/transaction. If base 12 points itself gave you 6K then no more AEP (remaining 23pts) for that transaction.
Assuming the base 1.5L is crossed by other transactions, then, the optimized Insurance premium to fully get the AEP is approx Rs 34200.
171*12=2052pts and then AEP 171*23=3933pts. Total pts for the Insurance transaction will be 2052+3933=5985.
So, if possible, you have to split multiple Insurance transactions of 34200 each to enjoy the full AEP pts benefit.

Interesting. But nothing like such is mentined in the AEP document:

https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/terms-and-conditions-for-accelerated-35-edge-reward-points.pdf

If you check the point 2.(iii), the insurance payment doesn't seem to be excluded in the "Total Eligible Spends".
Also, if you check the example given in table 2.(iv), the 23 AEP are given as follows on spend of 8,15,000:

Rs. 3,45,000 (Rs. 8,15,000 - Rs. 1,50,000 - Rs. 2,00,000 Travel Edge - Rs. 80,000 (Gift Edge, Gyftr, etc) - Rs. 20,000 Wallet - Rs. 20,000 Rent)

Here the base 1.5 lacs is removed from "Total Eligible Spends", but not the insurance spend of 1.5 lacs as per the table.
Even if you calculate AEP on the final 3,45,000 eligible spends, it comes correctly to 345000/200*23 = 39,675 points.

Thus, I was under impression from this example that insurance spends will be calculated towards AEP of 23 per 200.

 

[LEO10]

got 6K each for 2 transactions ... now have to wait for 45 days to check for additional 23 points/200

Waiting for Avijeet to clarify on this.Real life examples are what matters the most and help people not getting tunnel visioned