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.

 

[game.ruler]

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

That I completely understand. I was just sharing a reference of Axis document of the calulation, as there's no other way to base the calculations on.
Of course, we will know once Avijeet updates us.

 

[Avijeet]

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

On it ...
Once the bonus gets credited, i ll be in a better position understand and explain

 

[a.k.sudhakar]

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:

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.

This example is slightly misleading, doesn't show 2 insurance transactions. The 1 insurance transaction of 1.5L is the one considered for base 1.5L deduction. If you pay the next insurance transaction, then as i mentioned, its pts are capped at 6K. Its is eligible for AEP 23 pts but not beyond 6000.
As Leo10 mentioned, we need to wait for Avijeet to confirm with his realtime transactions.

 

[statusquo]

Hey @Avijeet, did you get the AEP 23 points?

 

[LEO10]

@game.ruler what about you?

 

[Avijeet]

Hey @Avijeet, did you get the AEP 23 points?

Not yet ..

 

[game.ruler]

@game.ruler what about you?

Not yet, the timeline for ER points to credit is still not complete. I will update once that's over.

 

[LuxTraveler]

I think AEP is not applicable on insurance spends. Even in the example the row is blank. Someone on this thread has mentioned the CS told him that AEP is not applicable on Insurance. So this might be very much true. I did some insurance spends in Oct'23 but i have not received AEP for any of the transactions, so cant confirm anyways.
My advice is complete 1.5 lakh milestone with insurance spends and other spend do after insurance.

 

[LEO10]

I think AEP is not applicable on insurance spends. Even in the example the row is blank. Someone on this thread has mentioned the CS told him that AEP is not applicable on Insurance. So this might be very much true. I did some insurance spends in Oct'23 but i have not received AEP for any of the transactions, so cant confirm anyways.
My advice is complete 1.5 lakh milestone with insurance spends and other spend do after insurance.

but the question is has anyone recieved the aep for October?If no,we have 3 people on the thread who can clarify whether they got the aep or not when everyone receives their aep for mentioned eligible spends

 

[rogerthat]

Indeed it looks like insurance spends are only eligible for base Edge Reward points and not accelerated points. If you have a 2L insurance premium to pay then pay it in two parts and you get 12K points.

After that do all your spends on Magnus and you will get 23/200 points. If you don't have Burgundy you get 4.6% return. If you have Atlas it is better to use that one because you get 4% and the milestone you achieve are easily more valuable than that 0.6% extra.

Another non-use case for the useless Magnus OG.

 

[Avijeet]

Dear All ...

Points got credited and i got Accelerated Points for both the insurance transactions ....

 

[LEO10]

Dear All ...

Points got credited and i got Accelerated Points for both the insurance tra

Dear All ...

Points got credited and i got Accelerated Points for both the insurance transactions ....

Thats great news,going to fulfill my burgundy criteria and then apply for magnus

 

[UKJ]

Dear All ...

Points got credited and i got Accelerated Points for both the insurance transactions ....

Could you reconfirm from your statement one again, or better yet, post a screenshot? According to my RM there are no accelerated points on insurance spends, as also evidenced from the MB FAQ sheet. Your input will help me take it up with Axis.

 

[LuxTraveler]

I have received (AEP) Points for all spends above 1.5. exactly 45 days after month is over. So overall right now Axis is giving those points.

 

[palvannan]

Dear All ...

Points got credited and i got Accelerated Points for both the insurance transactions ....

Does it show in the transaction history, AEP points against which transactions or is it a single credit of AEP points for the October month ? Please detail How much was the total eligible spend in that month, and amounts paid for 2 insurance premiums and total AEP got for the month ? And if the insurance amount was paid prior to or after reaching 1.5 lakh limit . Thanks

 

[Rags]

Did anyone else recieve AEP for Insurance txns?

 

[Theo]

I have recd AEP points on insurances spends for both Sept and Oct. I have also confirmed over email from premium experience that multiple insurance transactions are eligible for AEP subject to each transaction being below 1 lac.

 

[LEO10]

I have recd AEP points on insurances spends for both Sept and Oct. I have also confirmed over email from premium experience that multiple insurance transactions are eligible for AEP subject to each transaction being below 1 lac.

what about transactions above 1L?

 

[vizzkid]

Hi guys

I have a query regarding the insurance spending AFTER 1.5 LAC spend on Burgundy Magnus card.

I have an upcoming premium of 2 lacs. So should i pay 1 lac x 2 times or 35k x 6 times.

35k fetches 6000 points with the 35x calculation after the 1.5 lac threshold

could some one pls help me with the best way to split the 2 lac premium?

6k points are for the insurance capping. Whether they include the Accelerated points or over and above.

Kindly guide me.. Thanks..

vizzkid.

 

[LuxTraveler]

Hi guys

I have a query regarding the insurance spending AFTER 1.5 LAC spend on Burgundy Magnus card.

I have an upcoming premium of 2 lacs. So should i pay 1 lac x 2 times or 35k x 6 times.

35k fetches 6000 points with the 35x calculation after the 1.5 lac threshold

could some one pls help me with the best way to split the 2 lac premium?

6k points are for the insurance capping. Whether they include the Accelerated points or over and above.

Kindly guide me.. Thanks..

vizzkid.

Axis bank T&C says "Max 6000 Base EP per transaction". So my understanding is 1 lakh is fine for 6000 points. (12 points/200 Rs)
Also as confirmed in earlier posts, for the month of october all transaction including Insurance pay after 1.5 L spends also earned AEP (23 points/200 Rs).

But as with the case of Axis they can do interpretation other way and reverse or stop giving AEP on insurance in future .