LIC is a state-owned insurance group and investment organization in India that releases several scholarship schemes to support deserving candidates. The Life Insurance Corporation of India (LIC) has launched its Golden Jubilee Scholarship Scheme with the aim to give scholarships to deserving students from economically disadvantaged or weaker sections. The financial assistance made it easier for deserving candidates to complete their education and improve their chances of being hired by various companies. This LIC scholarship scheme was an attempt to support students of families who could not afford to send their kids for higher education in the country.
The scholarship is intended to be given to students who are attending a public or private college or any university in India, or an integrated course after completion of senior secondary education. The official notification by LIC also notified that the Golden Jubilee Scholarship Scheme will cover technical and vocational courses offered by Industrial Training Institutes and Industrial Training Centers connected to the National Council for Vocational Training (NCVT).
Under the latest amendments of LIC Golden Jubilee Scholarship Scheme 2023-24, the selected applicants are eligible for a scholarship of up to ₹40,000/- annually.
Eligibility Criteria for LIC Scholarship Scheme
Regular Scholarship:
- Students must have a 10+2 degree from any recognized education board of India or any equivalent certificate (diploma/vocational).
- Students must possess a grade of 60% or above in their aggregate in the present academic year.
- The annual income of parents or guardians from all sources should not exceed ₹2,50,000 (refer to see clause 6(i) - relaxation on the official website).
- This grant is given to students who want to study medicine, or engineering, or pursue graduation in any discipline, integrated courses, diploma courses in any field or other comparable courses, vocational courses through government-approved colleges and institutes, or in the form of an industrial training institute (ITI).
The regular scholarship program is only meant for students who are pursuing undergraduate or a comparable program, such as integrated courses from any recognized university or college. Post-graduation studies are not intended to be covered by this scheme.
Special Girl Child Scholarship:
- The student must pass the class 10 examination from any recognized board of education or have an equivalent degree.
- Has achieved at least 60% marks (or equivalent grade) in the examination.
- The student should be enrolled in two-year courses at Industrial Training Institutes (ITI) or pursuing higher education in intermediate/ (10+2) pattern/ vocational course/ diploma.
- The annual income of parents or guardians should be not more than ₹2,50,000.
The special Girl Child Scholarship Scheme was introduced to promote the education of girls in the country.
LIC also announced a reduction in the annual income ceiling from ₹2,50,000 to ₹4,00,000 for households where a woman (widow, single mother, or unmarried) is the only financial provider for the family.
Duration of the Scholarship
Eligible students under the Regular Scholarship will be entitled to the Golden Jubilee Scholarship for the entire duration of their course. And for the Special Girl Child Scholarship, students will be provided a scholarship of two years.
Benefits of the LIC Golden Jubilee Scholarship Scheme
Students who have applied for the regular scholarship and are pursuing further education in medicine will earn ₹40,000 per year. Eligible students shall be awarded the amount in three installments (₹12,000, ₹2,000, and ₹16,000) throughout the duration of the course.
₹30,000 will be given annually to students enrolled in engineering-related education programs after their senior secondary. This shall also be awarded to students in a course of three installments (₹9,000, ₹9,000, and ₹12,000) until the completion of their course.
Selected female students will get ₹15,000 annually under the Special Girl Child Scholarship program, paid in three installments (₹4,000, ₹4,000, and ₹6,000) for two years. This funding is available for courses taken at Industrial Training Institutes (ITIs) or colleges recognized by the government.
The specified scholarship amounts are only meant for students who have applied for the Golden Jubilee Scholarship Scheme in 2023 and later. The selected candidates before 2023 will continue to receive the same amount of scholarship until the completion of their course that was mentioned in the scheme at the time of their application.
Documents Required for the LIC Golden Jubilee Scholarship
Candidates need to present the following list of documents at the time of their application:
- Class 10/12 Marksheet
- Class 10/12 Certificate
- Annual income proof
- Cast Certificate (if any)
- Bank Details
Mode of Application
Seeking candidates can apply for the Golden Jubilee Scholarship through the official application portal of LIC (www.licindia.in). Here is a step-wise guide to the application process:
- Step 1- Open the homepage of LIC and click on ‘Apply Now’ from the menu.
- Step 2- Select the ‘New Registration’ option and enter the required details carefully (email ID and mobile number).
- Step 3- Use the registration details to log into the portal.
- Step 4- Press ‘Click Here to Apply Now’, fill in the details, and upload your documents.
- Step 5- Click on the ‘Submit’ button to complete your application.
Once the candidate has successfully uploaded your documents and submitted your application, they will receive an acknowledgment on the email address provided at the time of registration. The candidate will be notified of any further communication on their email by the Divisional Office. Therefore, the candidate must make sure to include an accurate email address and phone number.
The application deadline for the current academic year is 14 January 2024.
Selection Criteria
Candidates will be chosen on the basis of merit, thus taking into account their qualifications. 20 students will be shortlisted for the Regular Scholarship Program, out of which there will be 10 males and 10 females. For the Special Girl Child Scholarship Program, 10 female students will be regarded.
Terms and Conditions of the LIC Golden Jubilee Scholarship
- The LIC Golden Jubilee Scholarship is not available to students who are currently recipients of scholarships from other trusts or organizations. However, SC/ST students who receive government-funded scholarships are exempted from this rule.
- Students who start the first year of an engineering degree program after earning a diploma in the field, or who enter the program through lateral entry into the second year are eligible for this scholarship (given that they have an aggregate of 60% in the most recent qualification).
- Students enrolled in courses via open universities, correspondence, or part-time (evening or night) programs are not eligible for the scholarship scheme.
- Students pursuing a degree in Chartered Accountants (CA)/Company Secretary (CS)/ Institute of Cost and Works Accountants of India (ICWA) or similar self-study courses are not eligible under the scholarship scheme.
The scholarship may be canceled or suspended if a student disobeys any of its rules and regulations. A student's scholarship shall also be instantly revoked if it is found that they used fake statements or fabricated documents. Additionally, the Divisional Administration of the Life Insurance Corporation of India (LIC) may demand that the student return the scholarship money in case of discrepancies.
LIC Golden Jubilee Scholarships 2023-24 – Scheme Duration
LIC will provide the scholarship sum to regular students for the entire length of the course.
Exceptional girl researchers will be given the scholarship for two years, provided they fulfill the obligatory eligibility conditions for renewal.
LIC Golden Jubilee Scholarships 2023-24 – Award Details
The scholarships are divided into two categories based on a divisional criterion. A total of 20 regular scholarships per Divisional Centre of LIC will be assumed for pursuing higher studies. Ten scholarships will be awarded to nominated male candidates, whereas the other ten scholarships will be given to female students. The prizes will be distributed as follows:
- Regular Scholars will be given a scholarship amount of up to ₹40,000 per year
- Students under the Special Girl Scholars category determination be provided ₹10,000 per year
Note
- The amount will be paid in 3 instalments
- The scholarship sum will be transferred to the bank account of the selected scholar done NEFT
- Those selected for the scholarship must provide the bank account details, IFSC code, and a copy of the cancelled cheque in the beneficiary's name.
- Applicants must remember that the LIC Golden Jubilee scholarship is not intended to be given to more than one student in a family.
Disclaimer
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