Calling all ambitious students! Are you ready to unlock your academic potential and turn your educational dreams into reality? Look no further than the LIC Golden Jubilee Scholarship, your golden ticket to pursuing higher education without financial constraints, backed by the trusted support of India’s leading insurance provider, LIC.
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Table of Contents
About the LIC Golden Jubilee Scholarship
Life Insurance Corporation of India (LIC) is an Indian multinational Central Public sector life insurance company headquartered in Mumbai. It is India’s largest insurance company as well as the largest institutional investor with total assets under management worth ₹45.7 trillion (US$570 billion) as of March 2023. It is under the ownership of the Government of India and administrative control of the Ministry of Finance.
The Life Insurance Corporation of India was established on 1 September 1956, when the Parliament of India passed the Life Insurance of India Act, nationalising the insurance industry in India. Over 245 insurance companies and provident societies were merged together.
LIC reported 290 million policyholders as of 2019, a total life fund of ₹28.3 trillion, and a total value of sold policies in the year 2018–19 of ₹21.4 million. The company also reported having settled 26 million claims in 2018–19. It ranked 98th on the 2022 Fortune Global 500 list with a revenue of ₹775,283 crore (equivalent to ₹8.2 trillion or US$100 billion in 2023) and a profit of ₹4,415 crore (equivalent to ₹47 billion or US$590 million in 2023).
Objective
The objective of the scheme is to award scholarships to meritorious students belonging to Economically Weaker Sections, so as to provide them with better opportunities for higher education and employment.
Eligibility Criteria
General Scholarship
All candidates who have passed the Class XII exam (or its equivalent – Regular/Vocational) / Diploma with at least 60% marks (or equivalent grade) in the Academic Year 2022-23 and whose parents/guardians have an annual income (from all sources) not exceeding Rs.2,50,000 per annum* (please refer clause 6 (i) – for relaxation) are eligible to apply for a scholarship. The scholarship is provided to students who are interested (and willing) to pursue higher education in the field of Medicine, Engineering, Graduation in any discipline, Integrated Courses, Diploma Courses in any field or other equivalent courses, Vocational Courses through Government recognized Colleges /Institutes or courses in Industrial Training Institutes (ITIs)
All candidates who have passed the Class X exam (or its equivalent) with at least 60% marks (or equivalent grade) in the Academic Year 2022-23 and whose parents/guardians have an annual income (from all sources) not exceeding Rs.2,50,000 per annum. (Please refer to clause 6 (i) – for relaxation) are eligible to apply for a scholarship The scholarship is provided to students who are pursuing higher education in the field of Vocational / Diploma Courses through Government recognized colleges/ institutions or courses in Industrial Training Institutes (ITI)
Special Scholarship for Girl Child
To encourage education to girl child, Special scholarship for Girl Child after class 10 for pursuing higher studies in Intermediate/10 + 2 pattern/ Vocational or Diploma Courses through Government recognized colleges/ institutions or courses in Industrial Training Institutes (ITI) for two years.
Candidates who have passed the Class X exam (or its equivalent) with at least 60% marks (or equivalent grade) in the Academic Year 2022-23 and whose parents/guardians have an annual income (from all sources) not exceeding Rs. 2,50,000 per annum. (please refer to clause 6 (i) – for relaxation) are eligible to apply for a scholarship.
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Scope Of Golden Jubilee Scholarship
The scholarship is to be awarded to students studying in India in a Government or Private college/university. It shall also cover technical and vocational courses in Industrial Training Institutes/ Industrial Training Centres affiliated with the National Council for Vocational Training (NCVT) and also Integrated Courses after XII Std. Scholarships shall be of two types; General Scholarship and Special Scholarship for Girl Child.
Duration
The scholarship shall be provided for the entire duration of the course under General Scholarships and for two years under Special Girl Scholar, subject to the candidate fulfilling requisite eligibility conditions for renewal.
Rate of Scholarship
General Scholarship
An amount of Rs.40,000/- per annum, will be awarded to the selected Scholar who pursues higher education in the field of Medicine and shall be payable every year in three instalments (Rs.12000/-, Rs.12000/- & Rs.16000/-) during the duration of the course, subject to eligibility.
An amount of Rs.30,000/- per annum, will be awarded to the selected Scholar who pursues higher education in the field of Engineering and shall be payable every year in three instalments (Rs.9000/-, Rs.9000/- & Rs.12000/-) during the duration of the course, subject to eligibility.
An amount of Rs.20,000/- per annum will be awarded to the selected Scholars who pursue education in the field of Graduation in any discipline, Integrated Courses, Diploma Courses in any field or other equivalent courses, Vocational Courses through Government Colleges /Institutes or courses in Industrial Training Institutes (ITIs) and shall be payable every year in three instalments (Rs.6000/-, Rs.6000/- & Rs.8000/-) during the duration of the course, subject to eligibility.
Special Scholarship for Girl Child
An amount of Rs. 15,000/- per annum will be awarded to selected Girl Child for Special Scholarship after class 10th for pursuing higher studies in Intermediate/10 + 2 pattern/ Vocational or Diploma Courses through Government-recognized colleges/ institutions or courses in Industrial Training Institutes (ITI) for two years and shall be payable in three instalments (Rs.4500/-
, Rs.4500/- & Rs.6000/-) every year during the duration of the course, subject to eligibility.
The above rates of Scholarship are applicable for new entrants only from the scholarship year 2023. Students who are already receiving scholarships from LIC GJF from the previous years shall continue to draw scholarships at the same rate fixed at the time of their selection till the completion of their course.
The Scholarship amount will be transferred to the Bank Account of the selected scholar through NEFT. In case the candidate is selected for a scholarship, the Bank Account details and IFSC code and a copy of the cancelled cheque with the name of the beneficiary is compulsory. In the case of merged banks, the new IFSC Code of the Bank should be mentioned. The Bank Account to which the amount to be transferred has to be active and in case it is dormant, the same should be activated before the details are provided. The maximum balance allowed under the bank account should also be checked.
Declaration by candidates
The candidate has to give an irrevocable authorisation to LIC Golden Jubilee Foundation to use the data which includes PAN and Aadhar Card Number submitted by him/her for evaluation of his/her application.
No.of Scholarship
Out of the thirty (30) students to be shortlisted, twenty (20) students will be selected under General Scholarship (10 Boys & 10 Girls) and ten girls (10) under Special Scholarship for Girl Child depending upon merit and eligibility by the Divisional Office for grant of scholarships.
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How To Apply?
If You are an Interested candidate You can apply For the LIC Golden Jubilee Scholarship 2024 Click Here
For more details about the Scholarship Click Here
Read this Instructions To Candidates of scholarship Click Here
Conclusion
So there you have it! The LIC Golden Jubilee Scholarship isn’t just a financial boost; it’s a transformative opportunity to chase your academic dreams with the backing of India’s leading insurance provider. Imagine studying without financial worries, knowing you have the prestigious LIC name on your side, propelling you forward on your journey to success. Don’t miss out on this chance to:
FAQ
What are the selection criteria for the LIC Golden Jubilee Scholarship?
Selection is based on academic merit (marks in Class X and XII) and financial need (annual family income).
How can I apply for the LIC Golden Jubilee Scholarship?
Applications must be submitted online through the official LIC website ([Link to Online Application Form]). The deadline for applications is January 14th, 2024.
Who is eligible for the LIC Golden Jubilee Scholarship?
School Students: Must have passed Class X with at least 60% marks and be pursuing Class XI or XII in any recognized board.
College Students: Must have passed Class XII with at least 60% marks and be enrolled in the first year of any undergraduate degree program at a recognized university/college.
Annual Family Income: Parents’/guardian’s combined annual income from all sources should not exceed ₹2,50,000.
