LIC Scholarship 2023

It goes without saying that substantial award or endowment can help students and their parents to get rid away from a great monetary burden known as ‘education loan’. With a lot of students aspiring to pursue their desired courses in their dream university, scholarships play an important role in encouraging them to begin their journey of success. One of the famous state-owned insurance group and investment company in India, Life Insurance Corporation has taken the initiative to provide LIC Scholarship to students in need of financial help for higher studies. This article will help you with all the details about LIC Golden Jubilee Scholarship Scheme 2023 along with the procedure for application.

Understanding LIC Scholarship

LIC, India provides LIC Golden Jubilee Scholarship for meritorious students belonging to economically weaker families. LIC aims to support students with better opportunities for higher education and thus enhancing their employability.

The LIC Scholarship is awarded to selected students for higher studies in a government or private university/college in India. Other than this, the scholarship will also cover vocational and technical courses of graduation level in Industrial Training Institutes (ITI) or Industrial Training Centres affiliated with the National Council for Vocational Training (NCVT).

LIC Scholarship Details 2023

Event	Details
Name of the Scholarship	LIC Golden Jubilee Scholarship
Scholarship Provider	Life Insurance Corporation
Applicable for	Students belonging to economically weaker families (EWS) and aspiring to pursue higher studies
Scholarship State	All India
Scholarship Amount	₹10,000- ₹20,000 per annum
Scholarship Apply Date	Available
Scholarship Last Date	December 31, 2023
Release Date of the List of Shortlisted Students	Divisional Offices will process the online applications received from the applicants. Shortlisted students will be contacted directly.
Mode of Application	Online
Official Website	https://www.licindia.in/

Courses Under LIC Scholarship

LIC Golden Jubilee Scholarship is applicable for students who have passed 10+2 or its equivalent and are interested to pursue higher education in the following fields from a government or private university/college in India.

1. Engineering, Medicine, graduation in any discipline or Diploma course in any field or other equivalent courses.
2. Vocational courses through ITI or Industrial Training Centres affiliated with the NCVT.

LIC Scholarship Amount Details 2023

Selected students for the LIC Golden Jubilee Scholarship will be awarded an amount of minimum ₹10,000 per annum which is payable in 10 monthly instalments of ₹1000/- each. This amount will be directly transferred to the scholar’s Bank Account through National Electronic Funds Transfer (NEFT). Thus, the shortlisted candidates must give their Bank Account details and IFSC code. The students need to renew their account after a year to avail for a scholarship amount for the next session. 

Documents Required

Below is a list of important documents to be scanned and uploaded by candidates during the application process. Any lack of information or even the slightest mistake might lead to their cancellation:

1. Passport-sized photograph
2. Signature
3. Birth Certificate
4. Caste Certificate
5. Family Income Certificate
6. Address Proof
7. Previous Exam Marksheet

LIC Scholarship: Eligibility Criteria

The eligibility criteria for LIC Scholarship varies as per a regular student as well as for girls completing class 10 which are put under special category. Below we have elaborated the eligibility for both regular scholars as well as special girl child scholars as provided by LIC Golden Jubilee Scholarship Scheme.

For Regular Scholar

LIC Scholarship for 10th pass students

The candidate must have passed class X or it’s equivalent with a minimum of 60% in the academic year of the application (for 2019 scholarship, the academic year 2018-19) The annual income (from all sources) of the candidate’s parents or guardian should not exceed 1,00,000 INR p.a. Eligible to pursue higher education by opting for vocational courses offered by Govt. recognized colleges and institutions as well as Industrial Training Institutes (ITI)

LIC Scholarship for 12th pass students

The candidate must have passed class XII or its equivalent having a minimum of 60% in the academic year of the application For those who have completed class XII, the annual income (taking all the sources) of their parents/guardian must not be exceeding INR 1,00,000 p.a. as only then they will eligible for LIC scholarship. The scholarship grant is awarded to those interested in pursuing higher studies in the field of Engineering, Medicine or to study an undergraduate degree in any discipline, diploma or any equivalent courses in any field as well as vocational courses from national and govt. recognized colleges and institutes or programs from Industrial Training Institutes (ITIs).

Related Read: ITI Courses

For Special Girl Child Scholar

In order to provide equal education opportunities to girl child, LIC Scholarship has a special category for Girl Child completing their class X and aiming to pursue higher education as 10+2 patter for two years. The eligibility for Special Girl Child Scholar is as follows:

• The candidate must have passed their Class 10th exams (or its equivalent) with a minimum of 60% marks (or equivalent) during the academic year of the scholarship (for 2022-23, the academic year of 2021-2022 will be considered).
• The annual income (taking all sources) of the candidate’s parents or guardian should not exceed 1,00,000 INR p.a.
• Only those girl students wanting to pursue higher studies as 10+2 pattern are eligible for LIC Golden Jubilee Scholarship for Special Girl Child Scholars.

Note: The LIC Scholarship for Regular category of students is only for those wanting to pursue higher education at the undergraduate level (or its equivalent courses) not for postgraduate level programs.

Recommended Read: Vocational Courses

Terms and Conditions

Scholarship will be provided to the shortlisted students for the entire duration of the course by fulfilling the requisite eligibility conditions for renewal. There is a list of important terms and conditions that applicants must keep in mind while applying for LIC Golden Jubilee Scholarship:

• Only those candidates are eligible who have obtained a minimum of 60% marks in class X or XII and the annual income of their parent/guardian must not be exceeding 1,00,000 INR p.a.
• Candidates will be selected purely on the basis of merit (percentage of marks in class 10th and 12th and family background. Preference is given in ascending order of income with students having the lowest annual family income.
• Candidate must secure more than 50% marks in graduate courses in Science/Commerce/Arts and 55% in professional streams or equivalent grade in the last examination of the course to renew the scholarship for the subsequent year.
• Scholarship will only be given to one candidate in a family.
• The candidate should be regular in attendance in order to continue the scholarship.
• Income Certificate can be either of the two forms:
  • For Self-Employed Parents: Self-certification through an affidavit on non-judicial stamp paper.
  • For Employed Parents: Supporting documents such as land held, issued by the revenue department.
• The scholarship may be suspended or cancelled if a student violates any terms and conditions.
• The scholarship will be immediately cancelled and the amount of the scholarship paid shall be recovered, at the discretion of the concerned Divisional Administration of LIC, if a student is found to have obtained the scholarship by false statement/certificates.
• LIC Golden Jubilee Foundation (LICGJF) will take the initiative to lay down a detailed procedure for processing and sanctioning of the LIC scholarship to shortlisted students.
• Evaluation of the scheme will be done by LICGJF at regular intervals.
• The regulations can be changed at any time at the discretion of the Board of Trustees of LIC Golden Jubilee Foundation.

LIC Scholarship Application Process 2023

Here is a step-by-step procedure for you to apply and submit your application for the LIC Golden Jubilee Scholarship. But, make sure you read the guidelines and the above-mentioned conditions carefully prior to application. Any error may lead to cancellation.

• Step 1: Visit the official website of the LIC Golden Jubilee Scholarship, i.e www.licindia.in
• Step 2: Click on the option of LIC Golden Jubilee Scholarship Apply Online. You will find this option on the homepage.
• Step 3: Upon clicking, the application form will be displayed on your screen. 
• Step 4: Fill in the required details. You must mention important details such as your name, father’s name/ husband’s name gender, date of birth, caste and then upload the documents.
• Step 5: For the purpose of the final submission, click on the button of Submit.
• Step 6: Once you have successfully submitted your form, you will be sent an acknowledgement number. This will be sent to you via your registered email.
• Step 7: The details and name of the office will be mentioned in the acknowledgement mail and all further correspondence will be done through it. 

Note: Any further correspondence will be made by the Divisional Office mentioned in the acknowledgement mail.

LIC Scholarship: Selection Process

The selection process for the LIC Scholarship is listed below:

• Students who are meritorious and have the least family income will be given preference over the others.
• The scholarship will not be given to more than one person of the same family.
• The candidate will have to attend classes regularly and score a minimum of 55% and above marks in professional courses. In arts/ commerce streams subjects, they would be required to score a minimum of 50% marks. 
• The LIC Golden Jubilee Scholarship regulations are subject to change if and at the discretion of the Board of trustees.
• If any misconduct or violation is reported on the part of the candidate, it will result in the scholarship being cancelled and suspended.
• The foundation keeps evaluating the schemes at intervals.
• The foundation also takes initiative in working towards developing a proper and comprehensive system for the disbursement and collection of the scholarship to students. 

FAQs

We hope you have become familiar with the easiest way to process your LIC Scholarship application. If you’re planning to pursue a higher education in top universities abroad, you’d be looking for various scholarship schemes available for Indian students. Don’t worry, reach out to our experts at Leverage Edu and grab everything you need to know!