LIC Golden Jubilee Foundation has released a notification for LIC Golden Jubilee Scholarship Scheme 2020. The Scholarship Scheme is a scholarship to meritorious students belonging to economically weaker families so as to provide them better opportunities for higher education and thus enhance their employability.
About LIC Golden Jubilee Foundation :
Life Insurance Corporation of India aka LIC is an Indian state-owned insurance group and investment corporation owned by the Government of India. LIC Golden Jubilee Foundation was established on 20.10.2006 as a part of LIC’s Corporate Social Responsibility. The Foundation has been registered with the Charity Commissioner Mumbai and is also exempt under Section 80G of Income Tax.
The objectives of the LIC Golden Jubilee Foundation are promoting education, health, relief of poverty or distress and advancement of other objects of general public utility. The Foundation has supported projects ranging from construction of Hospitals, School buildings and classrooms, library, computer centre, Old age homes, Hostel buildings for children in tribal areas, Vocational training centres for differently abled persons to provide infrastructural facilities to needy persons in different pockets of the country.
Eligibility Criteria of LIC Golden Jubilee Scholarship Scheme 2020 :
All candidates who have passed Class XII exam (or its equivalent) with at least 60% marks (or equivalent grade) in the Academic Year 2019-20 and whose parents/guardian have an annual income (from all sources) not exceeding Rs.2,00,000 per annum are eligible to apply for scholarship. The grant is provided to students who are interested (and willing) to pursue higher education in the field of Medicine, Engineering, Graduation in any discipline, Diploma Course 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 Class X exam (or its equivalent) with at least 60% marks (or equivalent grade) in the Academic Year 2019-20 and whose parents/guardian have an annual income (from all sources) not exceeding Rs.2,00,000 per annum. The grant is provided to students who are interested (and willing) to pursue higher education in the field of Vocational Courses through Government recognized colleges/ institutions or courses in Industrial Training Institutes (ITI).
Special Girl Child Scholar:
To encourage education to girl child, Special scholarship for Girl Child after class 10 for pursuing higher studies in 10 + 2 pattern for two years. The candidate who have passed Class X exam (or its equivalent) with at least 60% marks (or equivalent grade) in the Academic Year 2019-20 and whose parents/guardian have an annual income (from all sources) not exceeding Rs.2,00,000 per annum. The grant is provided to girl students who are interested (and willing) to pursue higher education in 10 + 2 pattern.
The Regular scholarship should strictly be provided only to students who are going for under-graduation (or its equivalent). This scholarship is not meant for post-graduation studies.
Other Conditions of LIC Golden Jubilee Scholarship 2020 :
(i) Scholarship shall be awarded to the students who have secured not less than 60% marks or equivalent grade in the previous final examination and the annual income of whose parents/guardians from all sources does not exceed Rs.2,00,000/- per annum.
(ii) Selection of LIC Scholar will be on the basis of merit and family background such as percentage of marks in class 12th /10th and annual income of the family. Eligible Students having the lowest income shall be given preference in the ascending order.
(iii) The candidate should secure more than 55%marks in professional streams and 50% marks in graduation courses in Arts/Science/Commerce or equivalent grade in the previous final examination of the course for which scholarship is awarded, failing which the scholarship will be discontinued.
(iv) Scholarship shall not be given to more than one student in a family.
(v) The students should be regular in attendance for which the yardstick shall be decided by the competent authority of the school/college/university.
(vi) Income certificate should be on self-certification basis by way of an affidavit on non-judicial stamp paper for self-employed parents and from employer for employed parents supported by documents (from revenue department) such as land held in the name of parents.
(vii) If a student violates any terms and conditions of the scholarship, the scholarship may be suspended or cancelled.
(viii) If a student is found to have obtained a scholarship by false statement/certificates, his/her scholarship shall be cancelled forthwith and the amount of the scholarship paid shall be recovered, at the discretion of the concerned Divisional Administration of LIC.
(ix) LIC Golden Jubilee Foundation will lay down the detailed procedure for processing and sanctioning of scholarships to eligible students.
(x) The scheme shall be evaluated at regular intervals by the LICGJF.
(xi)The regulations can be changed at any time at the discretion of the Board of Trustees of LICGJF.
Rate of LIC Golden Jubilee Scholarship 2020 :
Regular Scholar: An amount of Rs.20,000/- per annum will be awarded to the selected Regular Scholar and shall be payable in three installments.
Special Girl Child Scholar: An amount of Rs.10,000/ per annum will be awarded for selected Special Girl Child pursuing studies in the 10 + 2 Course and scholarship shall be payable in three instalments.
Mode of Payment: The Scholarship amount will be transferred to Bank Account of the selected scholar through NEFT. Therefore in case the candidate is selected for scholarship, the Bank Account details and IFSC code and copy of cancelled cheque with the name of the beneficiary are compulsory.
How to apply for LIC Golden Jubilee Scholarship 2020 :
Only online applications are to be submitted through the link on the home page.
Once the online application is submitted, the candidate will get acknowledgement at the email ID provided by him in his online application. Further correspondence will be made by the Divisional Office which is mentioned in the acknowledgement mail. The candidate should ensure to submit his correct email id and contact number for communication at a later date, if required. Bank Account details and IFSC code are not compulsory at this stage.