The Life Insurance Company LIC India scholarship is awarded to students who are studying in India in a government or private college/university. Applicants who are eligible can belong to any of the fields such as engineering, administration, technology, arts, etc. and they should also be students who have achieved an intermediate mark which is 60 percent or more and can qualify for a scholarship scheme. The scholarship is also on offer to students who are pursuing technical and vocational courses in Industrial Training Institutes/ Industrial Training Centres affiliated with the National Council for Vocational Training (NCVT).
One of the major factors considered for the qualification of winning the LIC India scholarship is the issue of financial challenges facing the candidate or applicants from an economically weaker community as the main objective of the scholarship scheme is to award scholarships to students based on merits who belong to economically weaker families. So they can get better opportunities for higher education and thus enhance their chances of becoming employed.
The Students will be selected based on the Merit List and the last date for the online application of this scholarship is December. Candidates who are eventually chosen for the LIC Golden Jubilee Scholarship 2020 would earn a total of approximately Rs. 20000/- per annum and the scholarship amount will be payable in three Quarterly installments.
The awarded funds will be transferred directly from the National Electronic Funds Transfer (NEFT) to the bank account of the scholar. Therefore it is highly required that shortlisted candidates provide details of their bank account and IFSC code.
Eligibility Criteria for the Life Insurance Company LIC India Scholarship
This scholarship is on offer for students with at least 60 percent marks or similar rank who have passed Class XII exams or their counterparts in this academic year are eligible to apply for LIC scholarships 2020 apply online for this program. More than one family member will not be awarded a scholarship and candidates need to secure more than 55 percent marks in professional streams and 50 percent marks in Arts/Commerce/Science graduation courses that fail to discontinue the Fellowship scheme.
Bear in mind also that the candidates Parent/school parent annual income from all sources should not be more than INR 1 lac per annum.
LIC India Scholarship Documents Required
Below is a list of important documents that are required to be scanned and uploaded during the application process. Any lack of required detail or even the slightest error could result in the cancellation of the candidate’s qualification.
- Passport-sized photograph
- Signature
- Birth Certificate
- Caste Certificate
- Family Income Certificate
- Address Proof
- Previous Exam Marksheet
How to Apply for LIC India Scholarship 2021
The proper application process for this scholarship is listed below:
- The first step involves visiting the official website www.licindia.in
- At the bottom of the page, hit on the LIC scholarship 2021 link called “Golden Jubilee Foundation” which will then direct you to the “Golden Jubilee Scholarship Scheme” link on the right side of the page where you need to click.
- A full confirmation of the LIC golden jubilee scholarship scheme is required to show on your computer before you proceed.
- Choose the link ‘LIC golden jubilee scholarships 2020-21 apply online’ if you are eligible.
- You can then complete the LIC golden jubilee Scholarship Online Application Form with correct information of your personal details, educational qualifications, bank account details, etc.
- After all these processes are carried out you then submit it online by pressing the submit button and then take the application form’s hard copy for use in the future.
- Now click on the Submit button.
Once the online application has been 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 acknowledgment mail. It is important to note that 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.
It is also worth noting that if an applicant was identified by fraudulent statements/certificates to have received a fellowship, his/her fellowship will be revoked.
LIC Scholarship: Selection Process
The Board of Trustees of LIC GJF will shortlist the application based on the platform of minimum eligibility criteria for the LIC Scholarship program. After that, the applications will then be assessed as per the score of candidates in class 10th and class 12th and the family income of the candidate. The next phase involves the trustees preparing a list of shortlisted candidates in ascending order as per the lowest family income of the candidates. The selected candidates will receive an email from LIC for their selection and the scholarship amount will get credited to their account in three quarterly installments.
The shortlisted students will be given a scholarship for the entire duration of the course by fulfilling the necessary conditions of eligibility for the renewal of the scholarship.
There is a set of significant terms and conditions that applicants should keep in mind when applying for LIC Golden Jubilee Scholarship:
- Selection of applicants will be on the basis of merit (percentage of marks in class 10th and 12th and family background) and preference is granted in ascending order of income to students with the lowest annual family income.
- In the final review of the program, achieving a better than 50 percentage points throughout graduate courses in Science/Commerce/Arts and 55 percent in academic disciplines or corresponding rank is a prerequisite to retain the scholarship for the next year.
- In a household, only one chosen applicant can earn a scholarship.
- To continue the scholarship, it is mandatory that candidates attend the classes regularly.
- If an applicant fails to fulfill certain terms and conditions, the grant may be revoked or cancelled.
- The scholarship will be cancelled immediately and, at the discretion of the LIC Divisional Administration concerned, the balance of the scholarship paid will be restored from the applicant who is found to have earned the scholarship by the usage of false statements/certificates.
- The LIC Golden Jubilee Foundation (LIC GJF) will take the initiative in developing a comprehensive system for the collection and sanctioning of the LIC scholarship for students who have been shortlisted.
- LIC GJF will conduct the evaluation of the scheme at regular intervals.
- At the discretion of the LIC Golden Jubilee Foundation Board of Trustees, the regulations can be reviewed and changed at any time.
List of things to note to have a higher chance of winning the LIC India scholarship:
As with most scholarships, these key things listed below should always be in mind to give you an edge in winning the LIC scholarship
- Create a list of your unique traits for when necessary
- Don’t rush your scholarship applications
- Follow the directions involved in the scholarship process to a tee
- Always do the “optional” work
- Write a killer scholarship essay
- Clean up your public social media
- check your spam folder
Students who win the most scholarship money typically apply every semester and it is obviously really helpful to get a jump start on applications before the school year starts
Conclusion
The Indian education system has a lot of issues. One of the major issues being the poor quality of education in government schools and colleges where there is a majority of underprivileged children who go to take education. With each student comes their own story but the financial gap in paying for college is still apparent. The Life Insurance Company (LIC) India scholarship definitely plays a huge role in the ease of the academic career for the students in India who are selected. Best of luck with your applications.
