The objective of the scheme is to award scholarships to meritorious students belonging to economically weaker families so as to provide them better opportunities for higher education and thus enhance their employability.
The scholarship is to be awarded for studies in India in a government or private college/university. It will also cover technical and vocational courses in Industrial Training Institutes/ Industrial Training Centres affiliated with the National Council for Vocational Training (NCVT) of classes at Graduation level.
Students who have passed Class XII exam or its equivalent in the Academic Year 2014-15 and are interested to pursue higher education in the field of
i)Medicine, Engineering, Graduation in any discipline, Diploma Course in any field or other equivalent courses.
ii) Vocational Courses through Government recognized Colleges/Institutes or courses in Industrial Training Institutes (ITI).
For i) above Candidates who have passed Class XII exam or equivalent in the Academic year 2014-15 with at least 60% marks or equivalent grade and annual income of whose parents/guardian from all sources does not exceed ` 1,00,000/- per annum.
For ii) above The basic educational qualification is relaxed to Class X or equivalent with at least 60% marks in the Academic year 2014-15 subject to income ceiling of parents/guardians.
Scholarship shall be provided for the entire duration of the course subject to the candidate fulfilling the requisite eligibility conditions for renewal.
5. RATE OF SCHOLARSHIP
An amount of `10,000/- per annum will be awarded to the selected candidate which is payable in ten monthly installments of ` 1,000/- each. 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 are compulsory.
6. CONDITIONS FOR SCHOLARSHIP
(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 `1,00,000/- 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.
7. MODE OF APPLYING
ONLY ONLINE APPLICATIONS ARE TO BE SUBMITTED THROUGH THE LINK ON THE HOME PAGE. Once 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.