By Admin 
Unclaimed Money: For quite some time, there was a lot of discussion going on about the unclaimed amount in LIC and EPFO. It was being said that the government can use this amount in many other government schemes, if no one claims them. However, now the government itself has reacted on this. In which it has been said that the government is not considering any such thing.
What did the government say?
During the monsoon session of Lok Sabha, the government has made it clear that there is no plan to utilize this unclaimed amount. Minister of State for Finance Pankaj Chaudhary told in the Lok Sabha that as per the rules of IRDAI, the insurance amount on which there is no claim for 10 years is sent to the Senior Citizen Welfare Fund. Apart from this, there is no proposal to use this money in any other scheme.
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Government on EPFO
Apart from this, information on EPFO amount was also given by the government. The minister said that there is no unclaimed account in EPFO, but Rs 9,330.56 crore is deposited in non-operative EPF accounts. According to the government, both LIC and EPFO are trying to settle the pending claims by reaching out to people and their nominees.
Let us tell you that till March 31, 2026, there was an unclaimed amount of Rs 7,318.50 crore in LIC. Of this, Rs 5,564.55 crore belongs to the policyholders, while Rs 1,753.95 crore is the interest received on that amount. LIC provides the facility to search unclaimed amount on its website. So, EPFO is running a pilot scheme to automatically send the amount of Rs 1,000 or less to the bank account in inactive accounts linked to Aadhaar.
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