The government has made it clear that there is no plan to use the unclaimed money lying in the Life Insurance Corporation of India (LIC) and the amount deposited in inoperative accounts of the Employees Provident Fund Organization (EPFO) for any other purpose outside the existing system. While giving this information in the Parliament on Wednesday, the Finance Ministry said that the entire focus of the government is on getting their money back to the people and not on using these funds for any other purpose.
How much amount is lying in LIC and EPFO?
According to the government, till March 31, 2026, LIC had an unclaimed amount of Rs 7,318.5 crore deposited. Whereas Rs 9,330.56 crore were lying in non-operative accounts of EPFO. Inoperative accounts are those in which there are no new contributions for a long time and the account is also not operated.
Emphasis on delivering money to the people
The Finance Ministry said that both LIC and EPFO are making continuous efforts to reach out to the beneficiaries at their respective levels. For this, digital mediums are being used, campaigns are being run to make people aware and the process of settlement of claims is being made easier than before.
Claim made easier with Aadhaar verification
The government said that EPFO is also doing auto settlement of claims of small accounts verified with Aadhaar. This is providing relief to those employees whose small amounts were lying in their accounts for a long time. Apart from this, special campaigns are also being run to locate and contact the beneficiaries.
Government put an end to rumors
Recently, there was a discussion going on on social media that the government can use unclaimed LIC and EPFO funds for some other purpose. After the answer given in Parliament, the government has put an end to these speculations. The government reiterated that no changes are proposed in the existing legal system and the priority is to ensure that eligible people get their money back as soon as possible.
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