Unclaimed money with LIC and EPFO has reached significant levels, according to the latest figures shared by the Centre. (Image generated using AI)LIC, EPFO unclaimed money: The Central government has released the latest data on unclaimed money lying with the Life Insurance Corporation of India (LIC) and the Employees’ Provident Fund Organisation (EPFO). LIC was established on September 1, 1956, after the Life Insurance Corporation Act was passed on June 19, 1956, while EPFO was set up in 1952.LIC was created to make life insurance accessible to people across the country, especially in rural areas, by providing financial protection at an affordable cost. EPFO, meanwhile, was established to manage provident fund, pension and insurance schemes for workers employed in the organised sector.Also Read | UPI transactions surge over 5 years; 12 countries adopt India’s digital payment systemDuring the ongoing Monsoon Session of Parliament, Lok Sabha MP Dr MK Vishnu Prasad asked the government to provide details of the total amount of unclaimed money and deposits lying with the LIC and the EPFO. He also sought information on the steps taken by LIC and EPFO to identify and return such unclaimed funds to account holders, nominees or legal heirs.The MP further asked whether the government has any proposal to utilise these unclaimed funds after they remain unclaimed for a specified period of time.Responding to the query, Union Minister of State (MoS) for Finance Pankaj Chaudhary said that, under the Insurance Regulatory and Development Authority of India (IRDAI) Master Circular on Operations and Allied Matters of Insurers dated June 19, 2024, any amount that remains unclaimed for more than 10 years must be transferred to the Senior Citizens’ Welfare Fund (SCWF), which is managed by the Ministry of Social Justice and Empowerment.“Every year, LIC is transferring the eligible amount on or before 1st March. As informed by Ministry of Labour and Employment, at present there is no proposal for utilisation of these funds for any other purposes,” Chaudhary said.Also Read | Top 10 public sector banks in India with highest account holders, deposits and loansLIC unclaimed amount: Steps taken to identify and return money to policyholdersAccording to the minister’s written reply in Lok Sabha on July 20, the total amount of unclaimed money with LIC stood at Rs 7,318.50 crore as of March 31, 2026. This includes Rs 5,564.55 crore belonging to policyholders and Rs 1,753.95 crore as income accrued on these unclaimed amounts.Story continues below this adEPFO unclaimed amount: Steps taken to identify and return moneyOn the EPFO unclaimed amount, the Union Minister said that, according to the Ministry of Labour and Employment, there are no unclaimed EPFO accounts. However, some accounts are classified as inoperative accounts.“The total amount lying in the inoperative EPF accounts, under para 72(6) of EPF Scheme, 1952 (now replaced by para 55 of EPF Scheme, 2026), as on 31.03.2026 is ₹ 9330.56 crores,” he added.Anish Mondal is a journalist with over nine years of experience covering the railways and roadways. Currently a member of the Indianexpress.com editorial team, Anish specializes in high-impact sectors. Professional Journey Anish began his career at the public broadcaster Rajya Sabha Television (now Sansad TV), where he developed a foundational understanding of legislative processes and national governance. In 2018, he transitioned to digital financial journalism at FinancialExpress.com, spending nearly six years refining his expertise in market trends and corporate reporting. Before joining The Indian Express in 2025, he served as a key contributor at ETNowNews.com. Education & Expertise Anish’s reporting is backed by a rigorous academic background in communication and the humanities: Master of Journalism and Mass Communication (MJMC) – Apeejay Stya University Post Graduate Diploma in Journalism and Production (PGTVRJP) – Apeejay Institute of Mass Communication Bachelor of Arts (English Honours) – University of Calcutta Areas of Coverage Connectivity: Detailed reporting on the expansion of Indian Railways and National Highway networks. ... Read More