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Investments made in the Employees' Provident Fund Organisation (EPFO) and the Life Insurance Corporation of India (LIC) are intended for the future, yielding a substantial lump sum upon retirement. However, these savings-related institutions hold crores of rupees in unclaimed funds that the rightful beneficiaries are unaware of. This unclaimed amount is estimated to be around ₹16,450 crore.

During the Monsoon Session of Parliament, the government revealed that ₹16,450 crore remains unclaimed in EPFO ​​and LIC accounts. This pertains to inoperative EPFO ​​accounts and unclaimed LIC policies.

**How ​​much unclaimed money is held by EPFO ​​and LIC?**
The government stated that ₹9,330 crore is lying in inoperative EPFO ​​accounts. An account is classified as inoperative if no contributions are made to the PF account for three years following retirement; interest accrual on such accounts also ceases.

Meanwhile, regarding LIC, the government disclosed that the corporation holds a total of ₹7,318 crore in unclaimed funds. These amounts remain with LIC because the policyholders or their nominees failed to file claims on time.

**Why is the unclaimed amount rising?**
Experts attribute this to several factors: family members often lack information about policies and EPFO ​​accounts, or nominee details remain unupdated in the accounts. Consequently, the funds remain unclaimed. The amount also accumulates when individuals fail to update their EPF accounts after changing jobs. Additionally, a lack of awareness, insufficient documentation, and outdated contact details are major reasons for the rise in unclaimed funds.

**How ​​can this money be claimed?**
It is worth noting that the EPFO ​​has launched a pilot project to settle these unclaimed amounts. Under this initiative, funds from Aadhaar-verified inactive accounts with a balance of ₹1,000 or less will be transferred directly to the bank account linked to the Aadhaar number. If successful, this facility could be extended to accounts with higher balances in the future.

You can check the status of your LIC policy amount by visiting the official website. By entering details such as your name, date of birth, and PAN, you can view any outstanding amounts. If you find information regarding an old policy, you can visit an LIC office to follow up.

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