LIC, EPFO Unclaimed Funds Under Scrutiny

The government is looking into unclaimed funds held by the Life Insurance Corporation of India (LIC) and the Employees’ Provident Fund Organisation (EPFO).

LIC has Rs 7,318.5 crore in unclaimed funds, which includes money from policies and the interest earned on it.

EPFO, on the other hand, has Rs 9,330.5 crore in inoperative accounts where contributions have stopped.

The government is working on ways to return these funds to the rightful owners using digital processes like Aadhaar verification.

They have also started a project to automatically transfer small amounts to eligible account holders.

The government has assured that these funds will not be used for any other purposes and will be returned to the people who own them.