Unclaimed LIC, EPF Amounts: Check & Claim Online via Your Money Campaign
UPSC / SSC current affairs note · Polity
Why in news
The central government clarified in Lok Sabha that unclaimed LIC and EPF funds are not being diverted elsewhere. It also highlighted the 'Your Money — Your Right' campaign, which helps investors check and claim unclaimed insurance amounts and inoperative EPF account balances online.
Background
Unclaimed amounts with LIC and inoperative EPF accounts have been a concern. The government and regulators have mechanisms to trace beneficiaries and settle claims. The Senior Citizen Welfare Fund (SCWF) receives LIC amounts unclaimed for over 10 years as per IRDAI order.
Key facts
As of 31 March 2026, LIC has ₹7,318.50 crore in unclaimed amounts (₹5,564.55 crore policyholders' share + ₹1,753.95 crore accrued income).
Inoperative EPF accounts held ₹9,330.56 crore as of 31 March 2026.
Only LIC amounts unclaimed for over 10 years are transferred to the Senior Citizen Welfare Fund (SCWF) as per IRDAI order dated 19 June 2024.
The 'Your Money — Your Right' campaign facilitates online checking and claiming of unclaimed LIC amounts and inoperative EPF balances.
LIC traces policyholders via letters, SMS, local agents, Bima Sakhis, and credit bureau agencies.
EPFO and LIC continue efforts to identify beneficiaries and settle pending claims.
Prelims pointers
- Your Money — Your Right campaign
- Senior Citizen Welfare Fund (SCWF)
- IRDAI order dated 19 June 2024
- Life Insurance Corporation of India (LIC)
- Employees Provident Fund Organisation (EPFO)
- Inoperative EPF account
- Lok Sabha reply by Minister of State for Finance Pankaj Chaudhary
Mains angles
- GS2: Government policies and interventions for welfare – role of campaigns like 'Your Money — Your Right' in financial inclusion.
- GS3: Mobilization of resources – unclaimed funds and their utilization; regulatory framework for insurance and provident funds.
- GS3: Financial markets – investor protection and grievance redressal mechanisms.