Indian Government Clarifies No Plan to Utilize Unclaimed LIC and EPFO Amounts

For a long time, there was a lot of discussion about the amount lying unclaimed in LIC and EPFO. It was said that this amount can be used in many other government schemes, if no one claims it. However, now there has been a response from the government itself. It has been told that the government is not considering any such thing. During the monsoon session of the Lok Sabha, the government has made it clear that there is no plan to use this unclaimed amount. Minister of State for Finance Pankaj Chaudhary told the Lok Sabha that according to the rules of IRDAI, the amount of insurance that is not claimed for 10 years is sent to the Senior Citizen Welfare Fund. There is no proposal to use this money in any other scheme. Apart from this, the government has also given information on the amount of EPFO.