₹16,649 crore unclaimed in LIC and inactive EPF accounts: What Centre's latest update means for you

If you've ever changed jobs and never followed up on an EPF account after switching employers, or forgotten about an old life insurance policy, it may be worth checking your records today.

Centre has informed Parliament that ₹16,649.06 crore is lying either as unclaimed money with the Life Insurance Corporation of India (LIC) or in inoperative Employees' Provident Fund (EPF) accounts, highlighting how thousands of policyholders and EPF members have yet to claim their rightful dues.

Replying to a question in the Lok Sabha on 20 July, Union Minister of State for Finance Pankaj Chaudhary said LIC had ₹7,318.50 crore in unclaimed policyholder accounts as of 31 March, while ₹9,330.56 crore was lying in inoperative EPF accounts.

“As informed by the Ministry of Labour and Employment, there are no unclaimed EPF accounts. However, certain accounts are classified as inoperative accounts. The total amount lying in these inoperative EPF accounts, as of 31 March, 2026, is ₹9,330.56 crore,” Chaudhary mentioned in a written reply in the Lok Sabha.

How can you check if money is unclaimed with LIC?

Chaudhary said, “Policyholders can search any unclaimed amount due from LIC through official website of LIC (www.licindia.in) by entering Date of Birth and his/her name/ PAN.”

He also said that branches and divisional offices of LIC are contacting policyholders through letters and SMS sent to their last registered address and mobile number, reminding them to complete the required formalities to claim pending amounts.

Customers were asked to submit claim documents and bank (NEFT) details so that unclaimed money can be credited to their accounts.

If policyholders cannot be reached through their registered contact details, LIC follows up through its local branch network, agents and Bima Sakhis to trace them and complete claim settlement.

“LIC has engaged the services of a Credit Bureau Agency to trace the details, i.e., address and mobile numbers, of these policyholders or beneficiaries,” he added.

Can your old EPF balance be credited automatically?

Chaudhary said EPFO has identified and classified inoperative accounts based on members' KYC status, and has also introduced a new initiative to make it easier for members to recover funds held in these accounts.

“The Central Board of Trustees, EPFO has approved a pilot project for auto-initiation of claim settlement in Aadhaar-verified inoperative EPFO accounts with unclaimed balances of ₹ 1,000 or less.”

He said, “The amounts are being credited to the members’ Aadhaar-seeded bank accounts without requiring fresh claims or documentation, significantly simplifying the process and helping members receive their dues faster.”

The pilot is underway and is expected to be rolled out to higher-balance categories after due diligence.

What if money remains unclaimed?

Chudhary said that under the Insurance Regulatory and Development Authority of India (IRDAI) regulations, insurance money that remains unclaimed for more than 10 years is transferred to the Senior Citizens' Welfare Fund (SCWF).

For EPF accounts, he said that “at present there is no proposal for utilisation of these funds for any other purposes.”

Disclaimer: This is for informational purposes only. Please check the official websites for the latest updates.