No plan to use unclaimed LIC, EPFO funds for other purposes: Govt

The Finance Ministry, in a written reply, said that there is no proposal to utilise unclaimed funds with LIC and EPFO for any other purpose than the existing mechanism. Under the mechanism, insurance funds lying unclaimed for over 10 years are transferred to the Senior Welfare Funds. Outreach initiatives being organised to identify claimants of such funds, the ministry added.