- Combines enhanced premium funding options, financial protection, market-linked returns and retirement planning features under one policy
- Designed to help families stay on track with their long-term financial goals
MUMBAI, India, Nov. 3, 2026 /PRNewswire/ –ICICI Life Insurance today announced the launch of ICICI Life EzyGrow, a unit-linked insurance plan (ULIP) with enhanced Waiver of Premium (WOP) where in case of an unforeseen event the company will invest two or three times (2X and 3X) of future pending premiums on customer’s behalf. The benefit is designed to help families stay on track with their long-term goals such as a child’s education or a spouse’s retirement, while building an additional financial cushion to help meet unforeseen needs. This plan will be distributed online through exclusive partnership with Policybazaar.
Commenting on the launch of ICICI Life EzyGrow, Mr. Srinivas Balasubramanian, Chief of Marketing, Digital & Bancasurance, ICICI Life Insurance, said, “As customers navigate different stages of life, their financial priorities evolve and so do their aspirations for the future. With multiple goals to plan for – from wealth creation and family protection to retirement – customers increasingly seek simpler ways to bring their financial planning together. Guided by our customer-first philosophy and a deep understanding of these evolving expectations, we have launched ICICI Life EzyGrow, a comprehensive solution that brings wealth creation, family protection and retirement planning together under a single policy, making long-term financial planning easier and more seamless.
By combining market-linked investment opportunities with enhanced Waiver of Premium benefits, benefit continuity for the nominee and retirement planning options, ICICI Life EzyGrow simplifies the journey towards achieving long-term financial goals. It enables customers to plan for their aspirations, protect their loved ones and secure their family’s future through one integrated solution, offering greater convenience, confidence and peace of mind, representing our endeavour towards making their Har Kal Aasaan.
Vivek Jain, CBO of Life Insurance at Policybazaar said, “Long-term financial goals require consistency, but life does not always go according to plan. A key concern for customers investing towards goals such as a child’s education or spouse’s retirement is whether those investments will continue if the earning member is no longer able to contribute. Enhanced Waiver of Premium options can address this gap by helping ensure that the financial plan stays on track even in the face of an unforeseen event. The 2X and 3X premium funding helps in building an additional financial cushion to help meet unforeseen needs.
With features such as 2X and 3X premium funding, along with market-linked wealth creation and retirement planning option through SWP with whole life policy term, ICICI Life EzyGrow brings together multiple aspects of long-term financial planning in one solution. As customers increasingly look for products that combine protection with the ability to build wealth, such solutions can make financial planning more resilient and goal-oriented.“
Enhanced premium waiver options to help sustain financial goals
ICICI Life EzyGrow offers funding of premium options with 1X, 2X and 3X multipliers. Under the enhanced 2X and 3X variants, upon death of the Life Assured, future premiums are funded by ICICI Life at two or three times the premium, depending on the option selected. This feature is designed to help maintain contributions towards long-term goals, including a child’s education or spouse’s retirement, when a family may have limited capacity to invest.
ICICI Life EzyGrow also includes a Family Income Benefit, providing dependents with additional yearly income to help meet day-to-day expenses and maintain financial stability. Alongside its protection, premium funding and retirement planning features, the plan offers market-linked investment opportunities, return of policy administration charges and Maturity Boosters to support long-term wealth creation.
Retirement planning with flexible withdrawal options
For customers planning their post-retirement years, the Retirement/Whole Life option supports the creation of a retirement corpus and offers a Systematic Withdrawal Plan (SWP) from any age. Customers can receive withdrawals as a fixed amount or as a percentage of the fund value. Additional flexibility is available through partial withdrawals facility, enabling access to funds when required.
Provisions for continued policy management in absence of the Life Assured
In case of the death of the Life Assured, nominee(s) may continue to manage the policy, including permitted fund switches, premium redirection and partial withdrawals. This allows policy management to continue in accordance with the plan’s provisions ensuring that the set financial goal of the family is not compromised.
Backed by a claim settlement ratio of 99.3% in H1-FY2027, with an average turnaround time of 1.1 days for non-investigated claims, ICICI Life Insurance continues to focus on swift and reliable service for its customers.
About ICICI Life Insurance Limited:
ICICI Life Insurance Limited (Formerly ICICI Prudential Life Insurance Company Limited) commenced operations in FY2001 and has since established itself as one of India’s leading life insurers, consistently ranking high on both sum assured market share and new business premium market share. Over the years, it has earned the unwavering trust of millions of customers, becoming an integral part of India’s financial ecosystem.
Customer centricity has remained the foundation of its philosophy, with products, processes and distribution strategies all aligned to a single objective: delivering a strong and differentiated value proposition for customers. The Company offers a comprehensive suite of Protection, Savings & Retirement solutions designed to meet the evolving life stage needs. These offerings enable customers to safeguard their families’ financial security while also achieving long term financial goals.
As on March 31, 2026, the Company protects 73.73 million lives (in-force) across India covering both individual and corporate segments, making it one of the leading insurance companies in the country. Over the years, the Company has delivered on its promise of financial protection by settling ₹ 279 billion in death claims and paying ₹ 3.72 trillion in overall benefits as of March 31, 2026. In FY2026 alone, it settled ₹ 51.49 billion in death claims and disbursed ₹ 153.63 billion in maturity and survival benefits. Its claim settlement ratio of 99.3 percent and average turnaround time of 1 day underscore its commitment to swift, reliable service.
The Company is also the first among Indian Insurance industry to get listed on both the NSE and BSE. Its continued investments in data analytics and digitisation across the policy lifecycle have enabled superior efficiency, innovation and seamless experiences for customers and distributors alike.
Disclaimer
Except for the historical information contained herein, statements in this release which contain words or phrases such as ‘will’, ‘expected to,’ etc., and similar expressions or variations of such expressions may constitute ‘forward-looking statements’. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in demand for insurance and other financial products and services in the countries that we operate or where a material number of our customers reside, our ability to successfully implement our strategy, including our use of the Internet and other technology, our exploration of merger and acquisition opportunities, our ability to integrate mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our growth and expansion in domestic and overseas markets, technological changes, our ability to market new products, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in insurance regulations and other regulatory changes in India and other jurisdictions on us. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. This release does not constitute an offer of securities.
About Policybazaar
As one of India’s largest digital insurance platforms, Policybazaar is committed to making insurance accessible, transparent, and personalised for every Indian and global customer. Since 2008, Policybazaar has issued 71.6 Mn (till June 2026), and helped protect families against death, disease, and disability. Policybazaar works with 50+ insurance partners offering products across health, life, motor, and corporate insurance. The company supports customers with 24/7 digital assistance and on-ground insurance advisors, ensuring a seamless experience across all touchpoints.
Policybazaar Insurance Brokers Private Limited is registered as a Composite Broker | Registered Office – Plot No.119, Sector – 44, Gurgaon, Haryana – 122001 | CIN: U74999HR2014PTC053454 | Registration No. 742, Registration Code No. IRDA/ DB 7.97/ 19, Valid till 09/06/2027, License category- Composite Broker Gift city branch address- Shilp Incubation Centre, Office No. SI-M-B014, Unit B, 1st Floor, Plot 11 T3 &11 T5, Block 11, Gift SEZ city, Gandhinagar, Gujarat-382355 | IIIO License No. IFSCA/IIIO/026/2025-26, Valid till 09th June 2027.
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