Launch Overview
On November 3 2026, ICICI Life Insurance announced the launch of ICICI Life EzyGrow, a unit‑linked insurance plan (ULIP) that introduces enhanced Waiver of Premium (WOP) benefits at 2X and 3X multipliers. The plan is designed to keep families on track with long‑term goals such as a child’s education or a spouse’s retirement by funding future premiums at one, two, or three times the regular amount if the Life Assured passes away.
Product Features
The EzyGrow ULIP bundles market‑linked investment opportunities, a Family Income Benefit that provides an additional yearly income to dependents, and retirement planning tools. Policyholders can opt for a Retirement/Whole Life option that creates a retirement corpus and allows systematic withdrawals (SWP) from any age, either as a fixed amount or a percentage of the fund value, with a partial‑withdrawal facility for added flexibility. In the event of the Life Assured’s death, nominees may continue to manage the policy, including fund switches, premium redirection, and partial withdrawals, ensuring that the financial goal remains intact. The plan also returns policy administration charges and offers Maturity Boosters to enhance wealth creation.
Distribution Channel
ICICI Life will distribute EzyGrow exclusively online through a partnership with Policybazaar, one of India’s largest digital insurance platforms. Policybazaar, registered as a composite broker (CIN: U74999HR2014PTC053454), has issued 71.6 million policies up to June 2026 and operates under IRDA licence No. 742 (valid till 09 June 2027) and IFSCA IIIO licence No. IFSCA/IIIO/026/2025‑26 (valid till 09 June 2027).
Claims Performance and Service Metrics
ICICI Life reports a claim settlement ratio of 99.3 % for the first half of FY2027, with an average turnaround time of 1.1 days for non‑investigated claims. Historically, the company achieved an average turnaround of 1 day for all claims, underscoring its commitment to swift service.
Company Scale and Financial Highlights
As of 31 March 2026, ICICI Life Insurance protected 73.73 million lives across individual and corporate segments, positioning it among the leading insurers in India. Cumulatively, the insurer has settled ₹279 billion in death claims and paid ₹3.72 trillion in overall benefits. In FY2026 alone, it settled ₹51.49 billion in death claims and disbursed ₹153.63 billion in maturity and survival benefits. The company is the first Indian insurer listed on both the NSE and BSE and continues to invest heavily in data analytics and digitisation across the policy lifecycle.
Management Commentary
Srinivas Balasubramanian, Chief of Marketing, Digital & Bancassurance at ICICI Life, highlighted the product’s ability to combine wealth creation, family protection, and retirement planning in a single, customer‑first solution. Vivek Jain, CBO of Life Insurance at Policybazaar, emphasized that the 2X/3X premium funding feature provides a financial cushion for unforeseen events, helping customers maintain consistency in goal‑oriented investments.
Disclaimer
The release contains forward‑looking statements that involve risks and uncertainties, including but not limited to demand growth, technology implementation, merger and acquisition activities, regulatory changes, and the impact of new accounting standards. The company does not undertake any obligation to update these statements after the date of release. This release does not constitute an offer of securities.