ICICI Life EzyGrow ULIP Launches With 2X and 3X Premium Funding, Sold Online via Policybazaar

ICICI Life Insurance launched ICICI Life EzyGrow, a unit-linked insurance plan whose Waiver of Premium options fund future premiums at 1X, 2X or 3X, on November 3. The Tribune reported the launch, which is distributed online through an exclusive partnership with Policybazaar.

How the EzyGrow Premium Funding Works

Under the enhanced 2X and 3X variants, if the Life Assured dies, ICICI Prudential Life Insurance funds future premiums at two or three times the premium, depending on the option selected. The benefit is designed to keep contributions going toward goals such as a child's education or a spouse's retirement when a family has limited capacity to invest. The plan also includes a Family Income Benefit that provides dependents with additional yearly income, along with market-linked investment opportunities, return of policy administration charges and Maturity Boosters.

A Retirement/Whole Life option supports building a retirement corpus and offers a Systematic Withdrawal Plan from any age, with withdrawals taken as a fixed amount or as a percentage of the fund value. Partial withdrawals give access to funds when required. If the Life Assured dies, nominee(s) may continue to manage the policy, including permitted fund switches, premium redirection and partial withdrawals.

Srinivas Balasubramanian, Chief of Marketing, Digital & Bancasurance at ICICI Life Insurance, said: "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."

Vivek Jain, CBO of Life Insurance at PolicyBazaar, said: "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." Policybazaar has issued 71.6 million policies till June 2026 and works with more than 50 insurance partners, according to the company.

ICICI Life's Earlier ULIP and Promoter Moves

According to akta.pro company records, ICICI Prudential Life Insurance launched ICICI Pru Signature Secure in June 2026, described as the industry's first ULIP with an in-built guaranteed maturity benefit of up to 140% of initial premium over a five-year term. The same records show ICICI Bank, the majority promoter with a 50.89% stake, received RBI approval in June 2026 to acquire an additional 2% stake, bringing its total to about 52.89%, after Prudential plc decided to reduce its holding.

ICICI Life's Run-Up to the Launch

ICICI Life Insurance launched its brand platform 'Har Kal Aasaan' with Ogilvy India, LBB reported in October 2026. The Times of India reported in October 2026 that the insurer appointed Sidharatha Mishra as MD & CEO effective October 14, 2026, or later IRDAI approval, with Anup Bagchi resigning as MD & CEO on October 13. ScanX reported in October 2026 that ICICI Prudential Life Insurance's term plan ICICI Pru iProtect Smart Plus won Product of the Year 2026 in the Life Insurance - Term Plan Category, based on a NielsenIQ survey of 1,600 Indian consumers.