The research paper evaluates the use and contribution of Information and Communication Technologies (ICTs) in the design and development of financial engineered life insurance policies and financially engineered life insurance business processes in the growth of the life Insurance Business in India. The research study explores the use of ICTs in various product development stages of financially engineered life insurance policies and the use of ICTs in insurance processes. Specifically, this paper reports a theoretical examination that simultaneously considers the effects of these relationships among ICTs, Financial Engineering, Insurance Business and growth of the insurance business in India, and the role and contribution of ICTs in the financial engineering applications in financially engineered life policies and processes. It encapsulates the role of ICTs in FE applications in the design and development of Financially Engineered policies, business processes of insurers including companies’ performance management.