Life insurance industry may grow 10 per cent in 2010

India's life insurance industry is expected to grow by around 10 per cent in 2010 over the previous year, mainly by improving efficiency but also by expanding in small towns and villages, industry experts say. They also expect life insurers to rebalance their sales mix — unit linked insurance policies (ULIP) and non-ULIP. "We expect the industry to grow at an average of around 10 per cent. We do expect a slight balancing of portfolios with a shift towards traditional policies with ULIP contribution coming down to 85 per cent from the high 90s," Malay Ghosh, president, Reliance Life Insurance, told IANS.