Here’s a practical guide to finding affordable life‑insurance in Sri Lanka (what to look for, low‑cost options, trusted insurers and next steps).

1. Cheapest types of life cover (best place to start)

• Term life insurance — pure protection for a fixed term; typically the lowest cost per lakh of cover.
• Micro / small‑sum plans — simplified, low‑sum assured products aimed at low‑income buyers; very affordable but with lower cover.
• Group life (through employer, bank or loan) — often the cheapest or free while you’re employed or have a loan.
  (Reason: these have little/no savings component, so premiums are much lower than endowments or unit‑linked plans.)

2. Common affordable plan features to prefer

• Pure term vs return‑of‑premium: choose pure term for lowest cost.
• No extra riders (critical illness/waiver) unless you need them — riders increase premium.
• Simplified/telemedical underwriting or “no medical” limits — useful if you want low cost and quick issue, but check coverage limits.
• Annual vs monthly premium payment — annual often cheaper overall.

3. Major Sri Lankan life insurers to get quotes from

• Ceylinco Life (market leader). (ceylincolife.com)
• AIA Sri Lanka. (aialife.com.lk)
• HNB Assurance, LOLC Life, Janashakthi Life, Orient and others (many insurers offer low‑cost term and micro products). (techpodda.com)

4. Regulator and safety

• The Insurance Regulatory Commission of Sri Lanka (IRCSL) regulates and lists licensed life insurers — check IRCSL’s list to confirm the insurer/broker is licensed before buying. (insuranceombudsman.lk)

5. How to find the most affordable policy (step‑by‑step)

• Estimate required cover: common rule = 8–15× your annual income (or enough to pay debts, education and family needs).
• Prioritize term cover for affordability.
• Get online quotes from at least 3 insurers (Ceylinco Life, AIA, HNB/LOLC/Janashakthi are good starting points). (ceylincolife.com)
• Use independent brokers/comparison services in Sri Lanka or insurer premium calculators to compare (watch for fees).
• Compare: sum assured, policy term, premium, exclusions, waiting periods and claim settlement reputation.
• Check whether a “no medical” option applies to your age/limit; that can lower upfront cost and speed issue but sometimes limits cover.
• Read the Product Brochure and Policy Document carefully for exclusions (e.g., suicide clause, hazardous activities, pre‑existing conditions).

6. Tips to lower your premium

• Buy younger and healthier — premiums rise quickly with age and health risks.
• Choose longer term only for core protection; avoid savings/endowment features if cost is primary.
• Avoid unnecessary riders; add only the ones you need.
• Keep lifestyle risks low (quit smoking, manage BMI) — you’ll get better rates.
• Consider employer/group cover first — you might only top up with a personal term policy.

7. Where to shop / practical options

• Direct via insurer websites (many let you buy online and see e‑quotes for term plans). (aialife.com.lk)
• Banks / bancassurance ties — may offer discounted plans for account holders.
• Licensed insurance brokers — helpful for side‑by‑side comparisons across insurers (confirm they’re registered with IRCSL). (newswire.lk)

8. Quick checklist before buying

• Confirm insurer is IRCSL‑licensed. (insuranceombudsman.lk)
• Get a written quote and sample policy document.
• Check claim settlement ratio / reputation (news, insurer sites, consumer reviews).
• Note waiting period, exclusions, grace period and revival rules.
• Keep beneficiary details and payment receipts; store the policy document safely.

If you’d like, I can:

• Look up and compare 2–3 current term plans from specific Sri Lankan insurers (I’ll fetch quotes and policy features), or
• Show a short checklist and e‑mail/sample questions to ask the insurer/broker when getting quotes.

(If you want me to fetch specific premium quotes now, tell me age, gender, smoker status, desired sum assured and term — I’ll search live insurer quote pages and cite the sources.)