Here’s a concise, practical guide to getting comprehensive life-insurance coverage in Sri Lanka — what “comprehensive” usually means there, the main product types and riders, how to compare offers, buying & claim steps, regulatory protections, and recent tax considerations.

1. What “comprehensive life insurance” covers (typical features)

• Core death benefit (sum assured paid to nominee on insured’s death).
• Optional/add-on benefits that make a policy “comprehensive”: accidental death benefit, total & permanent disability (TPD) cover, critical-illness cover, hospital cash, premium-waiver on disability, family income benefit (monthly income to family), and return-of-premium/maturity benefits on savings plans. Insurers in Sri Lanka offer these as optional riders or built‑in features. (aialife.com.lk)

2. Common types of life policies available in Sri Lanka

• Term (pure protection) — low cost for pure death cover.
• Endowment / participating savings plans — combine protection with maturity/savings payouts.
• Unit‑linked (investment + protection) — portion invested in funds; benefit varies with fund performance.
• Whole‑life / lifetime cover — cover for life, usually higher premium.
• Group life (through employer) — basic protection for employees. Major Sri Lankan insurers market all these types; product details and availability vary by company. (ceylincolife.com)

3. Typical riders & features to add for “comprehensive” cover

• Critical illness (covers specified serious illnesses), accidental death/dismemberment, TPD, hospital cash, premium waiver, family income, and maternity/child education riders. Most companies let you assemble combinations to match needs and budget. Check precise definitions, waiting periods and caps in the policy wording. (wwwuat.aialife.com.lk)

4. Underwriting, exclusions & waiting periods (what to watch for)

• Premiums depend on age, health, smoking, occupation, sum assured and policy term.
• Expect medical underwriting for larger covers (medical exam, questionnaires).
• Common exclusions and limitations: suicide clause/waiting period (often the first 12 months), non‑disclosure of material facts, specific disease/waiting periods for some benefits, and exclusions for illegal acts. Always read the policy contract and product brochure for exact wording.

5. How to compare and choose a provider/policy (practical checklist)

• Is the insurer licensed / registered? (Buy only from registered insurers or registered brokers/agents.) (newswire.lk)
• Financial strength and reputation (market share, awards, claims paid history).
• Claims settlement performance and turnaround time.
• Exact definitions (TPD, “critical illness” list, what counts as accidental death).
• Waiting periods, exclusions, suicide clause, free‑look/cooling‑off period.
• Premium stability (will premiums change?) and premium‑payment flexibility.
• Currency of benefit (LKR vs foreign currency options) and inflation protection (indexation).
• Fees, surrender values, surrender/exit terms (for savings/ULIP plans).
• Tax implications for payouts and bonuses (see section 8).

6. How to buy (steps & typical documents)

• Decide target sum assured and policy type (term for protection; endowment/ULIP for protection + savings).
• Get quotes from 2–4 insurers (direct online calculators, agents, or licensed brokers).
• Fill proposal form, provide ID (NIC/passport), proof of income/occupation, photos; medical exam if requested for higher covers.
• Review the policy schedule and terms before signing; confirm riders, waiting periods and beneficiary details.
• Use the free‑look (cooling‑off) period after issuance to cancel if the policy doesn’t meet expectations.

7. Claim & complaints process

• For claims: Notify insurer as soon as possible; insurer will request claim form, death certificate, policy document, medical records and any other requested evidence. Insurers have published claim procedures — follow them exactly to avoid delays.
• If insurer response is unsatisfactory, you can escalate (internal complaints officer → IRCSL / Insurance Ombudsman). The Insurance Ombudsman scheme handles consumer disputes and explains how to apply; it can mediate and issue awards for many insurance complaints. (insuranceombudsman.lk)

8. Recent tax / regulatory points to be aware of (important)

• The Insurance Regulatory Commission of Sri Lanka (IRCSL) is the regulator and reminds consumers to deal only with registered companies/agents. Regulatory activity and public guidance have been increasing. (newswire.lk)
• Tax environment has changed recently (2024–2025 budget measures):