Do you want a high-level comparison (how premiums are set, which companies tend to be cheapest for similar cover) or a side‑by‑side market comparison of Sri Lanka’s main life insurers (market share, size and where to get quotes)? I can also run live premium quotes for a sample profile (age, sex, smoker status, sum assured, term) across major insurers — tell me the sample details if you want that.

Below I’ll give a concise market overview, explain what drives premiums in Sri Lanka, list the main insurers to consider, and give a practical step‑by‑step way to compare premiums accurately.

1. Market snapshot (recent context)

• Sri Lanka’s life‑insurance market is mid‑sized and growing; gross written premiums were forecast around US$541M in 2025 and the sector has grown strongly in recent years. (Statista.com)
• Ceylinco Life is the market leader by premium income and remains the largest life insurer in Sri Lanka as of 2024–2025. Other significant players include AIA Sri Lanka, Softlogic Life, HNB Assurance / HNB (and several others such as Janashakthi and Union Assurance). Use each firm’s site or the Insurance Regulatory Commission lists for full company lists. (ceylincolife.com)

2. What determines your premium in Sri Lanka The same factors used globally apply — and are what you should normalize when comparing quotes:

• Age (older = higher premiums).
• Sex (pricing can differ).
• Smoker / tobacco use (large premium increases).
• Health / medical history and BMI (medical exam may be required for higher sums).
• Sum assured (coverage amount) and term length (longer term = higher premiums).
• Product type: term life (pure protection, cheapest per sum assured), whole life, endowment, unit‑linked (investment component increases cost).
• Riders/add‑ons (critical illness, disability, waiver of premium).
• Distribution channel (bancassurance / online / agent) — some channels offer discounts or promotions.
• Company underwriting and pricing philosophy (some insurers price aggressively to grow market share; others emphasize solvency and conservative pricing).
  (These are the most important levers when comparing premiums; any reliable insurer quote will reflect them.)

3. Major product categories and typical premium posture

• Term life insurance: lowest cost per LKR of cover for a set period. Best when you need high protection for a fixed time (mortgage, children’s years).
• Whole of life / endowment: higher premiums because of guaranteed benefits or savings component. Often sold as savings/investment + protection; premiums much higher than pure term.
• Unit‑linked: premium split between insurance and investment; returns vary and fees affect net outcome — premiums depend on chosen fund.
  When your primary goal is the cheapest death benefit for a given sum, compare term plans from multiple insurers. For savings/investment goals compare projected returns and fees, not just the “premium” amount.

4. How insurers typically compare (practical notes)

• No single insurer is always cheapest — pricing depends heavily on the exact profile (age, health, sum assured, term). Market leaders (e.g., Ceylinco Life) may not be cheapest for every profile; they may offer larger product ranges, branches and customer support but not the lowest quotes in every case. (ceylincolife.com)
• Newer or smaller players sometimes undercut incumbents on price/promotions to grow share; established firms may have stronger claim‑paying records and higher capital buffers. You should weigh price versus company strength/ratings.

5. Practical step‑by‑step to compare premiums accurately

1. Fix your exact profile and coverage needs: age, sex, smoker/non‑smoker, health conditions, desired sum assured (LKR) and term (years), and any riders.
2. Decide product type (term vs whole life vs unit‑linked). If cheapest protection is the goal, choose term.
3. Use insurer online calculators to get indicative premiums from major insurers: Ceylinco Life, AIA Sri Lanka, Softlogic Life, HNB Assurance, Janashakthi, Union Assurance. If an online calculator isn’t available, request a quote from the insurer or broker. (Insurer websites and product brochures are where insurers publish sample premiums and calculators.) (ceylincolife.com)
4. Ask for the same underwriting assumptions (no extra loadings, same riders, same premium frequency monthly/annual) so comparisons are apples‑to‑apples.
5. For larger sums, expect medical underwriting — obtain “binding” quotes that include underwriting class (standard / preferred / substandard).
6. Compare policy documents: exclusions, contestability period, surrender values, fees and charges (especially for unit‑linked products).
7. Check insurer financial strength and claims experience (published results, regulatory filings). Market leaders’ financials are public (for example, Ceylinco Life publishes premium income and fund sizes). (Dailymirror.lk)

6. Example (how to get a real number)

• If you want, provide a sample profile (age, sex, smoker yes/no, sum assured in LKR, term years). I can then fetch live indicative quotes using insurer calculators and show a short comparison table and links to the calculators. Because premiums change with each profile and underwriting, a real quote is the only reliable way to compare.

7. Quick tips and red flags

• Tip: If two insurers’ premiums are very close, prefer the insurer with a stronger solvency margin and easier claims process.
• Tip: For temporary needs (mortgage, child education), term life is almost always most cost‑effective.
• Red flag: Very low “premium” advertised without clear exclusions or heavy agent‑only sales — get policy wording and illustration.
• Red flag: Long waiting / contestability windows or unclear surrender values for “investment” plans.

If you want specific premium comparisons, tell me a sample profile (age, sex, smoker/non‑smoker, sum assured in LKR, term years, product type) and I’ll fetch live indicative quotes from major Sri Lankan insurers and return a brief ranked comparison with source links.