Below is a practical, SME-focused guide to finding affordable group life (group term / employee benefits) cover in Sri Lanka — including specific insurers to check, an example low-cost offering, how pricing works, and step‑by‑step next actions.

Quick summary

• Major insurers that offer group life / corporate employee-benefit solutions in Sri Lanka: AIA Insurance Lanka, Ceylinco Life, Janashakthi Life, Fairfirst, HNB Assurance, Sri Lanka Insurance and other local life insurers. (wwwuat.aialife.com.lk)
• Example low-cost product to consider (SME friendly): AIA’s Employee Protect Gold shows an entry premium of LKR 782 per year (about LKR 2/day) with basic life, hospital cash and funeral benefits — a real example of an ultra‑low cost group product for small employee groups. Use it as a benchmark when getting quotes. (aialife.com.lk)
• Check insurer licensing and complaints route with the Insurance Regulatory Commission of Sri Lanka (IRCSL) before buying. (insuranceombudsman.lk)

Which insurers to ask for quotes (good starting list)

• AIA Insurance Lanka (corporate / employee benefit solutions). They publish SME/group plans and entry-level group life packages. (wwwuat.aialife.com.lk)
• Ceylinco Life (large local life insurer with corporate/group solutions). (ceylincolife.com)
• Janashakthi Life (corporate solutions and group business). (janashakthi.com)
• Fairfirst Insurance (group employee benefits, part of Fairfax group). (aia.com)
• HNB Assurance, Sri Lanka Insurance and other locally licensed life insurers — contact them or your broker for competitive quotes.

Why insurers / plans differ in price

• Sum assured per employee (higher limits = higher premium).
• Age profile and occupations of covered employees (older employees and hazardous jobs cost more).
• Number of members — many insurers give steep per‑person discounts once you reach certain band sizes.
• Type of cover and add‑ons (TPD, critical illness, funeral, hospital cash, accidental death benefit).
• Underwriting type — “no medical” blanket cover for a small fixed benefit is cheapest; fully underwritten term cover costs more.
• Waiting periods, exclusions and claim processes affect net value and effective affordability.

What “affordable” group policies usually look like (typical features)

• Low-cost/basic: small fixed life benefit (e.g., LKR 100,000–500,000), funeral expense benefit, simple accidental death add-on, no individual medical checks; annual premium per person can be very low (example LKR 782/year advertised by one insurer for a minimal package). (aialife.com.lk)
• Mid-tier: larger sums assured, TPD/partial disability, limited critical illness cover, higher premiums but better employee protection. (aialife.com.lk)
• Comprehensive: high sums assured, full critical illness list, inpatient/outpatient health riders — significantly higher cost.

How to compare quotes (practical checklist)

• Ask for per‑employee premium and total yearly premium; confirm currency (LKR).
• Confirm per-employee sum assured, and what exact events are covered (death, accidental death, TPD, critical illness).
• Check age limits, occupation classifications and any surcharge rules.
• Ask whether the plan is “no medical” (automatic for all eligible employees) or requires medicals for older/higher covers.
• Confirm waiting periods and exclusions (e.g., suicide clause, pre‑existing conditions).
• Understand premium holiday, portability and the process when employees join/leave.
• Find out speed / ease of claims and whether there’s a corporate portal or single contact. (AIA and others offer corporate portals and 24/7 service). (wwwuat.aialife.com.lk)

Estimated pricing guidance (use only as a rough benchmark)

• Very small, basic no‑medical benefits (small sums like LKR 100k–200k): single‑digit hundreds of LKR per employee per year (example: LKR ~782/yr cited by AIA for an entry product). Actual premiums depend on the factors above. (aialife.com.lk)
• Larger life sums or added TPD/critical illness: premiums increase materially; plan on multiples of the basic cost per employee.
  Because premiums change by company details and underwriting, get formal quotes from 2–4 insurers before deciding.

Regulatory / safety checks (important)

• Verify the insurer is licensed and regulated by the Insurance Regulatory Commission of Sri Lanka (IRCSL). Keep their contact details handy for any complaints or to verify licensing. (insuranceombudsman.lk)

Recommended next steps for an SME (step‑by‑step)

1. Decide target cover level per employee (e.g., LKR 200,000 life + LKR 50,000 funeral, or a multiple of salary such as 1× or 2× annual salary).
2. Gather employee data to get quotes: number of employees, ages, job types, average salary and any known hazardous roles.
3. Contact 3 insurers (start with AIA, Ceylinco Life, Janashakthi and one other local insurer) and request comparative group quotes for the same benefit specification. Use insurer corporate/contact pages or their corp sales email/phone. (wwwuat.aialife.com.lk)
4. Ask for (and compare) total premium, per‑employee premium, exclusions, waiting periods, administrative fees, and ease of onboarding/claims.
5. Consider using a licensed local insurance broker or employee‑benefits consultant — they can negotiate better bands and handle admin.
6. Check insurer financial strength / reputation and the IRCSL’s records before signing. (insuranceombudsman.lk)

If you want, I can:

• Draft a short benefits specification (sum assured, add‑ons, age limits and number of employees) you can send to insurers to get comparable quotes.
• Compare 3 sample insurer quotes if you paste them here.

Sources and where I pulled specific examples

• AIA Sri Lanka — Employee Protect Gold / Employee Protect Premier (product pages showing entry pricing and features). (aialife.com.lk)
• AIA corporate/corporate solutions pages describing group life features and portals. (aia.com.my)
• Ceylinco Life corporate/governance page (corporate/group business presence). (ceylincolife.com)
• Janashakthi corporate site (group/corporate solutions). (janashakthi.com)
• Insurance Regulatory Commission of Sri Lanka (IRCSL) contact/oversight information. (insuranceombudsman.lk)

Would you like me to draft a one‑page benefits specification (example: sum assured per employee, optional add‑ons, employee eligibility rules) that you can send to insurers to obtain comparable quotes? If you prefer, paste the number of employees and your target budget per employee and I’ll suggest a tailored specification.