Here are the leading group (employee) life-insurance providers and their typical corporate group products in Sri Lanka — with short notes on what they offer and a source so you can request quotes or brochures.
Top providers & representative group products (quick summary)
- AIA Sri Lanka — Employee Protect (Gold / Premier): turnkey group protection including life, accidental death, TPD, critical illness options, hospital cash and funeral benefits; low‑underwriting/fast onboarding options for small groups. (aialife.com.lk)
- Sri Lanka Insurance (state insurer) — Protect (Group Term Life Policy): multi‑tier group term plans (Protect Super / Protect Supreme / Protect Premier) with death, accidental death, TPD, critical illness, hospital cash and funeral cover options. (srilankainsurance.com)
- Union Assurance — Union Protect (Group Life Assurance): primary lump‑sum death cover with many optional add‑ons (TPD, partial disability, critical illness, hospital cash, family/spouse benefits). (unionassurance.com)
- HNB Assurance — Prime Group Life (Sevaka series): multiple group tiers combining life, accidental death, TPD, critical illness and hospital cash; tailored plans for different employer budgets. (hnbassurance.com)
- Ceylinco Life — Group Plans (Suraksha / Suratha etc.): customized group solutions (mortgage protection, employer group plans) with modular add‑ons — contact for bespoke proposals. (ceylincolife.com)
- Softlogic Life — Corporate / Group products (including corporate pension & group life offerings): rapidly growing player (recently expanded by acquiring Allianz Life Lanka) with corporate group & pension solutions. (softlogiclife.lk)
- Janashakthi Life — group/employee solutions and strong local presence: active in corporate business and digital distribution — ask for tailored group packages and portals for employee onboarding. (morning.lk)
Which plan features matter most for corporates
- Core cover: death benefit (natural & accidental).
- Disability cover: total & permanent disability (TPD) and partial disability.
- Critical illness cover (selected severe conditions) and optional CI lump sums.
- Funeral / family income / spouse & dependent cover as add‑ons.
- Waiting periods, benefit limits per life, aggregate caps and exclusions.
- Minimum group size and underwriting requirements (some products are no‑underwriting for small covers).
- Hospital network, cashless privileges and claim turnaround / settlement record.
- Price stability, renewal terms, portability/convertibility for employees leaving the company.
(Insurer product pages above list which of these they include.) (aialife.com.lk)
How to choose and next steps (practical)
- Prepare your employee census: headcount by age band, salaries, gender, employment type and any dependents to be covered.
- Ask 3–4 insurers above for a formal proposal (benefit schedule + premium rates + exclusions + minimum group size). Insurers named above publish corporate/group product info on their sites. (unionassurance.com)
- Compare by total cost, benefit limits, claim turnaround, in‑network hospitals, optional riders, and whether the insurer offers online administration/employee portals.
- Consider a local broker (corporate benefits specialist) if you want market benchmarking and negotiating multiple bids — brokers can also check insurer financial strength and claims history.
- Before signing: review policy wording (renewal terms, employer obligations, waiting periods, sub‑limits) and request client references or recent claim examples.
If you want, I can:
- draft a short RFP checklist you can send to insurers, or
- prepare a one‑page comparison template (benefits vs cost) you can use to evaluate 3 vendor quotes.
Which of those would help you most now?