Here’s a concise guide to finding affordable life insurance in Sri Lanka — what to look for, realistic options, and places to compare/buy.

1. Types of low-cost life cover (what’s usually cheapest)

• Term life (pure death benefit, no savings component) — lowest premiums for a given cover amount.
• Group / employer plans — often cheaper because risk is pooled and medical checks are lighter.
• Microinsurance / low-premium plans — simplified, low-sum coverage aimed at low‑income and rural customers.
  (For the most affordable protection, a simple term or micro plan is usually best.)

2. Providers to consider (well-established options in Sri Lanka)

• Ceylinco Life — market leader with broad distribution (large scale can mean competitive pricing/options). (ceylincolife.com)
• AIA Sri Lanka — large international-backed insurer with a range of protection products. (aialife.com.lk)
• Softlogic Life — growing digital capabilities and competitive product lineup. (ceylontoday.lk)
• Union Assurance, HNB/ HNB Assurance, LOLC/LOLC Life (and similar local groups) — major brands that sell competitive life and term covers. (en.wikipedia.org)
• SANASA Life / Sanasa microinsurance — focused on microinsurance and rural/low‑income markets (good for very low premiums). (frontpage.lk)

3. How to shop for the most affordable plan

• Prioritise product type: compare term vs. participating/endowment; term will be cheapest for pure protection.
• Get quotes from multiple insurers for the same sum assured and term — premiums vary a lot by age, health, smoking status, and occupation. Use online quote tools or request identical illustrations.
• Check group/bancassurance options through your employer or bank — these often beat individual retail prices.
• Consider microinsurance if you need basic cover and have irregular/very low income — premiums and benefits are scaled accordingly. (ips.lk)
• Watch product exclusions (suicide clause, pandemic/exclusion periods), waiting periods, and premium escalation clauses.

4. Practical steps to compare & buy

• Use insurer websites’ quote calculators or call local branches/agents for firm premium quotes. (Most large insurers above provide online or agent quotes.) (aialife.com.lk)
• Ask for the Illustration or Product Brochure showing exact benefits, premiums, terms, and surrender/claim rules.
• Compare: premium cost, sum assured, waiting period, exclusions, medical exam requirement, claim settlement record and insurer solvency/ratings.
• If uncertain, use a licensed independent broker or the Insurance Association of Sri Lanka (IASL) member list to get neutral comparisons.
• Before purchasing, confirm the insurer is licensed and regulated by the Insurance Regulatory Commission of Sri Lanka (IRCSL). The IRCSL runs consumer awareness and regulates market conduct. (govserv.org)

5. Tips to lower your premium

• Buy younger (premiums rise with age).
• Choose term rather than endowment/savings plans if you only need protection.
• Maintain good health and avoid tobacco to get better premium classes.
• Reduce riders (e.g., accidental death, critical illness) if cost is the main concern — add only what you need.
• Consider stepped vs. level premiums (level is higher now but stable; stepped is low initially and rises on renewal).

6. When to seek help

• Use a regulated broker if you want a side‑by‑side comparison and help with underwriting/medicals.
• Ask for claim settlement ratios or complaints record if you want comfort on claims handling (company websites and local business press often publish awards and performance summaries). (businesscafe.lk)

If you’d like, I can:

• pull 2–3 live quote links or online calculators from specific insurers (requires checking their current rates), or
• prepare a short checklist/email script you can use when requesting quotes from insurers/brokers.

Which would you prefer?