Here’s a concise, practical guide to obtaining comprehensive life-insurance coverage in Sri Lanka — what “comprehensive” means there, the main product types, market context and regulation, how to compare policies, buying & claim tips, and recommended next steps.

1. What “comprehensive life insurance” usually means in Sri Lanka

• A comprehensive plan typically combines a strong death benefit (life cover) with one or more of: savings/long‑term investment (endowment or whole‑life), critical‑illness cover, accidental death or disability rider, premium‑waiver, and/or a unit‑linked investment component. These packaged features protect dependants while also delivering savings, investment or specific illness protection.
  (General industry practice; see major product categories below.)

2. Major product types you’ll see

• Term Life: Pure protection — high sum assured, no savings component; lowest premiums.
• Whole Life / Endowment: Protection plus guaranteed or projected cash‑value/payout at maturity or death. Often used for long‑term goals (education, retirement).
• Unit‑Linked (Investment‑linked): Part protection, part investment in funds; cash value fluctuates with fund performance.
• Critical Illness / Disability Riders: Add-ons that pay a lump sum on diagnosis of specified illnesses or on total disability.
• Accidental Death / Permanent Disability Riders: Extra cover for accidents.
  (These are commonly offered across Sri Lankan life insurers; compare policy wordings for specifics.)

3. Market context & regulation (important to check when choosing a company)

• The life‑insurance sector in Sri Lanka has been growing (GWP rising) and is supervised by the Insurance Regulatory Commission of Sri Lanka (IRCSL). The IRCSL enforces solvency standards (a risk‑based capital regime) and market conduct rules; as of recent regulator reporting there are about 15 long‑term (life) insurers operating. (Magzter.com)
• Market leaders include companies such as Ceylinco Life, Softlogic Life, Sri Lanka Insurance (SLIC Life), AIA, HNB Assurance, Janashakthi and others. Ceylinco Life has been a long‑time market leader in recent years. When comparing insurers, look at claims‑paid history, reported solvency/CAR, credit/financial strength commentary and consumer awards/reputation. (ceylontoday.lk)

4. How to compare “comprehensive” policies effectively

• Sum assured vs. premium: Check the base death benefit and how it changes with time (level, decreasing, or linked to investment).
• Riders & exclusions: Read definitions for “critical illness”, “total permanent disability”, suicide and pre‑existing condition exclusions (timing, waiting periods).
• Maturity/cash value mechanics (for endowment/whole life/unit‑linked): guaranteed vs. projected benefits, surrender values, fund charges.
• Premium structure: level vs. limited‑pay; single vs. regular premiums; premium waiver on disability.
• Investment charges & performance (for unit‑linked): fund fees, management charges, switching charges.
• Financial strength & solvency: insurer CAR or rating, claims paid record and regulator standing. IRCSL oversight and RBC rules are relevant. (Magzter.com)

5. Tax and regulatory points (high‑level)

• Insurance is regulated by the IRCSL; the regulator enforces solvency/RBC rules and market conduct. Confirm the insurer is IRCSL‑licensed. (Magzter.com)
• Tax treatment can change; historically some life insurance payouts or premium deductions may carry favorable treatment but you should confirm current tax rules with the Department of Inland Revenue or your tax advisor before relying on any deduction or exemption.

6. Practical buying steps (recommended)

• Decide primary objective: protection-only (term) vs. protection + savings/investment (endowment/unit‑linked).
• Get quotes from at least 3 reputable insurers; request full policy documents (product brochure + policy conditions). Use licensed brokers or insurer digital portals.
• Compare total cost of cover (comprehensive premium + rider costs + fund/administration charges if applicable) and expected cash/maturity illustrations (best, base and worst case for unit‑linked).
• Check waiting periods, exclusions (including suicide clause timelines and pre‑existing disease waiting periods), and free‑look/cooling‑off rights.
• Confirm claims process & required documentation (death certificate, medical records, police report for accidents, nomination details).
• Keep documents, receipts and update nominations/beneficiaries after major life changes.

7. Claims, service and complaints

• Check insurer’s claims settlement ratio and turnaround. IRCSL provides oversight and a complaints mechanism; escalate via insurer’s grievance process then to IRCSL if unresolved. (Look up IRCSL complaint process on its website when needed.) (Magzter.com)

8. Practical tips to make coverage “comprehensive” without overpaying

• Use a core term policy sized to replace income and add specific riders (critical illness, disability) only if needed. Term + riders is often more cost‑efficient than a large whole life/endowment.
• If you want savings/investment, compare projected returns and fees on endowments vs. unit‑linked funds — ULIPs expose you to market risk but can offer higher returns (and higher charges).
• Maintain accurate medical disclosures; nondisclosure can void a claim.
• Reassess coverage every 3–5 years or after major events (marriage, children, mortgage).

9. Next steps (quick checklist)

• Verify the IRCSL license of any insurer you consider. (IRCSL lists licensed insurers.) (Magzter.com)
• Request personalised quotes and full policy terms from 3 insurers (including illustrations and sample claim forms).
• If unsure about product comparisons, consult a licensed insurance broker or independent financial adviser in Sri Lanka who is regulated and has professional qualifications.

Key references (recent/regulatory/market context)

• IRCSL performance and industry data (regulator updates / industry reviews). (Magzter.com)
• Recent market coverage showing market leaders and industry growth (examples: reporting on Ceylinco Life and market share). (ceylontoday.lk)

If you’d like, I can:

• Pull current, side‑by‑side quotes and policy wordings from 3 specific insurers (name any you prefer) and highlight differences; or
• Provide a short checklist you can use when you speak with an agent/broker or review policy documents.

Which would you prefer?