Short answer

• The lowest-cost life cover in Sri Lanka will almost always be a term (pure protection) plan from a major insurer — not an endowment/savings plan. Which company is cheapest for you depends on your age, health, sum assured and term, so you need live quotes. Well-known insurers offering competitively priced term/protection plans in Sri Lanka include Ceylinco Life, AIA, SLIC (Sri Lanka Insurance Corporation/SLIC Life), HNB Assurance, Softlogic Life and others. For quick price comparisons use local brokers/aggregators (for example InsureMe.lk) or ask multiple insurers/brokers for online illustrations. (ceylincolife.com)

Why you can’t get a single “cheapest premium” number here

• Premiums depend on individual risk factors (age, sex, smoking, medical history), the sum assured, policy term, optional riders (critical illness, disability), and payment mode (monthly/annual). Insurers price these differently, so the cheapest insurer for a 30‑year‑old non‑smoker may not be the cheapest for a 45‑year‑old smoker. Because premiums change and insurers update products, it’s necessary to obtain current online quotes or illustrations. (ceylincolife.com)

What to look for if you want the cheapest premium

• Choose a term (pure protection) policy rather than an investment-linked or endowment plan — term plans have the lowest premiums for a given sum assured.
• Avoid unnecessary riders (each rider increases premium).
• Opt for a higher excess or shorter waiting periods only if offered and appropriate.
• Pay annually if the insurer gives a discount for annual vs monthly modes.
• Keep evidence of good health (medical checkups) and be honest on the application — claims can be voided for nondisclosure. (ceylincolife.com)

Recommended steps (fast)

1. Decide how much cover you need (rule-of-thumb: 10–20× annual income, or calculate based on liabilities and future needs).
2. Use a Sri Lanka comparison/broker website (InsureMe.lk and local brokers) to request 3–5 online quotes quickly. (InsureMe.lk)
3. Compare like-for-like: same sum assured, term, and riders. Check premiums and exclusions.
4. Request medical‑waiver/discount details and ask about premium guarantee periods and renewal rules.
5. Buy from a licensed insurer — confirm licensing with the Insurance Regulatory Commission of Sri Lanka (IRCSL) or via the insurer’s site. (ceylincolife.com)

Common low‑cost Sri Lanka insurers to check first

• Ceylinco Life — large market leader with widely used protection and savings products. (ceylincolife.com)
• AIA Sri Lanka — competitive protection products and strong regional pricing. (ceylontoday.lk)
• HNB Assurance — offers protection plans and has online product pages/illustrations. (hnbassurance.com)
• SLIC / Softlogic Life / Other local players — compare quotes across these. (ceylontoday.lk)

If you want, I can

• Get current sample quotes (you’ll need to tell me: your age, sex, smoker/non‑smoker status, desired sum assured and policy term), or
• Point you to 2–3 insurer product pages and one aggregator so you can get live online illustrations yourself.

Which would you prefer? (If you want sample quotes, give the age, sex, smoker status, sum assured and term and I’ll fetch current online illustrations and cite the insurer pages.)