Short answer

• If you want the best value (maximum pure protection per rupee) in Sri Lanka, a term (pure life) policy is usually the best choice. For an insurer you should get competing quotes from top, financially strong local providers — AIA Sri Lanka, Ceylinco Life, Sri Lanka Insurance (SLIC), Janashakthi Life (and other major players such as Union Assurance, HNB Assurance, Softlogic). These companies are market leaders or award-winners and are good places to start comparing price, underwriting, riders and claim performance. (aialife.com.lk)

Why term insurance is usually the best value

• Term/pure protection plans pay only the death benefit and have no savings component, so their premiums are much lower than endowment/whole-life/unit-linked plans for the same sum assured. That makes them the most cost‑efficient way to get large cover. (This is a standard principle in life-insurance design; when you need both protection and investment you can layer products.)

Which Sri Lankan insurers to compare (and why)

• AIA Sri Lanka — highly rated within Sri Lanka and a frequent “best life insurer” award winner; strong backing from AIA Group. Good for competitive term products and digital servicing. (aialife.com.lk)
• Ceylinco Life — largest life insurer by premium and a long-standing market leader with repeated industry awards. Good choice for product variety and local distribution. (ceylincolife.com)
• Sri Lanka Insurance (SLIC Life) — strong brand and high consumer trust; large claim/maturity payouts historically. (dailynews.lk)
• Janashakthi Life — fast-growing insurer with recent strong financial results and improving ratings; competitive product designs and digital initiatives. (ceylontoday.lk)
• Also get quotes from other established players (Union Assurance, HNB Assurance, Softlogic Life, LOLC Life, etc.) — competition often produces materially different premiums for the same cover.

What “best value” comparison should include

• Type of cover: term (cheapest) vs. endowment / whole life / unit-linked (more expensive because of savings/investment).
• Sum assured and benefit structure (level benefit, decreasing term for mortgages).
• Premium term (pay-to-age 60/65 vs. limited pay).
• Riders available and cost (accidental death, disability, critical illness).
• Medical/exam requirements and loadings for age/health/occupation.
• Claim settlement record, company solvency/capital adequacy and customer service.
• Exclusions, waiting periods (esp. for suicide, critical illness) and fine print.

How to get the best price/value (practical steps)

1. Decide the protection you need: how much your dependents would need today and in future (debts, education, income replacement).
2. Get at least 3–4 competitive quotes for the same coverage (same sum assured, same term, same riders). Use insurers’ online quote tools and local brokers.
3. Ask each insurer for an illustration showing premiums, benefits, and policy terms in writing.
4. Check insurer credibility: awards, recent financial results, claim payout stories and the IRCSL register. (See regulator below.) (ceylincolife.com)
5. Consider a broker if you want help comparing plans and filling medical forms; confirm the broker is registered.
6. Read exclusions and waiting periods carefully before buying.

Regulator and consumer protection

• The insurance regulator is the Insurance Regulatory Commission of Sri Lanka (IRCSL). Buy only from IRCSL‑registered companies/agents and use the regulator’s published list if you’re unsure. If you have complaints the IRCSL / Insurance Ombudsman is the contact point. (insuranceombudsman.lk)

Quick checklist before you sign

• Is the insurer IRCSL‑registered? (Yes → proceed.)
• Does the quote match your required sum assured and term?
• Are riders you want available and affordable?
• Are medicals or loadings likely to apply?
• Is the company’s claims/financial record acceptable?
• Is the premium guaranteed for the full policy term (or does it increase)?

If you want, I can

• run a side‑by‑side comparison for a specific age/term/sum-assured you give me, or
• find online quote pages/brochures for 3–4 specific insurers (AIA, Ceylinco, Janashakthi, SLIC) so you can compare current product details and premiums.

Sources (selected)

• AIA Sri Lanka press / award information. (aialife.com.lk)
• Ceylinco Life — market leadership and awards, financial figures. (ceylontoday.lk)
• Sri Lanka Insurance — brand/consumer awards and claim/maturity statistics. (dailynews.lk)
• Janashakthi Life — growth, product notes and ratings. (ceylontoday.lk)
• Insurance Regulatory Commission of Sri Lanka (IRCSL) — regulator contact / registration advice. (insuranceombudsman.lk)

Would you like me to: (A) compare term‑policy quotes for a specific age/sum‑assured/term, or (B) fetch current term product brochures/online quote links for AIA, Ceylinco, Janashakthi and SLIC so you can compare?