Below is a practical guide to life‑insurance options available to young adults in Sri Lanka, what each type does, which makes sense at different stages, recommended add‑ons, and buying tips (including where to check companies and the regulator).

1. Main plan types — what they are and when a young adult should consider them

• Term life (pure protection)

  • What: Pays a death benefit if you die during the policy term; no maturity payout if you survive.
  • Why good for young adults: Lowest cost per rupee of cover — lets you buy large sum assured while premiums are affordable when you’re young and healthy.
  • When to pick it: If your main goal is income replacement for dependents (parents, spouse, future children) and you don’t need savings/ investment features. (See local insurers’ term offerings, e.g., AIA’s protection and savings product lines). (aialife.com.lk)

• Term with return-of-premium / pure protection + refund option

  • What: A term plan variant that refunds premiums if you survive the term (higher premiums than plain term).
  • Why consider: If you want the “safety net” of term cover but dislike the idea of premiums that never return anything.

• Unit‑linked (investment‑linked) plans

  • What: Combines life cover with an investment fund; part of your premium goes to investment units.
  • Why good: Potential for higher long‑term returns and flexibility (top‑ups, switches). Often better if you want both insurance and investing through one product.
  • When to pick: If you have a longer time horizon and accept market risk; consider fees and fund performance history (AIA and other Sri Lankan insurers offer unit‑linked products). (aialife.com.lk)

• Endowment / savings life plans

  • What: Regular premium plans that provide a maturity/savings payout plus life cover.
  • Why consider: If you want forced savings alongside protection (but cost per unit of protection is higher than term).
  • When to pick: If you need a guaranteed savings outcome (e.g., for a downpayment, wedding, education) and prefer conservative returns. Ceylinco Life and others publish retirement/savings offerings. (ceylincolife.com)

• Whole‑life / lifelong cover

  • What: Life cover that continues for life (premiums may be level or limited pay).
  • Why consider: Estate planning or ensuring a payout whenever you die (useful if you want burial/estate liquidity).
  • When to pick: If lifelong cover is a priority and you expect to keep paying premiums for many years.

• Group life (employer‑provided)

  • What: Life cover provided by employer, often low‑cost or no medical exam.
  • Why consider: Good starter cover; but review limits and portability (group cover may end if you leave the job).

2. Riders and extras young adults often should consider

• Critical illness / early critical illness rider (pays lump sum on diagnosis)
• Total & permanent disability (TPD) waiver or benefit
• Accidental death / accidental total permanent disability (usually low cost)
• Premium waiver on disability/critical illness (keeps cover active if you can’t pay) These riders are inexpensive when bought young and can be very valuable. AIA and other insurers in Sri Lanka list such add‑ons alongside core products. (aialife.com.lk)

3. Which insurers to look at in Sri Lanka (start with these well‑known names)

• AIA Insurance (AIA Sri Lanka) — broad product set: term, unit‑linked/savings, health and riders. (aialife.com.lk)
• Ceylinco Life — large domestic life insurer with savings/retirement products. (ceylincolife.com)
• Janashakthi, Softlogic Life, Union Assurance, HNB Assurance, Sri Lanka Insurance and others — all have life offerings (compare product features, costs and service). (en.Wikipedia.org)

4. Regulator and consumer protection

• The Insurance Regulatory Commission of Sri Lanka (IRCSL) is the regulator — check the IRCSL site for licensed insurers, complaints procedures and guidance before you buy. (Always confirm the insurer is licensed). (insuranceombudsman.lk)

5. How to choose the right policy — practical checklist for a young adult

• Decide primary goal: protection only (choose term) vs protection + savings/investment (units or endowment).
• Sum assured rule of thumb: 8–15× your annual income (or higher if you have dependents/loans). Adjust by liabilities and future goals.
• Term length: match to your obligations (e.g., until you expect to be mortgage‑free or children independent).
• Compare total cost: look at annual premium, fees (especially for unit‑linked), and the cost of riders.
• Medicals and underwriting: younger applicants may get lower rates and fewer loading exclusions.
• Portability & grace periods: check whether you can keep the policy if you move jobs or abroad.
• Claim settlement track record & solvency: prefer insurers with good claim payout records and regulated solvency margins (IRCSL info and insurer financial reports help).
• Read policy wordings: exclusions, waiting periods, contestability, and how premiums increase (if at all).

6. Buying options and next steps

• Get quotes from multiple insurers (online quote tools, authorized agents/brokers, or insurer websites). AIA, Ceylinco and others publish online/literature you can review. (aialife.com.lk)
• Use a licensed broker or agent — confirm their license via IRCSL or insurer.
• Keep beneficiaries up to date and document your nominee details.
• If affordability is a concern, start with a core term policy plus an inexpensive rider (accident/TPD/CI), then add savings/investment products later.

7. Quick recommendations for typical young‑adult profiles

• Single, no dependents, wants max protection cheaply: buy a term life policy (high sum assured, low premium).
• Young professional saving for goals and wants protection: consider unit‑linked or limited‑pay savings plan (compare fees/returns).
• Young parent or primary earner with dependents: term cover sized to income + CI/TPD riders; consider adding a savings plan for education goals.
• Employed with group cover: keep employer cover but add personal term cover to top up and ensure portability.

8. Useful links to start (official/company pages)

• IRCSL (regulator) — check licensed companies and complaints. (insuranceombudsman.lk)
• AIA Sri Lanka (examples of protection, unit‑linked and riders). (aialife.com.lk)
• Ceylinco Life (savings/retirement examples). (ceylincolife.com)
• Major insurers to compare: Janashakthi, Softlogic Life, Union Assurance, HNB Assurance (company pages / brochures). (en.Wikipedia.org)

If you’d like, I can:

• run a quick comparison of 2–3 specific Sri Lankan products (term vs unit‑linked) and show estimated premium ranges based on your age and coverage target; or
• create an immediate checklist you can use when speaking with an agent.

(If you want a side‑by‑side quote comparison, tell me the age, gender, smoking status, coverage amount and term you’re considering and I’ll pull sample quotes/plan pages.)