Below is a concise guide to family life-insurance packages in Sri Lanka — what’s commonly available, major providers, typical features and riders, pricing drivers, buying tips, and where to check regulator/consumer information.

What “family” life insurance typically means in Sri Lanka

• Family/floater life or protection plans: a single policy that covers the main life assured and family members (spouse, children, sometimes parents) under one sum‑assured or with separate sub‑limits. These combine life cover with optional income/benefit payments on death or disability. (aialife.com.lk)
• Family protection + savings (protection + investment) plans: traditional participating or unit‑linked products that pay death benefit plus maturity benefits if the life assured survives the term. These often include scheduled cash payouts during the policy term. (ceylincolife.com)
• Standalone family health or critical‑illness top‑ups: many insurers let you add family health or critical‑illness riders or buy family health plans that pair with life cover. (aialife.com.lk)

Major insurers and typical product examples

• AIA Insurance (Sri Lanka) — offers protection and family/health combined products (e.g., AIA Super Protector, AIA Health Protector) with options to cover multiple family members and add riders (monthly income on death, increasing benefit, premium return options). (aialife.com.lk)
• Ceylinco Life — large local life insurer with a range of family/savings products (examples: “Supreme”, “Sipsetha”) and specific family protection riders (Family Protection Benefit, Family Income Benefit, Family Digasiri critical‑illness cover). (ceylincolife.com)
• Union Assurance — offers family/health solutions and multi‑generation health covers that can be linked to life products (their “Health 360” style product and adviser welfare/family schemes). (unionassurance.com) (Other local and regional insurers also sell family packages — compare offerings from multiple insurers and brokers.)

Common features and riders you’ll see

• Death benefit (single lump sum or income stream to beneficiaries). (aialife.com.lk)
• Total & Permanent Disability (TPD) cover and accidental death double benefits. (ceylincolife.com)
• Critical illness cover for adults and juvenile critical‑illness options for children. (ceylincolife.com)
• Family hospital cash, major surgery cover, and health riders that give cashless hospitalisation. (ceylincolife.com)
• Premium waiver on critical illness/TPD (future premiums paid if you become incapacitated). (aialife.com.lk)
• Return‑of‑premium or “premiums refunded at term end” options in some protection plans. (aialife.com.lk)

What affects price (premiums)

• Ages of the people to be covered (older ages → higher premium). (aialife.com.lk)
• Sum assured and whether the cover is a single floater amount or separate individual limits. (aialife.com.lk)
• Coverage types and riders selected (critical illness, hospital cash, maternity, waiver). (aialife.com.lk)
• Smoking status, medical history and underwriting class; some family members may qualify for simplified/guaranteed acceptance but with limits. (ceylincolife.com)
• Policy term, premium payment frequency and any promotional discounts. (lankabusinessnews.com)

How to choose the right family package (practical checklist)

1. Clarify your objectives: pure protection (income replacement), protection + savings, or mainly health cover for the family.
2. Decide floater vs separate covers: floaters can be cheaper but may limit individual payouts; separate covers give defined protection per person. (aialife.com.lk)
3. Check which family members can be included (children, spouse, parents) and the entry and expiry ages. (aialife.com.lk)
4. Compare core exclusions, waiting periods (especially for health/maternity) and permanent exclusions (pre‑existing conditions). (aialife.com.lk)
5. Evaluate riders and claim‑friendly features (cashless hospitals, accelerated critical illness pay, monthly income option). (aialife.com.lk)
6. Ask for illustrations: sample premiums, projected maturity benefits (if applicable), and demonstration of how claims are paid and taxed. (ceylincolife.com)

Steps to buy (typical process)

• Get quotes from at least 2–3 insurers or use an authorised insurance broker. Ask for a written comparison. (GIC.gov.lk)
• Complete the proposal form and medical questionnaire (some family members may need medical checks). (aialife.com.lk)
• Review policy documents (terms & conditions, product brochure) carefully — note waiting periods for specific benefits. (aialife.com.lk)
• Keep copies of receipts, policy schedule and claims contact details; register beneficiaries properly.

Regulator and consumer protections

• The Insurance Regulatory Commission of Sri Lanka (IRCSL) is the regulator — check that a company is licensed and review IRCSL guidance for consumers if you have complaints or want licensing/solvency information. The IRCSL and related agencies coordinate industry oversight in Sri Lanka. (GIC.gov.lk)

Quick recommendations

• If your main need is income protection for dependants, favour term/family protection plans with income‑stream benefits or a higher lump sum. (aialife.com.lk)
• If you want long‑term savings plus cover (for education/maturity), compare participating or unit‑linked family products and ask for realistic illustrations (not optimistic bonus assumptions). (ceylincolife.com)
• For families with significant healthcare risks, prioritise strong health riders or stand‑alone family health covers (cashless hospital network, maternity cover if needed). (aialife.com.lk)

If you’d like, I can:

• Pull current product brochures and direct comparisons for 3 specific insurers (AIA, Ceylinco, Union) and show typical premium ranges for a sample family profile — I’ll need to look up up‑to‑date quotes and product brochures to do that. (This requires checking current product pages and calculators.)

Sources (selected):

• AIA Insurance product pages (AIA Super Protector, AIA Health Protector, product FAQs). (aialife.com.lk)
• Ceylinco Life product pages (Supreme, Sipsetha and family protection riders). (ceylincolife.com)
• Union Assurance product/Health 360 information and news. (unionassurance.com)
• Insurance Regulatory Commission of Sri Lanka / related regulatory notices. (GIC.gov.lk)

Would you like me to gather current brochures and sample premium quotes for a specific family profile (e.g., ages, sum assured, floater vs separate) so you can compare actual prices and exact benefit wording?