Below is a concise guide to retirement-focused life-insurance options available in Sri Lanka (what they typically are, the major companies that sell them, what to compare, and next steps). I checked current insurer product pages and regulator guidance to ensure accuracy.

What “retirement-focused” life insurance products look like in Sri Lanka

• Deferred pension / retirement savings plans: you pay premiums (regular or single) to build a retirement fund; at retirement you can take a lump sum, convert to an annuity (monthly income), or take hybrid options. (Examples: AIA Smart Pensions, Ceylinco Pension Saver, Softlogic Retirement Plan). (aialife.com.lk)
• Immediate annuities / deferred annuities: single-premium purchase that pays income immediately (immediate) or after a deferral period (deferred). Many insurers offer both immediate and deferred annuity options. (softlogiclife.lk)
• Unit-linked / universal life retirement products: flexible premium + investment component where retirement benefits depend on fund performance; may include life cover and optional riders. (Softlogic Universal, AIA Smart Wealth/Smart Pensions features). (softlogiclife.lk)
• Group / corporate pension plans: employer-sponsored pension or group retirement plans with features for employees (e.g., Softlogic Corporate Pension). (softlogiclife.lk)

Major providers and specific products (examples)

• AIA Sri Lanka — AIA Smart Pensions Plus and AIA Easy Pensions Plus (pension funds that offer guaranteed/declared dividends, pension boosters, premium protection, optional health/hospital benefits). (aialife.com.lk)
• Ceylinco Life — Pension Saver / Pension plans and related products that build a retirement fund and offer a monthly pension option; also specific medical-saver options for seniors. (ceylincolife.com)
• Softlogic Life — Retirement Plan (“Retire with Pride”), Corporate Pension Plan and Universal Plan (regular or single premium; options for annuity types and riders). (softlogiclife.lk)
• Sri Lanka Insurance (SLIC) — several pension/wealth-building products and long-history offerings (e.g., Wealth Plus, Yashtiya pension historically). SLIC is a dominant local player often declaring significant bonuses to policyholders. (sliclife.com)
• Union Assurance and other local life insurers — offer pension calculators, pension/retirement products and tools to estimate required savings and income. (unionassurance.com)

Key features & options to compare (most important things to check)

• Payout type at retirement: lump sum vs. guaranteed-life annuity vs. fixed-term annuity vs. mix. (Annuity options and whether they include lifetime income matter a lot). (softlogiclife.lk)
• Returns structure: guaranteed minimum dividend/crediting rate vs. non-guaranteed declared dividends or unit performance; check historical declared rates only as indicative, not guaranteed. (ceylincolife.com)
• Fees, charges and surrender terms: early withdrawal penalties, administration fees, and how bonuses/loyalty additions are paid. (ceylincolife.com)
• Premium protection / waiver: many pension plans waive future premiums if you die or become totally & permanently disabled during the premium-paying term. (aialife.com.lk)
• Riders and bundled benefits: hospital cash, critical-illness cover, spouse cover, inflation guards or “pension booster” features — useful if you want health cover or inflation protection built-in. (aialife.com.lk)
• Regulation and solvency: buy from IRCSL-registered insurers and confirm the insurer’s financial strength / bonus history. The Insurance Regulatory Commission of Sri Lanka (IRCSL) is the regulator; check their registered-company list if uncertain. (insuranceombudsman.lk)

Practical steps to pick the right plan

1. Decide the objective: pure lifetime income (annuity) vs. accumulation with flexible withdrawals vs. a mix with life cover.
2. Estimate needed retirement income (use insurer calculators — e.g., Union Assurance’s retirement calculator). (unionassurance.com)
3. Get quotes from 2–4 insurers for the same assumptions (age, premium, retirement age, desired income) and ask for: projected payouts under guaranteed and non‑guaranteed scenarios; fees & surrender table; annuity conversion rates; and sample policy terms. (aialife.com.lk)
4. Compare non-insurance retirement options too (EPF/ETF, bank FDs, mutual funds), especially for liquidity and inflation protection — some life products are less liquid.
5. Confirm the insurer is IRCSL-registered and request the product brochure & policy wording; read exclusions and small-print on terminating/surrendering a policy. (insuranceombudsman.lk)

Common pitfalls to avoid

• Choosing a product solely on headline “bonus” or past declared returns without checking guaranteed components, fees and surrender conditions. (ceylontoday.lk)
• Not checking what happens to premiums or pension if you die before retirement (some plans provide the accumulated fund or sum assured to beneficiaries; others waive future premiums). (aialife.com.lk)

If you want, I can:

• Prepare a short, side‑by‑side comparison template (example: AIA vs Ceylinco vs Softlogic vs SLIC) using the main features you care about (age, premium, retirement age, payout type, riders), or
• Pull the latest product brochure links and short excerpts for 3 specific insurers you name.

Sources (representative product pages and regulator info used above)

• Softlogic Life — Retirement Plan / Corporate Pension / Universal Plan product pages. (softlogiclife.lk)
• Ceylinco Life — Retirement / Pension Saver product pages and news about their medical-saver (senior) product. (ceylincolife.com)
• AIA Sri Lanka — AIA Smart Pensions Plus, Easy Pensions Plus, Smart Wealth product pages and FAQ. (aialife.com.lk)
• Sri Lanka Insurance (SLIC) — Wealth/Pension product pages and company announcements. (sliclife.com)
• Union Assurance — retirement calculator and product information. (unionassurance.com)
• Insurance Regulatory Commission of Sri Lanka (IRCSL) — regulator contact and guidance to buy from registered companies. (insuranceombudsman.lk)

Would you like a tailored comparison (e.g., you give: current age, target retirement age, monthly premium or lump sum, and whether you want lifetime income vs lump sum)? I can then pull contemporaneous quotes / brochure links for 3 companies and show projected outcomes (guaranteed vs illustrative).