Short answer: Yes — there are affordable life‑insurance options in Sri Lanka, ranging from low‑cost term and group plans to microinsurance aimed at low‑income households. Several licensed insurers and the regulator actively promote lower‑cost protection and group schemes. (Newswire.lk)

What “affordable” options look like

• Term life policies (pure life cover without savings) — typically the lowest cost way to get substantial death benefit for a fixed period; many insurers sell basic term or protection products. (aialife.com.lk)
• Group / employer schemes — employer, cooperative or association group plans spread risk across many people and usually have much lower per‑person premiums than individual policies. Sanasa and other insurers market group term solutions. (sicl.lk)
• Microinsurance / low‑sum assured products — designed for rural and low‑income customers (flexible premiums, simplified underwriting). SANASA Life is a leading provider in this niche. (Frontpage.lk)
• Entry‑level products from major insurers — large insurers (AIA, Ceylinco Life, Sri Lanka Insurance Company, etc.) offer basic protection plans and promotional/affordable products targeted at mass market customers. (aialife.com.lk)

How to find the most affordable policy for you

1. Decide the type of cover you need (pure term for protection vs. savings/investment linked). Term is usually cheapest.
2. Compare quotes from several licensed insurers and brokers — premiums vary by age, health, smoking, sum assured and policy term. Check the IRCSL list of licensed insurers/brokers first. (Newswire.lk)
3. Consider group or employer plans — these often give the best value if available. (sicl.lk)
4. Reduce optional extras/riders (critical illness, premium waivers) to lower the base premium, or choose a higher deductible on any attached benefits.
5. Improve premium rating where possible (non‑smoker rates, manage health conditions) and buy earlier (age strongly affects cost).
6. Read policy terms carefully — low premiums can come with exclusions, waiting periods, or limited death benefit for early years.

Safety & regulator checks

• Always buy from an IRCSL‑licensed insurer or a registered broker/agent. The regulator posts the official list and warnings about unlicensed sellers; that helps avoid fraudulent “discount card” schemes. (Newswire.lk)

If you want, I can:

• Help you compare features to pick the cheapest suitable type (term vs micro vs group), or
• Draft a short checklist of questions to ask an insurer or broker when getting quotes.

Which would you prefer?