In 2025, Sri Lanka’s life insurance industry has grown into a competitive and customer-focused market. Whether you’re looking for a simple protection plan, an investment-linked policy, or a comprehensive family package, the choice of insurance company matters as much as the policy itself.
With over 20 licensed life insurers in the country, selecting the right one can be overwhelming. To help you make a smart decision, here’s a detailed look at the Top 10 Life Insurance Companies in Sri Lanka (2025) — ranked and reviewed based on performance, customer trust, claim settlement ratio, digital innovation, and product range.
1. Ceylinco Life Insurance PLC
Founded: 1988
Headquarters: Colombo
Market Share: ~25%
Ceylinco Life remains the No. 1 life insurer in Sri Lanka for over two decades. It’s known for stability, innovation, and strong customer service.
🔹 Key Features:
- Over 1 million active policyholders
- 96% Claim Settlement Ratio (CSR)
- Nationwide branch network (280+ locations)
- Offers Endowment, Term, Education, and Retirement Plans
- Popular product: “Ceylinco Life Family Savers Plan”
💬 Why It’s Trusted:
Ceylinco Life’s reputation for fast claim payouts, high bonuses, and transparent service makes it the first choice for many families.
⭐ Rating: 9.8/10
2. Softlogic Life Insurance PLC
Founded: 1999
Headquarters: Colombo
Market Share: ~17%
Softlogic Life is the most innovative life insurer in Sri Lanka — leading in digital services, mobile app features, and online claims.
🔹 Key Features:
- Over 2 million customers
- Fully digital onboarding & claims
- CSR ~94%
- Flexible premiums and term options
- Award-winning product: “Softlogic Life Comprehensive Plan”
💬 Why It’s Popular:
Softlogic Life appeals to young professionals and families who prefer tech-enabled, hassle-free insurance.
⭐ Rating: 9.5/10
3. AIA Insurance Lanka PLC
Founded: 1987
Parent Company: AIA Group (Hong Kong)
Market Share: ~12%
AIA focuses on long-term wellness and health-linked life insurance. Their global expertise ensures solid financial backing and credibility.
🔹 Key Features:
- “AIA Smart Protector” and “AIA Health Plus” plans
- Free wellness programs and rewards
- 95% CSR
- Critical illness and hospital cash riders
- Strong digital tools for policyholders
💬 Why It’s Unique:
AIA combines life insurance with wellness incentives, encouraging a healthy lifestyle and rewarding policyholders for staying fit.
⭐ Rating: 9.3/10
4. Union Assurance PLC
Founded: 1987
Parent Company: John Keells Holdings
Market Share: ~11%
Union Assurance is one of Sri Lanka’s most customer-centric insurers, known for transparent policies and reliable service.
🔹 Key Features:
- Over 700,000 customers
- 93% CSR
- Digital platform: Union Assurance ClickLife
- Product focus: Life + Savings + Investment combos
- Excellent post-sale support
💬 Why It’s Trusted:
Their strong corporate backing and customer satisfaction record make them a solid mid-range choice for families.
⭐ Rating: 9.2/10
5. HNB Assurance PLC
Founded: 2001
Parent Company: Hatton National Bank
Market Share: ~8%
HNB Assurance combines the trust of a major bank with modern insurance solutions.
🔹 Key Features:
- High brand credibility (HNB Group)
- Products for individuals and corporates
- 91% CSR
- Strong online payment system
- “HNB Life Protect” and “HNB Family Shield” plans
💬 Why It’s Reliable:
HNB is ideal for customers who want bank-integrated financial protection and a single-point service for savings and insurance.
⭐ Rating: 8.9/10
6. LOLC Life Assurance Ltd
Founded: 2011
Parent Company: LOLC Holdings PLC
Market Share: ~7%
LOLC Life is one of the fastest-growing insurers in the market, offering affordable plans for both rural and urban clients.
🔹 Key Features:
- Focus on affordability and flexibility
- Wide agent network
- Products: Micro Life, Education Plans, Term Life
- CSR ~89%
💬 Why It’s Growing:
LOLC’s financial strength and wide rural reach make it a popular choice among low- to middle-income earners.
⭐ Rating: 8.8/10
7. Sri Lanka Insurance Life
Founded: 1962
Type: Government-owned insurer
Market Share: ~9%
As one of the oldest life insurance providers, SLIC Life combines trust and tradition with stability.
🔹 Key Features:
- State-backed security
- 92% CSR
- Products: Janashakthi Life, Life Protect, Retirement Plus
- Attractive annual bonuses
💬 Why It’s Preferred:
Ideal for customers who value government-backed reliability and long-term policy bonuses.
⭐ Rating: 8.7/10
8. Sanasa Life Insurance
Founded: 2011
Parent Organization: Sanasa Development Bank Group
Sanasa Life focuses on microinsurance and protection for low-income and cooperative sectors.
🔹 Key Features:
- Very affordable premiums
- Covers small business owners and rural communities
- CSR ~88%
- Group and cooperative plans
💬 Why It’s Valuable:
Sanasa’s social mission and community-based insurance make it unique in the Sri Lankan market.
⭐ Rating: 8.5/10
9. Amana Takaful Life
Founded: 2002
Concept: Shariah-Compliant (Islamic) Insurance
Amana Takaful Life operates on the Takaful model, which emphasizes cooperation and shared responsibility.
🔹 Key Features:
- Ethical and interest-free insurance model
- Products: Family Takaful, Education, Retirement Plans
- CSR ~87%
- Transparent profit-sharing structure
💬 Why It’s Unique:
Ideal for those seeking Islamic or ethical financial products with community values.
⭐ Rating: 8.3/10
10. Allianz Life Insurance Lanka Ltd
Founded: 2004
Parent Company: Allianz SE (Germany)
As a global giant, Allianz brings world-class insurance expertise to the Sri Lankan market.
🔹 Key Features:
- Backed by global reinsurance power
- Products: Allianz Protect, Savings+, Investment Plans
- CSR ~90%
- Focus on corporate and high-income clients
💬 Why It’s Respected:
Perfect for those who want international-level service, transparency, and strong digital tools.
⭐ Rating: 8.2/10
Top 10 Life Insurance Companies (Quick Comparison Table 2025)
| Rank | Company | CSR (%) | Best For | Digital Tools | Rating |
|---|---|---|---|---|---|
| 1 | Ceylinco Life | 96 | Family protection | ✅ | 9.8 |
| 2 | Softlogic Life | 94 | Digital innovation | ✅✅ | 9.5 |
| 3 | AIA Insurance | 95 | Health & wellness | ✅✅ | 9.3 |
| 4 | Union Assurance | 93 | Balanced life + savings | ✅ | 9.2 |
| 5 | HNB Assurance | 91 | Bank-linked policies | ✅ | 8.9 |
| 6 | LOLC Life | 89 | Affordable coverage | ⚙️ | 8.8 |
| 7 | SLIC Life | 92 | Government trust | ⚙️ | 8.7 |
| 8 | Sanasa Life | 88 | Microinsurance | ⚙️ | 8.5 |
| 9 | Amana Takaful | 87 | Islamic coverage | ⚙️ | 8.3 |
| 10 | Allianz Life | 90 | Global coverage | ✅✅ | 8.2 |
How to Choose the Right Company
When comparing insurers, consider these factors:
✅ Claim Settlement Ratio (CSR) – Reliability of payouts
✅ Product Range – Fit for your lifestyle
✅ Premium Affordability – Within your monthly budget
✅ Digital Access – Easy policy management
✅ Customer Reviews – Real user satisfaction
✅ Company Reputation – Financial stability
Customer Experience Insights (2025 Trends)
- Softlogic Life leads in digital customer experience
- Ceylinco Life maintains the highest customer loyalty rate
- AIA ranks top for health and wellness benefits
- Union Assurance excels in transparent communication
- HNB Assurance is preferred by urban professionals
Emerging Insurance Trends in Sri Lanka (2025)
- Digital First Policies – Mobile-based applications & renewals
- Health-Linked Rewards – Discounts for maintaining wellness scores
- Microinsurance Growth – Serving rural markets
- Investment-Linked Products – Merging savings and protection
- AI-Powered Claims – Faster verification and processing
Expert Recommendation
If you’re buying a policy in 2025:
💡 For Family Protection → Choose Ceylinco Life
💡 For Digital Convenience → Choose Softlogic Life
💡 For Health & Wellness Plans → Choose AIA
💡 For Bank-Linked Security → Choose HNB Assurance
💡 For Affordable Rural Coverage → Choose Sanasa or LOLC Life