The teenager's rise to glory over the last three months for Marco Materazzi's team, is a testament to his stolid defensive work as well as his marauding runs along the left wing and his clinical crosses into the box.
Lalrinzuala's energy and youthful fervor also appeared to rub off on to the 'Super Machans' during the team's ISL journey this year.
The other Indian player who made it to the awards list was Mumbai City shot-stopper Amrinder Singh, who won the Golden Glove award.
Former Chelsea FC midfielder and Delhi Dynamos' marquee player, Florent Malouda was named the Hero of the League.
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His contribution to the Dynamos' cause saw the team reach the semi-finals for the second consecutive year. With three goals and five assists, the Frenchman was instrumental in creating plenty of opportunities for his side.
Borja Fernandez was named the Fittest Player of ISL. He has been a mainstay of the Atletico de Kolkata midfield from the first edition of the tournament and was already an ISL winner before the closing of the third season, after a stupendous victory for his side in the inaugural edition.
The ISL has seen a number of goals scored across the three seasons. In 2016, a season which saw many of the teams tighten up their respective defense strategies, it took a special performance from Delhi Dynamos' Marcelo Pereira to win the Swift Golden Boot Award.
Pereira scored 10 goals from 26 chances which came his way throughout the tournament.
There were a number of contenders for the prize with a number of notable assists through the course of ISL-3. However, South African winger Sameehg Doutie walked away with the Winning Pass of the League award for his contribution to Atletico de Kolkata through the course of the league.