"Payout period" refers to the length of time it takes for an investor or policyholder to receive their money back, either as regular payments or in a lump sum. It is the duration over which the payout or distribution of funds occurs. Full definition
He chooses to receive guaranteed annual income for payout period of 15 years after completion of premium paying term and deferment period. (comparepolicy.com)
For the policy term of 10 years, 15 years, & 20 years, the benefit payout period is 240 months, 180 months, & 120 months respectively. (comparepolicy.com)
In case of death of the policyholder during the guaranteed payout period, annuity is payable to the nominee. (comparepolicy.com)