As is obvious from its name, a lump - sum claim payout term insurance plan provides the nominee with a lump - sum, i.e. a one - time complete payout. (mintwise.com)
Among all types of term insurance plans, lump - sum payout term insurance works best when you want to specifically cover a home loan (or any other loan). (mintwise.com)
This annual income is expressed as a fixed percentage of Death Benefit at the time of claim settlement and then increases at the rate of 5 % per annum simple on each death anniversary of the life insured for the chosen payout term. (easypolicy.com)