The phrase "staggered payments" refers to splitting or dividing a payment into smaller amounts and spreading them out over a period of time, rather than paying the full amount all at once. Full definition
But there is an option of staggered payment which allows you to receive a portion of the sum assured at once and rest as monthly income for a particular period of time. (comparepolicy.com)
If you are taking a term insurance policy as a protection against loan and debts, then there is no need to go for staggered payment as in such situations, you need the sum assured at once not on a monthly basis. (comparepolicy.com)
If you choose to take out an instalment cash loan, then you can benefit from a number of staggered payments over a period of months, rather than one lump sum at the end of the month. (wizzcash.com)