On the first diagnosis of any of the six critical illness, the rider benefit will be paid as a lump sum benefit. (coverfox.com)
In the majority of cases, a named beneficiary will receive the death benefits as a lump sum payment and these proceeds are not subject to income tax. (termlifeinsurancemales.com)
Basically, money back plans give small amounts to the life insured at regular intervals instead of paying the entire amount as a lump sum amount at the end of the term. (coverfox.com)