Plan to buy term insurance? Choose from multiple claim settlement options

Opt for lumpsum payment if you have liabilities. Staggered payout can provide regular income to the family

Buying term insurance is essential if you have dependants. However, the complication arises when you have to choose from multiple claim settlement options. And since you have to choose this at the time of buying the policy, things get trickier.   

What is on offer? A term insurance policy in its purest form pays the nominee a fixed sum assured if the life assured dies during the term of the policy. The premium paid is forfeited in case the life assured survives the policy term. It covers the risk of dying early at the lowest possible premium.

It gets a