In term plan insurance, a person pays premium every year to protect his family and ensure good childhood of his children. In case of untimely demise, the total sum assured amount gets paid to the nominee on mothly/annually or lumpsum basis depending what option is opted.
The lumpsum benefit takes care of the sudden financial dependencies which may arrive on the family while the monthly income benefits assures family's existing lifestyle. There are riders also available which you may choose depending upon your requirements like accidental benefit rider, waiver of premium rider etc. Various companies offer various riders depending upon their products