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"When he retired, he received a lump sum plus a pension."
From A day, the maximum tax-free lump sum will be 25% of the value of the fund.
If you survive the diagnosis for more than 28 days you will receive the Sum assured as a tax free lump sum.
The final payment is a large lump sum of the remaining principal.
This annual tax-free lump sum is normally paid from November and most payments are made by Christmas.