Yes, monthly would a periodic payment. You may also click Learn more at the screen Any Periodic Payments? where it states:
Periodic Payments
Funds that you receive at regular intervals (weekly, monthly, quarterly, annually) over a predetermined period of time, for example, 15 years, or for life.
Equal periodic payments are annual withdrawals that you make from a pension plan or 401(k) plan. The amount you withdraw is calculated so that the funds last throughout your expected lifetime.
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