If the settlement is in favor of the plaintiff, what would the payment options be?

If you don't settle beforehand and agree on a payment plan, the plaintiff can seek to garnish your wages to satisfy any judgment. Therefore, it may be better to come to a settlement with a payment plan.

As I am not licensed in your state, I can only provide you with some general guidance. You mention in your question that your insurance company has already paid the plaintiff. Therefore, I do not think that you would be liable to pay anything more. If you have been sued, contact your insurance carrier and ask them to defend the claim. They have a duty to provide a defense in addition to indemnifying you. If they already indemnified you and paid on this claim, I am quite certain that they obtained a full and complete release which benefits you and them. Call your insurance company now.