ASSIGNMENT OF INSURANCE POLICY FOR LOAN
That I, _____________, aged about_________ years, son of _________, resident of _________, in consideration of value received do hereby assign and transfer and set over unto __________., aged about _________ years, son of _________, resident of _________, all my rights, title and interest including the right to exercise any and all options, rights and privileges in and to the Policy bearing No. _________, issued to me by _________ and all moneys payable thereunder. The said policy is hereby delivered to the said ____________. and I do hereby further undertake to have this transfer and assignment registered with the said _________ immediately hereinafter.
This assignment is made for securing the due repayment of my loan on the basis of the pronote executed by me on _________, in favour of the said _______. and on which said loan the sum of Rs _________inclusive of all interest at the stipulated rate of _________ per cent per annum is due to the said _________. and for the repayment of all further interest as may accrue and remain unpaid.
If I default in the payment of the said loan or any portion thereof and any sum remains due after the period of _________ years from date then this assignment shall stand and be enforceable, otherwise it shall be void and the said ____. shall on the repayment of the loan return the said policy to me according to my directions in this behalf.
IN WITNESS whereof, I, the said __________, have hereunto signed at ______ this the______ day of ________ in the year 20_________
I,__________., the above-named assignee accept the above assignment on the terms and conditions embodied herein.