______________, referred to as DEBTOR, and __________, referred to as CREDITOR, agree:
____________________ is indebted to CREDITOR in the amount of Rs. _____(____________________&___/100 rupees) by virtue of_________ dated ____________.
DEBTOR assigns to CREDITOR the following policy of life insurance: Policy number: _______________________________________ Face amount: Rs._____(_______________________&____/100 rupees) Amount of loans/charges against policy: Rs._____(_______________&____/100 rupees) as collateral for the debt.
Any and all proceeds from the policy are assigned to the CREDITOR, to the extent of principal and interest due upon the debt, and any renewals and extensions thereof. The DEBTOR shall prepare any further instruments required to effect this pledge….
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