अपनी जानकारी भरिए

INSURANCE POLICY ASSIGNMENT (MORTGAGED PROPERTY)

BETWEEN

__________, __________, of __________ (the "Assignor", which expression includes the Assignor's heirs, executors, administrators, successors and permitted assigns);

AND

__________, __________, of __________ (the "Assignee", which expression includes its successors and assigns).

The Assignor and the Assignee are each a "Party" and together the "Parties".

RECITALS

C. The Loan and Mortgage documents require the Assignor to keep the Property insured throughout the term of the Loan, and to assign the benefit of the Policy to the Assignee as further and collateral security for the Loan, and the Assignor has agreed to do so on the terms of this Assignment.

IT IS AGREED AS FOLLOWS

1. ASSIGNMENT

1.1 The Assignor, as the person entitled to the Policy, hereby assigns to the Assignee, by way of security only and not absolutely, all the Assignor's right, title, benefit, interest and claim, present and future, in and to the Policy, including every sum that may become payable under it on the happening of any event insured against, to the extent of the amount for the time being due and owing by the Assignor to the Assignee under the Loan.

1.2 This Assignment is a transfer of an actionable claim within the meaning of section 130 of the Transfer of Property Act, 1882, is made in writing signed by the Assignor, and takes effect between the Assignor and the Assignee from the date of this Assignment.

1.3 This Assignment binds __________ only from the date on which written notice of it, in the form __________ requires, is given to __________ and __________ registers the Assignee's interest and endorses the Policy accordingly. Until __________ does so, __________ may deal with the Assignor as the person entitled to the Policy without notice of this Assignment, and this Clause 1.3 does not make __________ a party to, or bound by, this Assignment.

2. NOTICE TO THE INSURER

2.1 The Assignor and the Assignee shall, promptly after this Assignment is signed, give __________ written notice of it in the form __________ requires, and shall each do what is reasonably necessary to procure __________'s endorsement of the Policy noting the Assignee's interest and its written acknowledgment of this Assignment.

2.2 The Assignor shall procure that every renewal of the Policy carries forward the endorsement referred to in Clause 2.1, for so long as any amount remains due and owing by the Assignor to the Assignee under the Loan.

3. THE ASSIGNOR'S UNDERTAKINGS

3.1 The Assignor shall pay every premium on the Policy on or before its due date, and shall keep the Policy renewed and in force, for a sum insured not less than the amount for the time being outstanding under the Loan or the reinstatement value of the Property, whichever the Loan documents require, for so long as any amount remains due and owing under the Loan.

3.2 The Assignor shall promptly give the Assignee a copy of every premium receipt, renewal notice and endorsement on the Policy, and shall promptly notify the Assignee of any event insured against, any claim made on the Policy, and any notice of cancellation, non-renewal or lapse of the Policy that the Assignor receives from __________.

3.3 The Assignor shall not, without the Assignee's prior written consent, surrender the Policy, allow it to lapse, further assign or create any charge over it, or agree with __________ to any variation of the Policy that reduces the sum insured or narrows the risks it covers, for so long as any amount remains due and owing under the Loan.

3.4 The Assignor shall not, without the Assignee's prior written consent, settle, compromise, or give a full and final discharge for any claim made on the Policy, to the extent of the Assignee's interest under this Assignment.

4. IF THE ASSIGNOR DEFAULTS

4.1 If the Assignor fails to pay a premium when due, the Assignee may, but is not bound to, pay that premium on the Assignor's behalf, and every sum the Assignee so pays shall be added to, and recoverable as part of, the amount due under the Loan, together with interest at the rate the Loan documents provide for such a sum.

4.2 Nothing in this Clause 4 obliges the Assignee to keep the Policy alive, and the Assignee is not liable to the Assignor for any failure of the Policy that the Assignee has not itself caused.

5. APPLICATION OF CLAIM MONEYS

5.1 Every sum __________ becomes liable to pay under the Policy on a claim shall, to the extent of the amount then due and owing by the Assignor to the Assignee under the Loan, be paid to the Assignee, and the Assignee shall apply it towards that amount in the order the Loan documents provide. Any balance of that sum shall be paid to the Assignor.

5.2 If a sum payable under the Policy on a claim is, for any reason, paid to the Assignor instead of to the Assignee, the Assignor shall hold it in trust for the Assignee to the extent of the amount then due and owing under the Loan, and shall pay it to the Assignee without delay.

6. REASSIGNMENT

6.1 On the Assignor repaying the Loan in full and the Mortgage being redeemed or released, the Assignee shall, at the Assignor's cost, reassign the Policy to the Assignor and give __________ written notice of the reassignment.

7. TAXES

7.1 This Assignment is made by way of security for the Loan and for no separate consideration; the Parties do not treat it as a supply for consideration for the purposes of the Central Goods and Services Tax Act, 2017. Every amount payable under Clause 4 is exclusive of goods and services tax, where that Act applies to it.

8. RELATIONSHIP WITH THE LOAN AND MORTGAGE DOCUMENTS

8.1 This Assignment is collateral and additional to the security created by the Mortgage, and does not vary, supersede or override the Loan or Mortgage documents except as this Assignment expressly states. If there is a conflict between this Assignment and the Loan or Mortgage documents on the insurance of the Property, this Assignment prevails; on every other matter, the Loan and Mortgage documents prevail.

8.2 A dispute arising out of or in connection with this Assignment is raised, and is resolved, in the same manner and before the same forum as a dispute arising under the Loan documents.

9. NOTICES AND GENERAL

9.1 A notice under this Assignment shall be given in the manner, and to the addresses, stated for a notice under the Loan documents, and to __________ at __________.

9.2 This Assignment may be amended only in writing signed by both Parties, and is governed by the laws of India.

EXECUTION

The Parties have signed this Assignment on the date stated at the beginning.

For and on behalf of the Assignor, __________

Signature: ______________________________

For and on behalf of the Assignee, __________

Signature: ______________________________

WITNESSES

1. 1. Signature: ______________________________

1. 2. Signature: ______________________________

PERSONAL DATA NOTICE

This notice is given under the Digital Personal Data Protection Act, 2023.

Personal data in this document is collected only to create and administer the stated insurance policy assignment, communicate about it with __________, verify the expressly supplied lending, identity and policy information, and retain an evidentiary transaction record.

If the transaction is withdrawn, refused or cancelled, personal data will be retained for 90 days and then erased. If the transaction proceeds, the record will be retained for the Loan term plus 12 months, except where a named statutory or regulatory record-retention period requires longer retention.

Data minimisation: this document does not collect full Aadhaar numbers, Aadhaar-card copies, passwords, PINs, OTPs or unrelated bank credentials, and none should be written into it.