IN Form 5196 free printable template

Form No. 5196 Rev Application for First Loan in Respect of Policies Prior to 1-6-69 Date Address at which Loan Cheque should be sent To The Sr. 1/- Assignee Trustee DECLARATION TO BE COMPLETED WHEN BORROWER/S CANNOT READ ENGLISH I hereby declare that the contents of the above APPLICATION FOR LOAN Form No. 5196/5205 and the FORM OF RECEIPT FOR THE LOAN ADVANCE Form No. 5200 have been translated and explained by me to and further declare that he / she they fully understand s the meaning there of....Signature of the declarant INSTRUCTIONS If either or both the borrowers be non-English knowing or illiterate an English knowing person should be requested to complete the above declarations as also to give the English rendering of the signature. Divisional Manager Life Insurance Corporation of India Dear Sir Re Policy No* Please grant me / us advance of Rs. or maximum available by way of loan against the above policy on which I / We agree to pay interest at the rate of 10. 5 per annum...compounding half yearly. I am / We are also agreeable to the following endorsement being placed on the policy viz ADVANCE S BY WAY OF LOAN WHEN GRANTED AGAINST THE SECURITY OF THE POLICY SHALL BE MADE BY THE CORPORATION ON THE FOLLOWING TERMS AND CONDITIONS 1 The Policy shall be assigned absolutely to and held by the Corporation their successors and assignees as security for the repayment of the advance s and of the interest thereon and of all expenses which may be incurred in connection...therewith. 2 The advances shall NOT be paid within a period of six months from the date on which the relative loan settled* 3 Interest on the advance s shall be paid compounding half-yearly to the Corporation their successors and assignees at the rate to be specified by the Corporation in respect of each advance when the relative is made the first payment of interest to be made on the date of next Policy anniversary or on the date six months before the next policy anniversary whichever...immediately follows the date on which the relative advance is made and every half-yearly thereafter. 4 When called upon repayment of the advance s with all interest which may be due thereon shall be made being given three months notice to that effect. 5 The Corporation their successors and assignees shall not be bound to accept payment of any of the advance s unless tendered in full* 6 In the event of failure to repay the advance s to repay the advance s when required or to pay interest on the...date as hereinbefore mentioned or within one calendar month after each due date respectively the Policy shall be held without the necessity of any notice being given to be forfeited to the Corporation their successors and assignees and Corporation shall be entitled to apply the Surrender Value allowable in respect of the Policy in terms of their Regulation and condition in payment of the advance s interest and expenses the balance only shall become due and payable under the policy. 7 In case the...policy shall mature or become a claim by death when the amount of the advance S or any Portion there of shall remain outstanding the Corporation shall be entitled to deduct such amount together with all interest upto the date of maturity or of death as the case may be from the policy moneys and the balance due and payable under the policy.