How to assign PLI policy for Loan

How to assign a PLI Policy ?

Here is the certificate of assignment to be given by the insurant in presence of a witness whose ID proof is also to be furnished:

I, ......................................................... (name of the insurant) hereby assign the PLI policy no. ........................................ held by me, in favour of the President of India, as security for the payment of all sums under Rule 42 of the Post Office Insurance Fund Rules, 2011, I may be liable to pay. 

I hereby declare that no prior assignment exists with my policy particularised above. 

As witness my hand this day ..........................(date) of .......................(month) ...........................................(Year).

Name of the insurant 

Witness:
(ID proof to be attached)