(10)Notwithstanding any law or custom having the force of law to the contrary, an assignment in favour of a person made upon the condition that--(a)the proceeds under the policy shall become payable to the policyholder or the nominee or nominees in the event of either the assignee or transferee predeceasing the insured; or(b)the insured surviving the term of the policy, shall be valid:Provided that a conditional assignee shall not be entitled to obtain a loan on the policy or surrender a policy.
