3. Where, under any relevant insurance, money is for the time being insured to be paid to the person by whom the insurance was taken out on the death of a parent or grandparent of his—N.I.
(a)any assignment or charge made by him after 22nd December 1948 of or on all or any of the rights in respect of the insurance conferred on him by the policy or by any provision of this Order, or of any enactment repealed by this Order; and
(b)any agreement so made by him to assign or charge all or any of those rights;
shall, except in the case of a charge or agreement to charge for the purpose only of securing sums paid for keeping on foot or restoring the insurance, be void, and, on any bankruptcy of his, where the order of adjudication was made after 22nd December 1948, none of those rights shall pass to any trustee or other person acting on behalf of his creditors.