Section 101(1) in The Navy (Pay And Allowances) Regulations, 1966
(1)An officer of the Aviation Branch who has become qualified as pilot or observer on or after the 16th December, 1967 shall be required to take out, and keep alive, endowment assurance policy/policies, or alternatively convertible life policy/policies, with definite conversion into endowment, with the Life Insurance Corporation of India covering aviation risk also, for a period of at least 20 years, the sum assured being not less than Rs. 25,000 and the average monthly premium payable for the first 20 years being not less than Rs. 150. His eligibility for [Flying pay] [Substitued & Omitted by S.R.O. 19(E), dated 23rd October, 1986] for the first 20 years of his commissioned service shall be subject to the fulfilment of this requirement. A Life Insurance Policy taken out by the officer or by his parent/guardian in his favour, during training as officer or cadet (including the period as a cadet in the National Defence Academy) which fulfils the above mentioned requirements will also be acceptable for this purpose. The fulfilment of the above requirement will be verified and certified by the authority prescribed by Naval Headquarters for the purpose when the policy is initially taken out or if it has already been taken out when the officer becomes eligible for [Flying pay] [Substitued Added & Omitted by S.R.O. 19(E), dated 23rd October, 1986]. Thereafter the authority prescribed by Naval Headquarters will verify and certify at the close of each financial year that the policy has remained alive and unencumbered. As and when any of those policies mature, the officer shall subscribe the difference between Rs. 150 p.m. and the monthly premium of the current policy if any to the D.S.O.P. Fund over and above compulsory minimum rate of subscription payable under the rule.[Note. - The sum assured under the Group Insurance scheme and the contribution made thereunder will also reckon towards the minimum prescribed insurance of Rs. 25000 and the average monthly premium of Rs. 150 for the purpose of grant of enhanced rates of Flying Pay."] [Substitued Added & Omitted by S.R.O. 19(E), dated 23rd October, 1986]
