Section 101 in The Navy (Pay And Allowances) Regulations, 1966
101. [ Requirement of an Assurance Policy Coverage. [Substitued by S.R.O. 9-E, dated 19th March, 1974]
(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](2)An officer of the Aviation Branch commissioned on or after the 1st December, 1959 but before the 16th December, 1967 shall be required to take out and keep alive, such additional endowment assurance policy or alternatively convertible life policy with definite conversion into endowment with the Life Insurance Corporation of India covering aviation risk also, which together with such policies already taken out by him with the life Insurance Corporation of India and/or the Postal Life Insurance will give him a cover of Rs. 25,000 upto at least the expiry of 20 years from the date of commissioning in the aviation branch and the total average premium or premia payable for all would come to Rs. 150 p.m. or more. Therefore, as and when any of the policies mature, the officer shall subscribe the difference between Rs. 150 p.m. and the monthly premium of the current policy/policies, if any, to the D.S.O.P. Fund over and above the compulsory minimum rate of subscription payable under the rules.(3)An officer serving in the aviation branch from a date prior to 1st December, 1959 shall subscribe to the D.S.O.P. Fund, in addition to the compulsory minimum rate of subscription prescribed under the rules, a sum which when added to the insurance premium paid by him for the endowment assurance, or convertible life policy/policies with the definite conversion to endowment (Life Insurance Corporation of India as well as Postal Life Insurance Fund) total Rs. 150 p.m.(4)A Regular Officer Aircrew shall be required to subscribe to the D.S.O.P. Fund the difference between Rs. 150 p.m. and the amount of premia paid by him monthly for sustaining endowment assurance policy/policies or convertible life assurance policy/policies with definite conversion to endowment with Life Insurance Corporation of India and/or Postal Life Insurance Fund, in addition to the compulsory minimum rate of subscription payable under the normal rules.]
