Section 241(2) in The Navy (Pay And Allowances) Regulations, 1966
(2)The amount for which a vehicle is insured during any period shall not be less than the outstanding balance of the advance together with interest thereon accrued due at the beginning of the period in question, and the policy of insurance must be renewed from time to time the advance is fully repaid. If at any time the amount insured under the current policy is less than the outstanding balance plus interest accrued due, the officer concerned shall refund the difference to the Central Government in not more than three monthly instalments.
