SECTION 1. Section ten of Commonwealth Act Numbered One hundred eighty-six, as amended, known as the Government Service Insurance Act, is hereby further amended to read as follows:
"SEC. 10. Optional Insurance.—Upon application to the Board and on satisfactory evidence of insurability, each member may obtain, at any time, additional life insurance and/or educational insurance of his minor dependents as he may desire, in multiple of one hundred pesos, subject to such rules and regulations as the Board may prescribe and to the provisions of Section fourteen hereof: Provided, That the full amount of the premiums on such additional life insurance and/or educational insurance Shall be paid by said member, and the amount thereof may be deducted from his pay or compensation, when expressly authorized by him."