How Can You Change the Name of Your Bike Insurance Nominee?
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Changing the Name of Your Bike Insurance Nominee – Know the Steps and Things ?
Nominee details of your bike insurance policy can be changed. If you want to know more about it, you will find the explanation on how to do so in this post. So, read on to know more.
An auto insurance policy of your two-wheeler not just covers you against third-party liabilities but also protects you against damages incurred on your own bike. Further, in case the insured of a two-wheeler dies in an accident, the policy compensates his/her nominee as well. And that is the reason why it is so important to nominate or add a family member as a beneficiary of your bike insurance policy. Further, in case you nominated someone who is no more, you must change or update your nominee details immediately to avoid any hassles later. If you are looking at changing the details of the nominee of your bike insurance policy, you will know the procedure here.
To start with, let’s first understand what is the nominee name in insurance and its importance in bike insurance policy.
Who is a Nominee in Insurance?
The Indian Motor Vehicle Law makes it compulsory for every vehicle owner to buy a third-party insurance as well as a PA or Personal Accident cover. The Personal accident insurance allows the insured to choose a nominee who in case of accidental death of the insured is entitled to get death benefit from the insurance company. Thus, it is very important for a policyholder to mention the nominee details in their insurance policy so that in case the person dies in an accident, the death benefit can be received by the nominee.
Here are different scenarios under which a beneficiary can receive compensation in case of accidental death of the insured:
- If the death of the insured takes place due to bike accident
- If the death of the insured takes place after a claim has been raised and before receiving the compensation
Your spouse, your child, a sibling or even your parents – anyone could be a nominee of your insurance policy. Money received by the nominee as compensation from the insurer can help in providing monetary support to the family of the policyholder.
However, if you are required to change the nominee name in your policy, you simply need to follow a process as mentioned below.
How to Change Nominee Name in Bike Insurance ?
There is a simple change in insurance nominee rules that needs to be followed to change the nominee details.
- The first step involve filing an application stating that you want an endorsement to change nominee details in your policy
- You must also mention the name of the new person whom you choose to make the new nominee of the policy
- You can either submit the nominee change application of your bike insurance online or offline as per the terms and conditions of the insurance company
- There is no requirement of providing any other documents to the insurance company to change nominee in insurance. Nor do you need approval from the existing nominee if you want to change his/her name
- Once the application is submitted, the details of the new nominee is updated within a week’s time by the insurance company
3 Mistakes Made at the Time of Policy Nomination
There are some common mistakes that people generally make in case of policy nomination. Such mistakes make it difficult for the nominee to raise a compensation claim after the death of the insured.
Below are some such mistakes to be avoided:
- Not getting the nominee details updated – It is very important to update nominee details immediately if there is some change in nominee. For instance, if you have nominated your old mother as your insurance beneficiary at the time of buying the policy and later she died due to old age, you must change the nominee to someone else in your family like your spouse or child. This change of name can be done at the time of policy renewal or at the time of buying a new policy.
- Not informing the nominee – It is also equally important to inform the nominee that you have nominated him/her under your policy. In case you do not inform the person he/she would not be able to claim for the compensation.
- Offering incorrect nominee details – Also, it is very important to enter correct nominee details without any error or spelling mistake in the name change. The spelling should match the address and identity cards of the nominee and wrong spelling can lead to claim rejection.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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