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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.
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:
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.
There is a simple change in insurance nominee rules that needs to be followed to change the nominee details.
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:
Nominating someone from the family is important as a beneficiary of your bike insurance policy. However, it is also critical to put the name of the right person as beneficiary, as he/she will get the compensation amount from the insurer.
You can choose your parents, spouse or children as a nominee. However, in case of absence of such a family member, you can choose any of your trustworthy persons as the nominee. Or you may also make that person accountable for offering compensation to your family in case of your accidental death.
However, if no mention of the nominee is given, the insurer give the compensation amount to the legal heir of the insured.
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