How to Change Nominee Name in Your Bike Insurance Policy?

Who is a Nominee in the Bike Insurance Policy?

Before moving forward with the nominee-changing process, you must know who the nominee is.

A nominee is a person assigned by the policyholder, and he/she gets the claim or compensation amount if the policyholder dies. The nominee is also known as a beneficiary. The policyholder mentions the name when filling out the form and purchasing the two-wheeler insurance plan.

There are two situations under which the nominee receives the compensation amount:

• When the policyholder does not survive the bike accident.
• When the policyholder dies after raising the claim and cannot receive the amount.

Usually, people nominate their parents, spouse, or kid. The compensation amount serves the purpose of the well-being of the deceased policyholder's family.

Now, another question: What if you want to change the nominee? Life events like marriage, divorce, or changes in dependents require nominee updation. If circumstances change, you can easily modify your nominee in your two-wheeler insurance policy through an endorsement.

What is an Endorsement in Bike Insurance Policy?

The endorsement in the bike insurance policy refers to any changes or additions you want to make to your existing policy documents. Your insurer keeps a record of any amendments that you make to your policy through endorsement. It works as proof that you have made a change in the policy.

Let's understand this with the help of an example:

Imagine you purchased a bike insurance policy and added a sibling as the nominee. After getting married, you wanted to change the nominee to your spouse. You would request a "nominee change endorsement" with your insurer. You would provide your spouse's name, date of birth, and relationship to you. Then, the insurer updates the nominee, reflecting your spouse as the new one.

For endorsement, you might have to submit supporting documents as evidence. However, if you want to change the nominee name in your policy, the insurer will not ask you to submit any supporting documentation because it is entirely your decision.

Changing the nominee details is a non-financial endorsement that requires no fee and will be processed within 10 days:

• Name of the new nominee
• DOB of the new nominee
• Relation with the policyholder (in written consent)

Process to Change Nominee Name in Bike Insurance Policy

The process of changing the name of the nominee in the insurance policy is easy. Follow the below steps to change the nominee's name:

• Step 1: Write an application to your insurance company requesting an endorsement and mention the name of the new nominee
• Step 2: You can send it through the post or email, depending on the company's terms and conditions
• Step 3: Here, you do not need any supporting documents. All you need to give is the name & DOB of the new nominee and their relation with the policyholder.
• Step 4: The insurance company will pass the endorsement within 10 days from the requested date.

*Note: You do not require your existing nominee's consent to change before changing the name.

Types of Non-Financial Bike Insurance Endorsement

The non-financial endorsement in a bike insurance policy refers to those changes or modifications in the policy documents for which the insurance provider will not ask for any fee.

Below is the list of different non-financial endorsements available under the bike insurance policy:

• Addition of GST number
• Communication address
• DOB (Date of Birth)