How to Change Nominee Name in Bike Insurance Policy?

Who is a Nominee in Bike Insurance Policy?

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

A nominee is a person who is 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 while filling out the form while purchasing the 2-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 could not receive the amount

Usually, people assign their parents, spouse, or kid as their nominee. The compensation amount serves the purpose of the well-being of the deceased policyholder’s family.

When Should You Change Nominee in Bike Insurance?

You may need to change the nominee in your bike insurance policy in the following situations:

• After marriage, adding spouse as nominee
• After divorce or separation
• Death of existing nominee
• Change in family priorities
• Incorrect nominee details

If you purchased the bike when you were unmarried and made your siblings the nominee, but now want to assign your spouse, you can easily update the nominee details.

In this situation, you have the option to change the name of the nominee in your two-wheeler insurance policy through an endorsement process.

What is an Endorsement in Bike Insurance Policy?

The endorsement in bike insurance policy refers to any changes or addition 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:

After marriage, you want to add your spouse's name as a nominee in your existing policy. For this, you will have to ask your insurer to pass an endorsement to make the change at the time of bike insurance renewal, the beginning of the policy year, or mid-year.

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 completely your decision.

Documents Required to Change Nominee in Bike Insurance Policy

Changing the nominee details is a non-financial endorsement (means no fee). However, you need to provide the following details:

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

Is There Any Fee for Changing Nominee in Bike Insurance?

No, changing nominee details is a non-financial endorsement, and insurers usually do not charge any fee for this change.

Process to Change Nominee Name in Bike Insurance Policy

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

1. Offline Process to Change Nominee:

   • Write an application to your insurance company requesting an endorsement and mention the name of the new nominee
   • You can send it through the post, or email depending on the company’s terms and conditions
   • 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
   • The insurance company will pass the endorsement within 7-10 days from the requested date.

2. Online Process to Change Nominee:

   You can also change nominee details online by logging into your insurer’s website or mobile app, raising an endorsement request, and updating the nominee details without visiting the branch.

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

What Happens If No Nominee is Assigned?

If no nominee is assigned, the claim amount is paid to the legal heir of the policyholder after submitting necessary legal documents. However, this may delay the claim settlement process.

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 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)
• Color change of the bike/scooter
• Email address
• Chasis Number
• Engine Number
• Hypothecation removal
• Hypothecation addition
• Insured name
• Mobile number
• NCB certificate
• Nominee details
• Registration number
• Salutation

When you want to make any change in your two-wheeler insurance policy, then make sure that you inform the insurer. As this might impact your bike insurance premium rates. If your insurer finds out about it later, they might reject your claim request.

Things to Keep in Mind While Changing Nominee

• Ensure correct spelling of the nominee name
• Mention accurate relationship details
• Update nominee details regularly
• Inform family members about the nominee

Wrapping It Up!

Since the nominee is assigned by you in your bike insurance policy, you must take your decision wisely. Make sure that you are assigning a trustworthy person as a nominee. If you feel like changing the nominee’s detail in the policy, you can ask your insurer to pass an endorsement and then make the changes.

If you have purchased your bike insurance from Policybazaar.com, you can do it online while sitting in the comfort of your home without any hassles. The exact process may vary depending on the insurer.

FAQs – How to Change Nominee Name in Bike Insurance