Designating a nominee for your two-wheeler insurance is essential. If you have forgotten to add one initially or need to change the nominee, this article explains how to add or modify the nominee’s name in your policy.
How To Change Your Bike Insurance Plan’s Nominee Name
Before discussing how to alter the policy nomination, let’s first clarify what a nominee is.
Who Is A Beneficiary Or Nominee?
Indian law mandates that when buying a new or used bike, you must have personal accident (PA) coverage and third-party bike insurance. A nominee, also called a beneficiary, is entitled to the payment in case of the insured person’s passing away. It’s essential to designate a beneficiary when purchasing a bike insurance plan.
When the nominee gets the compensation amount, there are two possible outcomes:
- The policyholder’s passing in a bike accident.
- The policyholder files a claim but passes away before getting their money back.
Nominees are usually close family members like children, spouses, siblings, or parents who receive compensation in case of the policyholder’s passing away. You should change the nominee, like designating your spouse after getting married. Knowing how to do this in your two-wheeler insurance policy is essential.
Usually, you must fill out applications for the insurance company to change the nominee. Nonetheless, you can modify the nominee’s name in your policy without going through a drawn-out process.
How To Amend Or Add A Nominee To A Policy For Bike Insurance
Insurance providers are digital, making nominee changes simple. No paperwork is required. Use the provider’s website o
The nominee in your motor insurance policy can be changed in the following ways:
Step 1: Enter your login information to access the insurance provider’s website or mobile app.
Step 2: On your policy card, select “View Details.”
Step 3: You can choose the “Edit Policy” option on the newly displayed page.
Step 4: To modify the beneficiary by the guidelines, choose “Edit/Add Nominee” from the new pop-up window.
This will update the policy document after you submit the new nominee’s name.
Typical Errors Made When Nominating Policies
Errors and mistakes when nominating someone for a bike policy can cause problems when getting compensation after the policyholder passes away timeartup . These are a few typical bike policy nomination mistakes that must be fixed immediately.
Not Changing Nominee Details
You must ensure the nominee details are updated whenever you add or modify a bike policy nomination. If the nominee passes away while the policy is in effect, you must also update the nomination.
Not Letting The Nominee Know
As the policyholder, it’s essential to inform your nominee about the bike insurance policy and provide them with a copy of the policy document. This ensures they are aware and can submit any necessary claim requests. While insurance companies attempt to identify the nominee, proactive communication is best world celebrity bio.
Inaccurate Or Inaccurate Nominee Data
Errors in nominee information, like misspelt names or incorrect relationship details, can lead to claim issues. Periodically review and update nominee details to avoid such mistakes. Make sure you renew your bike insurance on time to have uninterrupted coverage.
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