How To Change Nominee Name in Your Motor Insurance Policy?

As a vehicle owner, it is mandatory to buy a motor insurance policy, failing which, can lead to penalties. The Motor Vehicles Act is what makes it compulsory for all vehicle owners to have at least a third-party insurance cover. Along with legal compliance, a vehicle insurance policy also comes in handy to provide financial coverage for repairs. For that, you need to buy a comprehensive insurance plan. Where a third-party policy only protects against legal liabilities due to accidents, a comprehensive plan ensures coverage for the damages to your vehicle too. Thus, you can avail protection not just for liabilities, but also for the repairs that may be required for your car or bike. A comprehensive motor insurance policy (car/bike insurance) also includes a personal accident cover. This personal accident cover provides coverage of up to ₹15 lakhs in the event of an accident that may result in injuries, disabilities, or even death. In these situations, such compensation is paid to the dependents of the policyholder, termed as nominees, which you must appoint when you buy car insurance online.

Who is a nominee in motor insurance policies?

A nominee is an individual whom the policyholder assigns to receive compensation in the event of an unfortunate demise. Hence, the nominee is also known as the beneficiary of your insurance plan. This person can be appointed when you buy bike insurance online. Generally, it is assumed that the legal heir will be the nominee, however, it isn’t mandatory for the policyholder to appoint their legal heir as one. Any other person can be named as the nominee in the motor insurance policy, who shall be responsible for receiving any compensation as well as carrying out necessary proceedings of the insurance plan. The concept of nominee exists so that the insurance company need not have to find the appropriate receiver on their own in the event of an unfortunate accident. Thus, policyholders are made to appoint one when buying their car/bike insurance plans. * Standard T&C Apply

Can the nominee be changed in your motor insurance policy?

As discussed above, the nominee need not be a legal heir, but can instead be anyone. Thus, such a nomination made in your motor insurance policy can be changed from time to time. Using the endorsement facility ensures a simple and straightforward process of changing the nomination. This endorsement facility not only allows you to change the nomination but also other policy details, such as your address, contact details, any modification in your vehicle, etc. * Standard T&C Apply

What is the process of changing the nomination using an endorsement facility?

A written request must be made to the insurance company, mentioning the details of the new nominee. Depending on the insurance company’s procedure for endorsements in insurance plans, it can differ between sending an email or a written request via post. There are no requirements of additional supporting documents for evidencing such a change in the nomination of your insurance policy. * Standard T&C Apply Since the nominee is an important person who receives compensation after the policyholder, it is essential to keep it updated at all times. Make sure to use the endorsement facility wisely to stay on top of the nomination in your insurance policy. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.