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What Is Endorsement In Health Insurance?

Aakansha Jain
By Aakansha Jain
Research & Content Ninja at Beshak
4 user ratings

Got your name misspelt in your health insurance policy? Forgot to pick riders at the time of purchasing the policy and want to opt for them now? Or did you recently shift to a new house or changed your mobile number and want to update the details in your policy document? 

Well, you can easily make all these and a lot of other changes to your health insurance policy after you’ve made the purchase. 

How? Through endorsement.

What Does Endorsement Mean In Insurance?

Endorsement means making changes or additions to your policy's existing terms after you’ve purchased it. An endorsement can be done either in the middle of the policy term or at the time of renewal.

For instance, you can increase your coverage, add riders, or make changes to your address, mobile number, emails, etc. 

Types Of Endorsement In Health Insurance

There are 2 types of endorsement in insurance - 

1️⃣ Financial Endorsement

Financial endorsement, also called a payment-related endorsement, includes making changes to your policy that can have a direct impact on your premiums. A financial endorsement can be initiated only at the time of policy renewal. 

Here are some examples of financial endorsements in health insurance -

  • Correcting your date of birth that changes your age.
  • Changing your city, when there is geographical pricing in the policy. 
  • Opting for riders.
  • Increasing or decreasing your policy sum insured.
  • Adding members to the policy, or removing them in case of death. 
  • Changing your height, weight, etc.

2️⃣ Non-financial Endorsement

Non-financial endorsement refers to making changes to the policy that doesn’t have any impact on the premium. It can be done at any time when the policy is active.

Here are some examples of non-financial endorsements in health insurance - 

  • Making changes to basic details like your name, etc. 
  • Changing or updating your contact details - that is, your email ID, mobile number, etc.
  • Adding, removing or making changes to details related to your nominee.
  • Changing details related to education, occupation, bank account, marital status, PAN/Aadhaar number, etc.

What Is The Endorsement Process?

The process involved in endorsement is very simple - 

  1. You inform the insurer/ platform you bought the policy from about the necessary changes you need to make. 
  2. The insurer/ aggregator will either make the changes themselves or in some cases send you a link through which you can make the changes yourself. 
  3. After this, you’ll get an email from the insurer/ aggregator mentioning the date by which your endorsement will be processed. 
  4. Some insurers may also allow certain changes on their website. You simply have to log in to your account and make changes. 
  5. The insurer/ platform will send you the updated policy document once the changes you requested are completed. 

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Key takeaways
  1. Endorsement allows you to make any additions or changes to your policy - post-purchase.
  2. Endorsement is of two types - financial and non-financial.
  3. A financial endorsement can be done only at the time of renewal and includes those changes that will affect your policy premiums.
  4. A non-financial endorsement includes making changes to your policy that don’t affect your premiums and it can be done in the middle of the policy term.
  5. The process of endorsement is very simple - you inform the insurer/ aggregator about the changes you need to make. They will either make the changes themselves or send you a link to make the changes. They’ll then send you the updated policy document after the changes are made from their end.
How did you find this article?
Aakansha Jain
Aakansha Jain, Research & Content Ninja at Beshak

Aakansha is a Content Ideator and Writer at Beshak. With her easy-to-understand content, she makes insurance simple for everyone. She comes with a strong background in finance and commerce and wants to help families make positive insurance decisions that are good for a lifetime.

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