The Buyt Desk
When it comes to weddings Indians are not shy to spend. Wedding insurance is a popular choice for people whose wedding cost exceeds the amount of INR 50 lakh. However, you would not get any support from this insurance when you want to call your marriage off.
“No one thinks that their wedding would get canceled due to any reason. That’s a reason why most people do not approach wedding insurance. Usually, professional wedding planners encourage families to purchase this insurance coverage. The wedding insurance policy is nothing but the cancellation charges for various things that are important aspects of a wedding. It reimburses those losses as well”, reported Sanjay Datta, Chief, Underwriting, Claims, and Reinsurance, ICICI Lombard General Insurance.
The Popularity of Wedding Insurance in India
Wedding insurance is not popular in India. The reason is that potential couple and their families don’t think that anything wrong would happen on their big D-day.
According to an industry expert- “We have observed people purchasing this insurance plan for weddings having more than INR 50 lakh budget. This is because such weddings feature international performers. The family can get compensation from this insurance cover when they fail to turn up”.
Insurance Against Fire and Floods
These are basically the event insurance plans considered as wedding covers. According to Datta, “These covers can’t be bought online, off the shelf.” A client needs to contact the insurance service provider or a company for a policy, which can later be customized according to their needs.
The premium relies on the insurance company you’re choosing and the policy you select. Bajaj Allianz General Insurance’s Chief Technical Officer – TA Ramalingam said “Different features are included in our policy. The premium is based on the cover you select including wedding cancellation, burglary, property damage, wedding location/venue, and public liability.” The premium can also be affected by the decoration scale, cost of valuables, and celebration period.
Let us assume that you purchase an insurance cover just for some event cancellation due to any reason like a fire accident, declaration of state mourning, and others. Now, the premium may be INR 2,000 and GST for a cover of INR 20 lakh.
However, when you require more coverage against cancellation due to accidents, rains, no-shows of performers, terrorism, etc. you will have to get an additional premium. You will need i insurance for damage to sets, personal accidents, fire accidents, props damage, or damage to other equipment.
Before you make a final insurance purchasing decision, better compare the coverage terms of various policies because these are personalized policies with no standard template.
Wedding insurance plans of Future Generali cover wedding postponement or cancellation due to fire, natural calamities, terror attacks, curfew, and accidents involving bride, groom, or blood relatives.
Chief Distribution Officer of Future Generali Insurance, Raghavendra Rao says “An insurance cover of INR 20 lakh for a wedding in Delhi or Mumbai will cost between INR 10,000-20,000.”
Will Insurance Support When Wedding Is Cancelled Due To A Family Dispute?
Incidents or accidents that are beyond the control of a bride, groom, and family are included in the wedding insurance policies. But, wedding cancellations due to disputes between the prospective couple or family members are not covered. If this would be the circumstance, the insurer will not receive any compensation for losses.
Raghavendra Rao further added that wedding insurance will not compensate for the failure of the insured to start and finish the event in the scheduled time due to insufficient funds, his/her inability to take the essential permissions, non-arrival of the guests or priests, court verdicts.”
