Do You Need Wedding Insurance?

Indians are known to spend a significant part of their wealth on wedding ceremonies. In a country where the guest lists are long and hospitality is important, a huge amount is spent on wedding preparations, including customary expenses on gold jewellery.

With trends of destination weddings and grandeur experience picking up, Indian general insurance companies including National Insurance, ICICI Lombard, Future Generali, Oriental Insurance, Bajaj Allianz, have formulated covers for unexpected events at these big-budget ceremonies.

If you are planning a wedding ceremony for yourself or for a family member, you can decide whether or not you need to get insured after considering the following aspects:

What is a wedding insurance policy?

Wedding insurance policies are customised plans to include specific risks associated with the ceremony.

Marriage ceremonies hold the risk of disruption from natural calamity, fire, theft or even an accidental injury of a family member. If for one of the reasons, the event has to be postponed, the biggest problem is the no-refund policy followed by venue providers and caterers.

Especially in weddings involving big budgets and a large crowd, cancellation, postponement or an accident could cause a massive hit on one's finances and plans.

An insurance plan covers these risks.

What does it include?

While the insurance cover will generally include losses from a natural disaster, fire, terror attacks, riots, curfew and theft, the plan can be customised based on the risks associated with the venue.

Losses from unforeseen injury or death of a family member can be sought as an add-on.

Additional cover for damages to property or life of guests, burglary of jewellery or cash at home, can be opted for.

Note:

The wedding insurance cover will kick-in only 24-hours prior to the start of the wedding-associated ceremonies, irrespective of when you choose to purchase one. These will range for close to 7 days to include all the events of the marriage (like Mehendi and Sangeet) and ends on the next day of the wedding.

The insurance will, however, not include financial damages caused if the bride or groom calls off the wedding.

A claim can also be rejected if any information that could consequently lead to losses of any kind, was known by the insured but not disclosed to the company before the commencement of the policy.

Premium charged

The premium charged on these insurance covers varies on a case-to-case basis.

It will depend on the information related to the parties involved, the number of people attending, venue (place and whether indoor or outdoor), cost of decoration, cost of event management, cost of catering, etc.

The premium will depend on the sum assured for each associated risk.

Ideally, wedding insurance premiums are a cheap affair; ranging between 0.5 and 2 percent of the sum assured.

How to purchase one?

Generally, wedding insurance covers are included in the expenses by the event planner. The family can also choose to directly purchase one from general insurance companies.

National Insurance, ICICI Lombard, Future Generali, Oriental Insurance and Bajaj Allianz provide wedding insurance covers in India.