It is the season of weddings. There is an atmosphere of happiness all around. Marriage matters a lot in everyone’s life. People consider it as a milestone because in Indian society, marriage is a bond of seven births and together. We spend here openly in marriage. Guests and their hospitality are of great importance in Indian weddings. We spend a lot of money to buy gold ornaments, different types of dishes, hotels for weddings or nice halls etc.
However, until an event or event is done properly, there remains uncertainty, as there is no time for emergencies and natural disasters. They can come anytime and get us into trouble. Damage from natural disasters such as floods or cyclones is very bad. Due to these incidents, sometimes marriage is postponed even after almost all preparations. At such times, wedding insurance (marriage insurance) plays a major role. So through this article, we are going to give you information about wedding insurance.
Why do you need wedding insurance?
Wedding insurance plans work to cover specific risks during the wedding. Any natural disaster or event such as flood, fire, theft, accidental injury to a family member, etc. can result in the marriage being interrupted. When you book the venue and caterers for the wedding, they charge at least half of the total expenses in advance and in any such situation they do not refund the money. In such a situation, the financial burden can be increased on you in the event of marriage being interrupted or scheduled for some other time. In such a time, wedding insurance can be very useful for you.
What does wedding insurance cover?
- To cancel or proceed a marriage due to fire, earthquake, theft or nominee (in case of injury to bride or groom, hospitalization or death in an accident, etc.) under the wedding insurance cover.
- The Sum Assured given under the Wedding Insurance cover covers the wedding invitation card, prepayment made to the caterers or the hall owners, decoration, hotel and travel ticket expenses etc.
- Death due to accident or injury at the wedding venue is covered under the Public Liability cover provided under the Wedding Insurance Scheme. Third-party losses are also covered.
Exceptions of wedding insurance
The following conditions are not covered under Wedding Insurance. Due to any such situation, the policy holder will not be compensated if the marriage is canceled or proceeded.
- Cancellation of marriage program due to bandh, agitation or nuisance of citizens in the city.
- To pursue marriage due to terrorist incidents.
- If the policyholder (bride or groom) gets kidnapped.
- If the policy holder is unable to reach the wedding venue on time due to non-availability of transport services.
- If the policyholder dies or is injured in a war or war-like situation.
- Injury or suicide by the policy holder himself.
- If the bride or groom stops the wedding program, there is no compensation.
- Cancellation of marriage for changes in weather and family disputes does not provide cover.
- If you hide any important information while taking wedding insurance that is likely to cause damage, the insurer will not accept your claim.
What does wedding insurance cost?
The premium of wedding insurance depends on the size and location of the wedding. It also depends on add-ons in insurance. Add-ons are an additional security option. If you opt for a destination wedding or get married on a yacht or in a posh hotel, the insurance premium of Wedding Insurance will be higher. If the wedding takes place in a hotel, you will have to pay a higher premium to cover the jewelry and gifts. The wedding insurance premium is 1-2% of the sum insured. If the insured amount of wedding insurance is Rs 10 lakh, then its premium will be Rs 10 thousand. You can consider it 1% of the sum insured.
How to buy wedding insurance?
If the wedding is to be held in India, you can buy wedding insurance directly from the major insurers. But keep in mind when buying wedding insurance and read all its conditions carefully. You have to show proof of expenses for the claim settlement, so keep the expenses bills. Nowadays wedding expenses are increasing, so to avoid the loss due to any emergency, you should get wedding insurance.