Wedding season is in full swing across the country, with a large number of young couples tying the knot. After buying a home, a wedding is the second largest financial expense in a person's life.
New Delhi: In India, a wedding is a grand and emotional event, involving not only family sentiments but also an investment of lakhs of rupees. However, an unexpected event can turn this dream into a significant loss. To mitigate this financial risk, "wedding insurance" is rapidly gaining popularity.
What is Wedding Insurance?
Wedding insurance, also known as marriage insurance, is an insurance policy designed to protect wedding-related events and expenses from various potential risks. This can include postponement or cancellation of the wedding ceremony, natural disasters, man-made disasters like riots, damage to the wedding venue, and even personal accidents.
Weddings involve expenses in lakhs of rupees – clothing, jewelry, decorations, catering, photography, venue booking, and travel. If a wedding has to be postponed or canceled for any reason, it can lead to significant financial losses. Wedding insurance provides financial security in such circumstances.
What Situations are Covered?
Wedding insurance covers a wide range of situations, including but not limited to:
- Natural Disasters: Unseasonal rain, storms, floods, earthquakes, hailstorms, and other acts of God. If these events damage the venue or necessitate postponement, insurance proves helpful.
- Man-made Disasters: Riots, political instability, curfews, or sudden restrictions imposed in an area due to security reasons.
- Damage to the Wedding Venue: If there is a fire, wall collapse, flood, or the venue becomes unusable for any reason, the insurance policy can cover the damage.
- Family Emergencies: The sudden death or serious injury of the bride, groom, or their parents or siblings. In such situations, the ceremony may need to be postponed, and insurance provides support.
Add-on Covers and Riders are Also Available
Today's insurance policies cater not only to major events but also to specific needs. Therefore, many companies offer add-on covers or riders in wedding insurance.
Attire Cover
If the wedding attire is damaged, stolen, or lost before the ceremony, the attire cover compensates for your costs.
Honeymoon Coverage
Problems such as accidents, medical emergencies, or ticket cancellations during the post-wedding trip can also be included through honeymoon cover.
Decoration and Event Management Cover
If there is any malfunction or damage to the decoration materials, sound system, or lighting, these expenses can also be covered.
Premium and Coverage Amount
The premium amount for wedding insurance depends on the total wedding expenses and the desired coverage. Insurance policies are generally available for weddings costing from 5 lakhs to 5 crores of rupees. Premiums start from a few thousand rupees and increase according to the policy duration and coverage.
Who Can Buy Wedding Insurance?
The wedding insurance policy can be taken by family members of the bride and groom, the bride or groom themselves, or the event organizer. Sometimes, venue owners also get insurance before the event.
Things to Keep in Mind Before Taking a Policy
- Check the reliability of the insurance company.
- Understand the claim settlement process thoroughly.
- Read all the terms and conditions before purchasing the policy.
- Be sure to get information about add-on covers.
- Take the insurance policy aligning the insurance period with the ceremony dates.
Why is Wedding Insurance Necessary?
In India, weddings are not only cultural celebrations but also a social responsibility. A large population gets married using their savings or loans. If a wedding has to be postponed or there is damage due to any unforeseen event, wedding insurance acts as a financial safety net.
In addition, peace of mind is a significant benefit. When you know that financial security exists in case of any mishap, you can enjoy your special day without stress.
