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Wedding Insurance

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Wedding InsuranceIt is now possible to insure your wedding. Though wedding insurance is not as commonly heard of as a car insurance it is a product that is slowly and steadily gaining popularity in the Indian market. The reason why the companies who do have such a product, do not market them aggressively is because some people are superstitious and would consider even thinking of such possibilities (such as burglary, death of either the bride or bridegroom etc.) as inauspicious. According to Mr. T.A. Ramalingam, head (underwriting), Bajaj Allianz General Insurance, says, “Given the sacred nature of the rituals nobody wants to even think that anything could go wrong.”

Malati is about to get married very soon. Her family has kept aside a few lakhs on the wedding. Malati feels that it is only right for them to go in for an insurance plan, though her family is not comfortable with the thoughts. As her father points out, “who on earth would like to think of such things on such a happy and auspicious occasion!”

However, Deboshree who is a manager with an event management company is of the opinion that since “the big fat Indian wedding” as they call it is an expensive affair with even ordinary middle class folks shelling out as much as five to six lakhs for a wedding it makes sense to have the event insured. After all life is really unpredictable.

A wedding is a very special occasion not just for the bride and groom but also for the entire family. So, logically it seems like a good idea to forsee any untoward incident and be prepared for it. This is something that we naturally do. What we probably do not consider is the monetary or financial losses that may occur if any of these “untoward incidents” should occur despite us having taken precautionary measures. Insuring your wedding is one way of feeling financially protected.

Typically most of the wedding insurance plans available in the market provide cover against accidents to the bride, bride groom and their blood relatives., burglary of wedding finery and valuables which include clothes and jewellary, cancellation of the wedding due to legitimate reasons, damage caused to the venue by natural calamities, criminals or if the venue is the target of a terrorist attack and food poisoning.

What these policies do not cover are cancellation of the wedding due to criminal offence committed by either the bride or the bride groom, insolvency of the policy holder and feuds between the two families.

The tenure of a wedding insurance could range anywhere between a week before the actual function takes place till all the festivities are over.

Remember to keep all those valuation certificates and bills as they would be required when you are taking the policy.

Though most people believe that wedding insurance is only for the rich, the market for wedding insurance is growing among the middle class as more and more wedding planners and event managers are getting into the act of informing their clients about the benefits of this product.

There are a few public sector companies who offer wedding policies under the event insurance packages. The major private players in the market are Bajaj Allianz and ICICI Lombard.

You cannot put a price tag on your peace of mind but, when you compare the expenses involved in an Indian wedding the premium for a wedding insurance seems like a fair price to pay.

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