Very Easy 3 step Process
Very Easy 3 step Process
Being one of the salient points of somebody’s life, a wedding in India can take a very pompous form, full of joy and culture, but the bright realization is that things may not go all as well planned. Whether it is a last-minute cancellation of the venue or ripping up the wedding attire or getting some key family member hospitalized, one or the other thing should happen for sure when it comes to even the most well-planned weddings.
Imagine having months of planning and deliberation for the perfect wedding all just to be canceled due to a natural disaster, or literally losing thousands of rupees due to incompetent vendors. Such things can be really stressful in terms of both finance and emotion. Now, for all that, Wedding Insurance gives you peace of mind and protects you from unforeseen hindrances.
Wedding insurance is the need of the day planning a wedding in India because, depending upon the scale and location, an average wedding can range anywhere between ₹10 lakh and ₹1 crore. You face risk factors such as unpredictable weather and even cancellations by other vendors and even political unrest that make sure your dream day doesn’t turn out to be a dampener financially.
These are special insurance plans that would cover your financial loss due to unforeseen circumstances affecting your wedding. It covers an ample amount of risks that may cause you to lose money on the day—from a canceled venue to a no-show vendor—to even damage to your wedding attire or theft of jewelry. It helps ensure that all your financial investments made for your wedding will be safe, and you can simply enjoy the special day.
It incorporates all the marriage ceremonies held before the wedding day, that is, the engagement functions, along with the function after the actual wedding, the wedding reception. It, therefore, covers the entire scenario of an Indian wedding, which, most of the time, tends to be prolonged into two or more days.
If you want to save your hard-earned money by avoiding this horrific financial loss and do not want any kind of damage or untimely interruption, then an expertly qualified insurance advisor will suggest the best policy that meets your needs.
Indian weddings are not one-day affairs but multi-day affairs with a lot of rituals and big guest lists. This makes the affair very costly in terms of money, as well as risks of many types that are inherent in it. Here is why Indian weddings need a wedding insurance of sorts.
The Indian wedding industry stands at an astonishing figure of more than ₹3.68 lakh crore per year, and most families do not leave any stone unturned for their respective weddings. Something that may cost lakhs in one event can only disrupt and incur huge losses.
Be it monsoon rains in Mumbai or the chances of flooding in Chennai. Weather can play a spoilsport. Especially to outdoor weddings.
Indian weddings, as a whole, operate on a multi-vendor system, such as decorators, caterers, etc. So if a primary vendor does not turn up at the last minute, you are left high and dry to find alternative vendors or be ready to pay through your nose for them.
Indian marriages are family events, and health emergencies or accidents may crop out anywhere at any given moment, and thus the marriage has to be called off or postponed and result in financial loss too.
Other local strikes, protests or political violence can even change the date of a wedding or even cancel it outright, for which one pays another premium in the form of an upscape to otherwise pricey events.
Wedding insurance will cover you for most interruptions. Read here what most wedding insurance policies really cover:
Bail in venue due to circumstances beyond control: Acts of God, fire or legal wedding insurance: costs to use an alternate venue.
If a major vendor, such as a caterer or photographer, did not appear for a function and/or is no longer in business, this coverage pays the amount advanced towards the deposit. It may also be used to pay additional cost incurred to replace the vendor
Even the Lehenga of the bride and Sherwani of the groom could be insured against any damage or theft while being transported or at the event venue.
Indian weddings incur significant expense in gold and diamond ornaments. So, this jewelry coverage is going to be there in wedding insurance that will cover losses or theft during the marriage ceremony.
If the bride or groom or any close relative gets ill or injured, and due to that, the wedding needs to be postponed or even cancelled, the insurance plan would regain the loss.
Indian weddings usually involve a large population, and there is always a possibility of such mishaps that might involve injuring the guest or damaging the property. Public liability will aid in settling all third-party claims at the time of the event.
Marriage insurance provides total protection, but it has some exclusions. Here are a few common exclusions:
The insurance does not, however, normally cover a marriage that has been postponed or even canceled due to a pre-existing medical condition of the bride or groom or any member of their families.
When the bride or groom changes his mind about getting married and decides to cancel it or to call it off, then nothing shall be covered for them.
The wedding insurance doesn’t cover if it is cancelled just because the bride or groom’s mind changes at the last moment.
Any natural calamity or extreme climatic condition such as a cyclone might not be covered unless and until it has been mentioned specifically in the policy.
The right wedding insurance is that one that caters to your specific needs, so do check the assessment tips below to get the best for your wedding.
The more elaborate and costly your wedding is, the more likely you are to suffer a financial loss. Know about your budget for the wedding, the functions leading to the wedding that are covered under the budget, and find a policy that gives you enough coverage.
Ensure the policy you will choose addresses all the major elements of your wedding ceremony – place, attire, accessories, and service providers. The premium that you will have to pay should at least be comparative to the wedding costs you will incur.
Coverage and premiums differ with insurance firms. You must compare policies from various firms to choose which would work best for your wedding.
Always read policy details and know what to expect in and out. So, you will not have any surprise later, be sure to know what’s included and what’s not.
You must consult an insurance expert who can clarify your needs and allow you to choose the right wedding insurance policy that suits your needs specifically.
Indian weddings have very high stakes for today, wherein investment, both emotionally as well as in terms of finance, is quite high, thus making wedding insurance all the more important. Some safety net will ensure that precious money will not go to waste due to some untoward activities.
It makes financial security really important with the rising cost of Indian weddings, as wedding insurance can ensure that an individual remains peaceful in case of any unexpected and sudden derailment.
Feeling secure at one’s financial end lets you enjoy the day without harrowing “what ifs” haunting you always.
Whether it is an issue with the vendors or any damage to the venue, wedding insurance helps in very well managing crises, thus covering all expenses that are incurred due to such untimely events.
These are the major benefits that wedding insurance offers:
Whether it is failure of the venue or failures of the vendors, there is always a wide range of risks covered by a wedding insurance.
It’s all about vendors in Indian weddings. If cancellation has to be done, then the charges incurred are very heavy, and hence the provision of financial support in this regard through wedding insurance is very important.
Expensive clothes and jewelry are mandatory in an Indian marriage. Even getting those insured gives a comfort about the loss or damage of such valuable articles.
Wedding insurance will ensure you enjoy yourself on the day without worrying about losing money unexpectedly.
Wedding insurance, although not a compulsion, is an absolute necessity for all large marriages whereby significant amounts of money are spent in organizing the event.
The premium amount of the wedding insurance varies between ₹15,000 and ₹50,000 according to the coverage amount. The extent of the wedding might vary with the extent of coverage.
The majority of wedding insurances do offer destination wedding insurance. Of course, subject to the terms and conditions of the policy.
Yes, you can buy wedding insurance at the last minute.
Sure, the best would be if you could get wedding insurance on an early date. In fact, some policies require that the insurance be bought at least 30 days before the stated date of the wedding.
Some policies include weather-driven cancellations; however, the severer weather conditions of cyclones may not be included unless one has purchased a particular option as part of the policy.
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