Its plain unpromising. The mere thought is irreverent. Most people do not expect anything even remotely unpleasant to occur on the big day of their lives. After all, nothing can possibly go wrong when it comes to your very own band, baaja and baarat!
But we all know that disaster strikes without warning and that is the reason why you need to be sure that in case of any unexpected situation, at least the investments made in weddings are secure. According to estimates, the size of the wedding industry is approximately between Rs 1, 90,000 crore and Rs 2, 25,000 crore. Says Anita Singh, a wedding planner, “Nowadays, weddings can cost anywhere between `10 lakh to right up to even a crore.” And, if you are spending a major part of your life savings on this one event, you would definitely welcome security. And, wedding insurance is one such product that can help you insulate the losses, if the need arises.
WHAT DOES IT OFFER?
Most of the companies sell wedding insurance as a part of event insurance. The policy broadly covers personal accident, postponement or cancellation of the wedding and the damage of the property at the wedding venue. However, these policies can be customised according to your needs. So, if you are little wary of the kind of food that you have been eating before the wedding and you see it as a risk, then you can add food poison in the cover.
Also, if any of the close relatives of the bride or the bridegroom are unwell and there is a possibility that the event could get cancelled or postponed because of their accidental death, then you can buy a cover for that as well. You can also ask for a cover against burglary of jewellery, or the event getting cancelled as either the bride or the bridegroom is unable to reach the venue on time. If the wedding gets postponed/cancelled due to damage to marriage halls, then fret not, as that can also be insured. Even a terror attack is another risk that is now covered.
WHAT’S NOT COVERED
Any wedding that is cancelled due to a dispute between the marriage parties will not be covered. However, some policies do cover cancellations if the groom does not turn up due to unpaid dowry. Also, if you have any last-minute doubts and get cold feet on your big day, then don’t expect the insurer to pick up the bill. Insurance companies also do not cover willful negligence and criminal misconduct. Most importantly, you need to read the fine print very carefully as the terms and conditions vary depending on the insurance provider.
THE MONEY TANGLE
Bajaj Allianz offers four fixed options for the sum insured — Rs 20 lakh, Rs 35 lakh, Rs 58 lakh and Rs 73 lakh. The premiums for these are Rs 2,252, Rs 4,004, Rs 6,232 and Rs 8,273 (including service tax), respectively. However, the other companies generally provide a customised cover, so “premium rates broadly vary from 0.75% -1.5% of the total sum insured, depending upon various risk parameters like safety and security arrangements at the venue, geographical area, risk management or contingency plan etc.
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