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Do You Need Wedding Insurance?

IndianMoney.com Research Team | Updated On Saturday, December 21,2019, 02:51 PM

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Do You Need Wedding Insurance?

 

 

It’s the season of weddings and joy is in the air. Indians spend a lot of weddings, considered a once in a lifetime event and an important milestone. Guest lists are long and hospitality is crucial. Lots of money is spent buying gold jewelry, preparing exotic dishes, the best halls for the marriage and so on.

However, just like any event, uncertainty may play spoilsport. Canceling or rescheduling a wedding due to natural calamities, damage to the venue by cyclones or floods or even a protest is a nightmare. This is where wedding insurance has a major role to play. The losses on cancelation of a wedding can be severe. Why not ensure your wedding with a wedding insurance plan?

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Do You Need Wedding Insurance?

Why Wedding Insurance?

Wedding insurance plans are tailor-made to cover specific risks to your wedding. The wedding could be disrupted due to natural calamities like a flood or fire, theft or even accidental injury to a family member. Most venue providers and caterers have a no refund policy. The losses you suffer on cancelation/re-scheduling of a wedding can blow away your finances. This is why you need a wedding insurance plan.

See Also: Life Insurance Policies

What Does the Wedding Insurance Cover?

  • Cancellation or posting of the wedding due to fire or earthquake, theft or the person named under the wedding insurance cover (This could be the bride or bridegroom dies in an accident, suffers personal injury or is hospitalized).
  • The sum assured covered under wedding insurance covers the cost of the wedding invitation card, advances paid to the caterer or for the wedding hall, decorations, hotel reservations or even the travel tickets.
  • The public liability cover offered under the wedding insurance plan covers for injury or death in an accident at the marriage venue. Third-party damage is also covered.

When you look at all these benefits, availing a wedding insurance plan makes sense.

See Also: How Much Life Insurance Do I Need?

What are Wedding Insurance Standard Exclusions?

  • Cancellation of the wedding event due to a bandh or civil unrest.
  • Acts of terrorism.
  • If the policyholder (read bride or groom) is kidnapped.
  • If the policyholder cannot reach the marriage venue on time due to the unavailability of transport services.
  • If the policyholder dies or is injured in a war or a war-like situation.
  • Self-inflicted injury or suicide of the policyholder.
  • If the bride or bridegroom calls off the wedding event, then there’s no compensation.
  • Seasonal weather changes and family disputes leading to cancellation are not covered.
  • If you hide any crucial information which leads to losses, (certain important material information was not disclosed to the insurer when availing the policy), well the insurer will not honor the claim.

See Also: How to Choose Between Term Insurance and Whole Life Insurance?

What is The Cost of Wedding Insurance?

The wedding insurance premium depends on the size and location of the wedding. It also depends on the add-ons in wedding insurance. (This is extra protection opted). If you opt for a destination wedding or get married on a yacht or in a posh hotel, well the wedding insurance premiums would be high.

You need to pay a higher wedding insurance premiums to cover jewelry and gifts and so on if marriage is in a hotel. Wedding insurance premiums would be in the range of 1-2% of sum assured. If the wedding insurance sum assured is Rs 10 Lakhs, the wedding insurance premium would be Rs 10,000. (Assume premium is 1% of sum assured).

See Also: Why You Shouldn't Cancel Life Insurance Plan?

How To Buy Wedding Insurance?

An event planner would include wedding insurance expenses. You can directly purchase wedding insurance from most general insurers if the wedding event is in India.

Do note that you need to show proof of expense for claim settlement. So, keep those bills handy. As for whether you need wedding insurance, well weddings are costly. Wedding insurance premiums are quite low. Why not take it?

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IndianMoney.com Research Team

The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.

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