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