It’s the biggest and most exciting time of your life. Marriage, they say is made in heaven but solemnized on earth. You really don’t care for money and make sure that all arrangement takes place in the best possible way, and the event is remembered for the life time. People spend a fortune on it every year. Even in case of a simple wedding, the amount doesn’t start below Rs 5 lakh. But have you ever thought what will happen if the marriage has to be called off due to some natural calamity or burglary at home or groom not showing up? Will you be able to bear the loss and arrange equal amount again for such an event? It’s frightening to even think of. However, that is where the wedding insurance comes in the picture. It takes care of any unfortunate happening on your D-day and insures you against any such risk. While public sector undertakings provides coverage as part of their general insurance policies, private insurers like Bajaj Allianz, ICICI Lombard have a separate wedding insurance policy. Since wedding is usually a long event, including sangeet, mehendi, the policy coverage starts from those functions and ends at the midnight of the wedding. Though the policy can be taken up at the last moment, it is always better to take the policy a fortnight earlier.
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What is covered?
A wedding insurance policy provides coverage in four parts. The first part is the cancellation or rescheduling of the marriage due to fire, earthquake, burglary and theft at the venue. It also includes cancellation due to failure of appearance of groom or certain named person due to the death or personal injury before few days of the wedding.
In the second part, the insurers offer coverage against damage to the property due to fire, perils including earthquake, burglary and theft.
The third part is coverage against personal accident including death and permanent as well as partial disablement for few named blood relatives. They includes parents and siblings of the bride and the groom.
Then there is a public liability cover which insures against any injury to guests due to an accident at the venue. Besides you can take separate cover against jewellery and cash kept at home.
There is whole lot of catches. A wedding insurance policy doesn’t cover cancellation or postponement of the wedding if there is a bandh and civil unrest in the city. Also it excludes compensation to you if the groom or named person is kidnapped, or there has been a complete breakdown of the transportation services due to which named persons have failed to appear at the ceremony. You would also not be paid if the wedding gets cancelled due to personal differences of the bride and the groom. In case of damage to the property, willful negligence is not covered for, especially if damage takes place without due attendance and supervision. This goes same for the intentional self injury, suicide or consumption of intoxicating liquor or drugs in case of accidental coverage.
The sum insured is decided on the basis of the expenses incurred. For instance, in case of wedding cancellation expenses are covered for printing of cards, advance given towards venue, catering, decorations, music etc. It also includes amount given for hotel bookings, room bookings, travel booking etc. However, in case of damage to property, the basis of sum insured includes cost of decorations and shamiana, hired sets, jewellery, precious metals and stones, appliances given by blood relations and in-laws. The compensation is based on the principle of indeminity as in the case of health insurance. You would be given the actual loss incurred subject to the maximum of sum insured.
Cost of Wedding Insurance
Contrary to the popular belief that a wedding insurance would be costlier, it is much cheaper. You can take cover ranging from Rs 2 lakh to 8 lakh. The premium for the same is anywhere between Rs 3000 and Rs 14000 respectively. ICICI Lombard, on the other hand, offers higher coverage between Rs 8 lakh and Rs 15 lakhs. The premium also varies accordingly. You can opt for any of the covers within the main policy like public liability cover or cancellation one. This is a small one-time payment to insure against any major eventuality. Sadly, in our country this cost is seen as an unnecessary expense and have not found many takers yet.
In order to make a claim you have to intimate the insurer within 30 days of the incident. The insurer would send a surveyor to the loss site for survey. It will also require all the documents from you. So keep the vouchers and the bills safely with you. Make sure you take the receipts of the payment done for booking the venue etc as a proof of the expense. If your house is robbed, a copy of an FIR will be required. However, if the jewellery is stolen, you will need the bills too along with a copy of an FIR to be submitted to the insurer.