Friday, 9 October 2020

Wedding Insurance: Do You Need Wedding Insurance?

There are record weddings in the month of November every year. This trend is expected to continue this time as well. With the changing times, the budget of the decoration, grandeur and expense of the wedding ceremony has increased rapidly. Lately the cost of a wedding ceremony is reaching from 10 lakh rupees to 2 crores. In such a scenario, it has grow to be necessary to secure the wedding ceremony. 

You are able to do this for little or no cost. Today, most insurance corporations are providing wedding insurance. With this insurance coverage, you can protect against any accidental incident through the wedding ceremony. Let's know about this insurance coverage policy.

Why marriage insurance is important?

Money is spent in a marriage ceremony in India. From expensive broom to groom dress, jewelery also has a budget of millions. Apart from this, a huge amount is also spent on card printing, venue booking, confectionery, decorator and travel booking and many others. If any unfortunate incident happens within the wedding ceremony, then it gets compensation for the wedding insurance. However, it depends upon how much amount is insured. Other than this, if for some reason your wedding date has been extended or canceled, you can also claim it.

Do you need wedding insurance?

It's the season of weddings. Marriage matters a lot in everyone's life. People consider it a milestone, because in Indian society, marriage is a bond of seven births and together. We spend here heartily in marriage. Guests and their hospitality are of great importance in Indian weddings.

We spend a lot of money to buy gold ornaments, different types of dishes, hotels for weddings or nice halls and many others. However, until an event or event is done properly, there remains an uncertainty, as there is no time for emergencies and natural disasters.

They can come anytime and get us in trouble. Damage from natural disasters such as floods or cyclones is very bad. Due to these events, sometimes marriage is postponed even after almost all preparations. At such times, wedding insurance (marriage insurance) plays a major role. So through this article, we are going to offer you information about wedding insurance.

Exceptions of wedding insurance

The following conditions are not covered under Wedding Insurance. As a result of any such situation, the policyholder will not be compensated if the marriage is canceled or proceeded.

• Cancellation of marriage program due to bandh, agitation, or nuisance of citizens in the city.
• To pursue marriage due to terrorist incidents.
• If the policyholder (bride or groom) will get kidnapped.
• If the policyholder is unable to reach the wedding venue on time due to non-availability of transport services.
• If the policyholder dies or is injured in a war or war-like situation.
• Injury or suicide by the policyholder himself.
• If the bride or groom discontinues the wedding program, there is no compensation.
• Changes in weather and family disputes don't provide cover for cancellation of marriage.
• If you hide any important data while taking wedding insurance that's likely to cause damage, the insurer will not accept your claim.

What does wedding insurance cost?

The premium of wedding insurance depends on the size and location of the wedding. It also depends on add-ons in insurance. Add-ons are an additional security option. If you opt for a destination wedding or get married on a yacht or in a posh hotel, the insurance premium of Wedding Insurance will be higher.

If the wedding takes place in a hotel, you'll have to pay a higher premium amount to cover the jewelry and gifts. The wedding insurance premium is 1-2% of the sum insured. If the sum insured for wedding insurance is Rs 10 lakh, then its premium will be Rs 10 thousand. You can consider it 1% of the sum insured.

How to purchase wedding insurance?

If the marriage is to be held in India, you can buy wedding insurance straight from the major insurers. However, keep in mind when buying wedding insurance and read all its conditions carefully. You must show proof of expenses for the claim settlement, so keep the expenses bills. Nowadays wedding bills are increasing, so to avoid the loss due to any emergency, it is best to get wedding insurance.

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