TomorrowMakers ™

Ever heard of wedding insurance? Here's why it might be a good thing

11 January 2018
With a large amount of money they spend on weddings, Indians need to embrace the concept of a wedding insurance.
 

Indians have been known to spend an obscene amount of money to organise grand weddings. A Huffpost report says that an average Indian family spends more than its yearly income on a single wedding - much more than they can afford. We take loans, withdraw from our investments and sell off our properties to be able organise a grand wedding - a breathtaking venue, expensive jewellery and wedding outfits etc. Are you too planning to spend a huge amount of money on your wedding?

Whenever you spend a huge amount of money on say a car or property, you always make sure to insure it. Then why not insure your wedding too? Read on to know more about wedding insurance and how it can help you during a crisis:

How does a wedding insurance help you?

A wedding insurance helps you deal with financial losses arising in the following situations:

 

1. Wedding cancellation or postponement: A wedding might be cancelled or postponed in case of:

 

  • Fire, earthquake, burglary or theft at the venue
  • The named person fails to turn up for the wedding ceremony due to death, temporary or permanent injury, an illness that leads to hospitalisation etc.

Things covered: The expenses covered are printing of cards, advance payments given for the venue and caterer, decorations, music, hotel room bookings, travel bookings etc. Wedding insurance also covers material damage to property (including decoration costs, jewellery, precious stones, precious metals, appliances, etc.) in case of fire, theft, burglary and natural calamities like an earthquake (only some insurance providers have this benefit).

2. Personal Accident: You’ll be insured against accidental death and permanent or temporary disablement caused due to the accident.

People covered: Not only the named person but his/her blood relatives are also covered by this insurance.

3. Public liability: It insures you against accidents leading to injury or any damage to the property at the venue of the wedding.

People covered: It covers third parties.

Things that a wedding insurance doesn’t cover:

A wedding insurance does not cover:

  • Wedding cancellation due to civil war and terrorism
  • Kidnapping of the named person
  • Expenses, if the people are unable to reach venue due to unavailability of transport
  • Consequential losses due to cancellation of the wedding
  • Self-inflicted injury or suicide by the named person
  • Intentional damage to property by the insured
  • Cancellation due to dispute between wedding parties


A wedding is a very special event - not only for the bride and bridegroom but also for their families. A lot goes into making this event special – buying expensive clothes, jewellery, making arrangements for guests etc.

However, there are some things aren’t in your control and a wedding insurance protects you, your loved ones, and your belongings in the face of adversity. Hence, by giving a relatively small amount of money, you can get insured against accidents, disasters, and other unexpected events. The insurance helps cover the monetary losses and gives you time to deal with the problem at hand.

Some of the General Insurance companies who offer wedding insurance include like Bajaj Allianz, ICICI Lombard, Future Generali, HDFC Ergo, Tata AIG etc.

Topic:
 
{colombia_ads}
Market Quotes by TradingView

Quotes of The Day

POLL

{colombia_ads2}
 

MOST VIEWED CONTENT

Government schemes that can help women entrepreneurs grow their small businesses

Government schemes that can help women entrepreneurs grow their small businesses

Here are the different ways that women entrepreneurs are backed financially by various government schemes

5 Simple Things to Know About Maternity Insurance in India

5 Simple Things to Know About Maternity Insurance in India

A steep rise in maternity expenses over the years is forcing couples to look for options to fund this expense. Those buying maternity policies should understand the terms of these policies.

How women can save tax in India

How women can save tax in India

In India, there are numerous secrets to saving tax that only the most prudent investors know. Here’s what women need to know about the tax benefits they can avail.

Financial resolutions every woman should take this new year

Financial resolutions every woman should take this new year

This December, make some financial resolutions to have a financially healthy and happy new year.

5 Challenges faced by women entrepreneurs

5 Challenges faced by women entrepreneurs

When a woman sets out to start an entrepreneurial venture, she faces challenges that are different from those that men face.

Don't let your spouse or kids be your retirement plan. Here's how to build your own

Don't let your spouse or kids be your retirement plan. Here's how to build your own

It’s time you take control of things to ensure that you retire comfortably.

A step-by-step guide to planning your wedding on a budget

A step-by-step guide to planning your wedding on a budget

It is important to plan a wedding smartly so that you don't end up with a lot of debt.

boy

We would love to hear from you!

Question, comment or concern? Our contact form is the best way to get in touch. We will respond to you within 5 working days.

NEWSLETTER