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Insurance Cover for your Wedding

February 2, 2012

Wedding Insurance!

Now insure your marriage against losses

Indian weddings marriage insured

Let not dream wedding turn into a nightmare

Wedding is an auspicious event that marks a beginning of a new chapter in your life. It is the starting point of creating a family of your own. It is a once in a lifetime event that continues to bring you joy for the rest of your life. However, even such an event can be affected with uncertainties.
Weddings! The most endearing part of one’s life. That’s a dream which is fantasized by each and everyone. But, what if, that dream turns out to be a nightmare. What if, the wedding get postponed or canceled for any specific reason.Wedding Insurance – the concept which is quite famous abroad has entered in India as well. Looking at the business opportunity, two insurance houses in India – ICICI Lombard and Bajaj Allianz has come out with wedding insurance products to cater Indian families.

Wedding Insurance is an event insurance product wherein the policy’s term starts a few days before of the wedding and ends on its completion.

Wedding insurance policies cover cancellation of wedding for reasons such as burglary at the venue (of jewellery and cash kept in a safe), perils such as fire, earthquake that cause damage to property and life.

Accidental death or injury of the persons named under the policy are also covered. It also covers permanent partial/total disablement of the insured person(s).

In a case where a policyholder manages to re-arrange the wedding on the same day after the occurrence of an insured event, his claim for wedding cancellation will still be honoured.

However, he will be paid lower of the non-refundable expenses or the additional expenses incurred in conducting the wedding at a new venue, says the spokesperson of Bajaj Allianz. Damage to property or life of guests who attend the wedding can also be covered by paying for the public liability cover offered with the wedding policy.

A wedding’s cancellation due to dispute between the families is among the exclusions under the policy.

Nor can you expect the insurer to pay up for cancellation of wedding due to kidnapping of the bride/bridegroom, loss/damage to some property to be utilised for the wedding that is stored without any supervision in a location other than the venue of the wedding and death/injury to the insured person(s) under the influence of liquor or drugs.

Indian weddings are popular all over the world, high net worth individuals (HNIs) and celebrities spend crores of rupees on weddings, so coming out with these insurance products is quite natural. These insurance companies are also targeting middle class people to save them from any unexpected loss.For example, Bajaj Allianz has four insurance options, where they can provide cover upto Rs 2 lakh, Rs 4 lakh, Rs 6 lakh and Rs 8 lakh with the premiums ranging from Rs 4,000 to Rs 15,000.

As per the information available on its website, the policy covers wedding cancellation or postponement due to fire or any natural disaster, accident of bride or groom, accident of blood relations resulting within seven days of the wedding date, damage to property including the venue, burglary and even cases of food poisoning at the function.

http://www.icicilombard.com/business-insurance/wedding-insurance.html
http://www.bajajcapital.com
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