The wedding day is the most important day in one’s life. Today, in India, a wedding is a marvel of an event, the cost of which could skyrocket to lakhs, even crores, of rupees. With destination weddings in vogue and many valuables being transited from one place to the other, it is prudent to protect yourself from vulnerabilities. A wedding insurance safeguards you from troubles that could arise on your D-day. While everyone in the family strives to make it memorable for the bride and groom, unavoidable circumstances could tarnish one's wedding day.
In the event of cancellation or postponement of the wedding, the insurer undertakes to reimburse any irrecoverable expenses incurred by you. Putting it off could be because of an act of God (as declared by the meteorological department during the policy period), loss or damage to the venue because of fire and allied perils, or inability to reach venue because of conveyance issues or local law and order problems.
The policy will also cover any damage to your property caused during burglary. An insurance cover for your wedding will also insure against any loss of, or damage to, valuables gifted to you by blood relatives and in-laws. It could be a breather if the bride, groom or any of the blood relatives meet with an accident. The policy takes care of the emergency hospital expenses in such a situation.
It is important to keep in mind that wedding insurance does not cover aspects related to criminal charges, change of plans and penalties or punitive damages. The scope of coverage will not shield you from any criminal charges or fluctuations in the decisions of either the bride or the groom related to the wedding. Further, it does not include cancellations due to uncontrollable adversities, temporary damages to property caused by negligence, public liability with regard to the temporary possession of the property of the guests at the function, and personal accident owing to natural calamities.
While buying the insurance, it is essential to consider the expenses incurred by you and map whether the upper limits of the amount that the insurer has to pay out will cover it. Today, insurance giants offer a plethora of features or add-ons that differ based on policy pricing. It is advisable to compare the policies offered by different companies to make the right purchase. The Indian insurance market has matured to a point where there are policies available that cover the cost of any counselling that may be required in the event of the cancellation of a wedding.
It is always advisable to buy insurance from a reputed insurer that has a great record of servicing and claim settlement, as these are the features that become critical when you go for settlement. A cheaper policy may not always be the best policy for you.
Presently, wedding insurance has been largely accepted by the elite class to insure their grand nuptials. The decision must trickle down to the quantum of protection required and the nature of the wedding expenses. While the sky is the limit for costs that you can incur on your wedding, an insurance policy ensures that you have peace of mind on the most special day of your life.
Rao is Managing Director & Chief Executive Officer, Future Generali India Insurance
