As the wedding season approaches, the excitement and happiness surrounding these significant events are tangible. The celebration of love and unity among cherished friends and family creates indelible moments. However, the opulence and complexities associated with weddings also involve a considerable financial commitment, underscoring the importance of safeguarding against unforeseen uncertainties that could potentially disrupt these joyous occasions.
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This is where the necessity for wedding insurance becomes apparent—a protective measure against financial losses arising from disruptions, cancellations, or postponements of the special day.
Weddings are susceptible to various natural and man-made risks, making it imperative to address these potential challenges. A wedding insurance policy functions as a safety net, providing coverage across a spectrum of potential threats.
According to Policybazaar, an insurance aggregator, the typical policy period spans seven days from the wedding, offering a comprehensive solution to ensure the smooth flow of events during this crucial time.
Understanding the essence of wedding insurance
The significance of wedding insurance lies in its ability to cover major risks that could significantly impact one's wedding plans. It extends protection against:
Cancellation or postponement: Whether due to natural calamities, property damage, or unforeseen circumstances like theft or burglary, this coverage reimburses expenses incurred from printed cards, advance payments to vendors, travel reservations, and more, according to Bankbazaar.
Property damage: From earthquakes and fires to theft and burglary, coverage extends to decorations, jewellery, appliances, and other specified items.
Liability coverage: The policy also shields against damage or loss to third parties during the event due to accidents or injury.
Personal accident: Wedding insurance covers hospitalisation expenses resulting from accidents during the event.
Understanding exclusions and timelines
While wedding insurance covers a range of risks, there are exclusions:
A look at available wedding insurance policies
| Provider | ICICI Lombard General Insurance | Future Generali |
| Policy name | Wedding Insurance Policy | Vivah Suraksha |
| Covered events | - Wedding cancellation due to specified contingencies | - Wedding cancellations, accidents, loss of valuables, burglary |
| Cancellation Coverage | - Covering various expenses like venue booking, catering, decorations, travel bookings | - Covers rearrangement expenses, printing costs, advances to vendors, accommodation costs due to cancellations |
| Property damage coverage | - Protects against fire, allied perils, burglary and theft | - Safeguards property at residence and venue, decorations, sets erected |
| Valuables coverage | - Covers jewellery, ornaments, precious stones, and appliances as wedding gifts | - Protection against loss or damage to jewellery, and appliances gifted by guests |
| Accident coverage | - Covers disability (partial, total), death due to accidents | - Protection against permanent partial/total disability, temporary total disability, death due to accidents |
| Burglary coverage | - Covers loss of money from safe or strong room | - Provides coverage against the loss of money from a safe or strong room |
| Exclusions | - Bandh/civil unrest, terrorism, kidnappings, transportation breakdowns | - Exclusions: Congenital diseases, injuries due to alcohol/drugs, war-related injuries, hormone-related treatments, non-prescribed drugs/medicines |
| Discounts/benefits | - Flexible premium payments, family discounts, voluntary deductible plan | - Benefits: 10% family discount, premium discounts based on voluntary deductibles, floater discounts, one-time premium payment discount, website purchase discount |
(Source: ICICI Lombard plus Future Generali)
The premium of these policies will depend on the size and type of cover opted for and will typically be 0.2-0.4% of the sum insured.
Documents required for the claim process
Essential documents for filing a wedding insurance claim include:
Wedding insurance claim process
In the unfortunate instance of an incident during the ceremony, the claim process involves:
Tips to optimise the insurance policy
According to Policybazaar, customers should ensure that the sum insured aligns with their expenses. They should understand policy limitations on specific items like jewellery or vendor engagements.
(Edited by : Akanksha Upadhyay)
First Published: Nov 23, 2023 2:38 PM IST
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