Nuptial Season: What Is Wedding Insurance & What All Does It Cover In India?

In the ongoing wedding season, approximately 35 lakh weddings are expected to take place across the country till December, according to a survey conducted by the Confederation of All India Traders. All this is estimated to generate an inflow of about Rs 4.25 lakh crore in wedding-related purchases and services.

But what if, god forbid, something goes wrong? Well, fret not, there is something called wedding insurance in India. Yes, you read that right. Insurance for your wedding. Read on as we unfold this concept.

The Concept Of Wedding Insurance In India

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What does it cover?

Cancellation or postponement: It will cover your booking amount and advance payments made to d¨¦cor companies, food vendors, hotels, travel agencies and entertainment artists, among others, if the wedding is cancelled, postponed or rescheduled, as per an ET report.

Damage to property/ valuables: It covers damage due to fire, explosion, earthquake, etc, to residences, wedding venues or sets and props, as well as loss of valuables due to theft or burglary.

Public liability: It covers any injury or damage to third parties due to accidents during the wedding.

What does it not cover?

Any unnatural cause of injury, loss or death caused by congenital disease, war, terrorism, kidnapping, suicide or pollution are among the standard exclusions in a wedding policy.

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How much is the insurance premium?

The premium will depend on the size and type of cover opted for and will typically be 0.2-0.4% of the sum insured.

Which companies offer wedding insurance?

Not many insurers currently offer wedding insurance in India. Among those who do, as per the ET report, are Future Generali, ICICI Lombard, Bajaj Allianz, Oriental Insurance and National Insurance Company.

What is the tenure of insurance?

The wedding insurance cover generally lasts for the duration of the marriage, usually seven days, and typically ends on the next day of the wedding.

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