Ensure a perfect wedding

A wedding is one of the most important occasions that take place in a person's life. This extravagant event demands a lot of emotions,hard work,time,patience apart

Written by Sanjay Datta | Published:January 16, 2012 2:21 am

A wedding is one of the most important occasions that take place in a person’s life. This extravagant event demands a lot of emotions,hard work,time,patience apart from huge amount of money that is put into it. The ‘Wedding Day’ continues to be one of the most capital intensive events in ones life.

The wedding function is a one time event and therefore most of the insurance companies in India offer wedding insurance as a part of an event insurance product,which can be customised to suit the needs of a wedding function. All ceremonies associated with wedding like Mehendi,Sangeet,cocktail party,the main wedding and the reception can be covered under wedding insurance.

In the current market scenario the major coverages under a wedding insurance policy are as below:

* Cancellation or postponement of the wedding ceremony due to fire,natural calamities like flood and inundation earthquake etc,riot and strike non appearance of bride,groom and other family members or the named person due to accidental death,personal injury either temporary or permanent and illness resulting in hospitalisation.

In case of cancellation or postponement due the above mentioned reasons the wedding insurance will pay the non refundable expenses incurred for wedding function like printing of cards,advances paid for booking the venue,to the caterer,decorators,music arrangements,hotel room and travel bookings etc.

* Wedding insurance covers the physical loss/ damage caused to property like decoration material,shamiana,hired sets,jewellery,precious metals and stones, gift material received during the wedding due to fire,natural calamities like flood and inundation earthquake,riot and strike,burglary and theft.

* The bride,the groom,family members and the guests can also be covered for accidental death,permanent partial disablement and permanent total disablement on named basis under wedding insurance.

Wedding insurance can be tailored according to ones requirements. Before selecting the wedding policy one should have clear idea about few points like:

* When and for how much period one needs to buy a wedding insurance policy. One should take insurance prior to the actual start of the wedding event and the policy should end with the end of functions to be covered. The starting date of the policy should be prior to the first event amongst the series of events to be insured.

* Based on the requirements one should decide the coverage required and can also consult he insurance representative.

* One needs to decide the value for insurance under each cover like for cancellation or postponement cover the sum insured should comprise of non refundable expenses incurred for wedding function like printing of cards,advances paid for booking the venue etc.

* As an insured,one should take proper precautionary measures to avoid any losses like one should maintain records and invoices of all expenses incurred pertaining to the wedding,take proper precautionary measures to avoid any losses.

* In case of an incident of loss one should immediately inform the insurance company. One should also take the possible loss minimisation measures to reduce the losses and leave the damaged/ destroyed items for survey/inspection.

The premium for the wedding policy depends on various parameters like the type of venue,its safety security arrangements,contingency plans,duration of the whole event,the organising costs etc. In most of the cases,the premium rate varies between 0.75 – 1.5 per cent of the total sum insured. For a wedding budget of R 10 lakh the premium would be between R 7,500 -15,000.

A wedding policy can be taken 3 days in advance of the wedding event. But one should take the policy minimum 15 days in advance as the arrangements and preparation start at least 15 days prior to the actual date of function.

The India market for wedding insurance is at a very nascent stage and is growing as the awareness increases. The large part of the market potential is still unexplored.

Many of us live in this myth that wedding insurance is only for a big budget wedding or HNI’s as they end up spending crores for a wedding. But that is not true; a small or medium budget wedding which involves expenditure anywhere between 5 to 6 lakh rupees also needs a wedding insurance policy keeping in mind the contingencies during the event. Natural calamities and violence may lurk in the background.

But when the option of peace of mind is available in market,one should definitely go for it to truly make the special day more memorable for everyone involved.

—Author is Head,Underwriting and Claims,ICICI Lombard

For all the latest News Archive News, download Indian Express App

    Live Cricket Scores & Results
    Express Adda