Indian wedding is a great tradition. Friends, Family & Relatives, all gather to celebrate this once in lifetime event. The enthusiasm within the families is hard to describe. Purchases of dresses, distribution of cards, arrangement of venues etc. is a predefined work for both the families. The grand barat, rituals of phere & the vidai, all has its life time importance in the wedding.
For parents, wedding of their children’s is a lifetime goal which they want to achieve. The planning starts when the child is in a primary school and with all their hard work, they strive to make sure the required funds are accumulated. To make the wedding day a memorable one, the preparation starts almost a month ago so that everything goes perfect. With all emotions attached on this day, sometimes families stretch themselves on the monetary front if required. And due to same reason they find hard to believe that something can go wrong.
However, unexpected events can occur any time. Every year there are instances when a wedding gets cancelled/postponed due to street fights between groups of people engage in wedding or sudden illness of someone from the family. Although both the families had to suffer with no fault of theirs, financially the loss is sometimes unbearable.
A wedding insurance, although not very popular, can be a good option for covering risk arising during these events. It gives a financial security against those unforeseen events which can cancel or postpone wedding. Although not many companies offer such products in India, the few companies which does have this product gives coverage on wide range of risks which can impact the families financially.
What is covered in a Wedding Insurance Policy
1. Wedding Cancellation– There can be many reasons when a wedding can be cancelled. Fire at the place, Earthquake, Accident, sudden hospitalization of Groom/bride or someone else from the family etc. are some risk which have occurred in the past. There are expenses incurred on advance booking of various vendors related to the event, printing of cards etc. which families have to bear in case of cancellation. All these risks are covered in a wedding insurance policy.
2. Damage to Property: A fire at the place or a sudden earthquake can damage the decorations or the property which might have been taken on rent. Similarly, if a theft or a burglary happens, then expensive materials like jewellery, expensive gifts from relatives might get stolen. The insurance gives a protection cover in such incidents based on the certain parameters.
3. Personal Accident: In a recent incident during a wedding in one of the northern city of the country, a fight between two groups of people led to firing at the venue killing seven people, including grooms father. The frequencies of such accidents have been on rise. Even if the person is saved, the serious injuries can make him/her disable for life. The wedding insurance covers the various risks arising due to accident, including death.
Apart from this some of the wedding insurance policies give you coverage on the liabilities which are related to people attending the wedding or the property which is not owned by insured. Visitors belongings, damage to vehicles in parking or in insured custody, fines & penalties resulting from criminal proceedings etc. are some of the risk which are covered through this insurance.
A wedding is an event where emotions and huge money is involved. For some it may even include lifetime earnings. There can be no replacement for emotions if this great event gets cancelled or postponed. However, with such large sum at stake and the increase in cost, it can impact any family financially. A wedding insurance is helpful in securing the various expenses which have been incurred or may arise due to unexpected events.
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