To protect you from any misfortune during your marriage, Wedding Insurance is the one which can save you from any physical, personal or accidental loss. This is the time of the year which is known for the marriage season. Are you the one who is planning for a marriage, and no idea about how you can protect your marriage jewelry or any other physical or personal item/situation during the marriage from uncertainty? Then, this piece of information is for you. Just read out the report on how you can protect your marriage by taking a wedding insurance cover.
Why to take Marriage Insurance?
Life is very uncertain and misfortune can come anywhere, anytime. So, to avoid any misfortune like cancellation of your marriage, loss due to date postponed, death, burglary, fire, hospitalisation, venue cancellation or any other major emergency one can protect his or her marriage by taking a wedding insurance cover. With the help of the cover, you can get each single penny of the sum insured.
What covers Wedding Insurance?
Wedding insurance gives cover under various situations and the categories are:
1. Liability Coverage: Any loss, damage to the third party due to major accident or injury is covered
2. Cancellation Coverage: Marriage cancelled due to sudden or unexplained reason
3. Physical Loss: Any damage which is caused to the property related to marriage due to fire, theft, burglary, earthquake, material damage of jewelry or precious metals as mentioned in the policy
4. Personal Loss: Any loss to the Bride/Bridegroom due to uncertainty, accidents
During wedding cancellation:
The insurance plan covers any advances paid for -
• Travel agencies
• Hotel room bookings
• Cost for printing invitation cards
• Decoration cost
Standard Exclusions in Insurance:
• Act of terrorism
• Strike/Civil unrest
• The person covered under the policy is/are kidnapped
• Not reaching to the venue (Policyholders) on time due to unavailability of transport services or delay of flight or train
• Major losses due to cancellation of the wedding event
• Damaged caused by the policyholders against the policy rules
• Any injury or death due to war or war-like situation of the insured person
• Any self-made damage or suicide
The cost of the premium depends always on the type of insurance you take and what you want to cover. In general, the cost of the premium is from 0.7% to 2 % of overall cost of the sum assured while taking a policy. Suppose you have taken wedding insurance of rupees 10 lakhs then the cost of premium will be between rupees 7, 500 to 15000 rupees. According to Dr. Shreeraj Deshpande, Chief Operating Officer, Future Generali India Insurance “Average sum insured varies from INR 1 Crore to INR 6 Crores, the premium would be in the range of 0.50% to 0.75% depending on section-wise sum insured, outside India locations are always come with a higher premium as the cost of the overall wedding increases”.
How to claim the money?
• While facing any uncertainty (as per the policy) inform the insurance company immediately
• Inform the police about the mishap by doing a FIR. Submit the copy of the FIR to the insurance company
• Fill the insurance claim form to claim the money due to any loss you faced (as per the policy)
• Insurance company will always recheck the facts by sending their representative at the location of the wedding
• If the representative will find the claim authentic the compensation will be paid to the policyholder as per rules. Else it will be rejected
• Insurance company can directly pay the claim money to the venue or vendor
• One can also re-claim the exact money if he or she is not happy with the settlement money
• Policyholder can also go the court and fight for the disputed money
Wedding Insurance Providers in India:
• Future Generali
• HDFC Ergo
• ICICI Lombard
• Bajaj Alliance General Insurance
Few facts to keep in mind:
• Do give all the correct information of your wedding venue, guest numbers and other details to the insurance company
• Before claiming the money always keep a copy of your policy, FIR, original documents
• From the date of incident only the wedding insurance claim money will be settled within 30 days
• The insurance company is liable to pay only the sum insured
• Remember, any loss or damage to the gifted jewelry by in-laws will only be covered
• If your caterer or vendor is having a cover plan then do check what benefits you will get from them. Else don’t take the insurance again
• Keep all the bills, pictures, bonds, certificates to claim the sum insured
• Always check the policy details before taking any insurance cover