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.

Live TV

Loading...

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:

Terrorism, civil unrest, or bride/groom kidnapping aren't covered.

Delays due to flight issues or sudden unavailability of the venue may not qualify.

Property damage due to negligence or wear and tear might be excluded.

'Cold Feet' scenarios aren't covered.

A look at available wedding insurance policies

(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:

Claim form

Policy details

Details of damaged property

Invoices or receipts of valuables

FIR copy (in case of theft)

Relevant purchase and location details

Confirmation from an expert for irreparable damage

Wedding insurance claim process

In the unfortunate instance of an incident during the ceremony, the claim process involves:

Promptly informing the insurance company.

Fill out the claim form and submit it with the required documents.

The insurer then assesses the loss or damage.

If the claim is genuine, compensation is paid out. In case one is dissatisfied with the resolution, legal recourse is an option.

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.

ALSO READ | Decoding wedding gift taxation in India: Know ways to exempt it

(Edited by : Akanksha Upadhyay)

First Published:Nov 23, 2023 2:38 PM IST