Big fat Indian weddings can now be insured. Should you get one?
Published by India Today
Abhishek Kumar's role: Quoted
Abhishek Kumar explained what wedding policies typically cover and exclude, said premiums depend on guest count, budget, venue and duration, advised families to give the insurer correct information and documents to avoid disputes at claim settlement, and said cover can also help middle-class families.
What Abhishek Kumar said
What does a wedding insurance policy usually cover?
Most policies pay if the wedding has to be cancelled or postponed because of severe weather or a natural calamity, because a key family member dies suddenly or has a medical emergency, or because the venue is damaged. The cover is built around events outside the family's control. As weddings grow larger and costlier, protecting the event against such risks has become a real need.
What does wedding insurance not cover?
It will not pay for a quarrel between the couple, for pandemics, war, terrorism or strikes, for wilful misconduct or deliberate damage, or for a pre-existing condition that was known before the cover began. People also overlook exclusions such as transport delays, a cancellation forced by a bandh, losses from postponing the event, and claims linked to unlicensed vendors or functions held without permits.
How is the premium for wedding insurance decided?
The premium depends directly on the number of guests, the wedding budget, where the venue is and how many days the celebrations last. A destination wedding usually costs more to insure, because it faces more risk from weather changes, less dependable vendors and travel disruptions. Give the insurer correct information and documents, since that is what helps avoid disputes when the claim is settled.
Is wedding insurance only for very expensive weddings?
No. Families hosting a high-value wedding should take it more seriously, as a big event raises the chance of accidents or injuries and cancelling a ₹1 crore wedding could mean big losses. Families with a lot of jewellery should look at a jewellery rider, because standard cover may carry sub-limits. But insurance is not only for the very wealthy: for middle-class families on tight budgets, I see it as smart risk management.
In our words, from what he said in the piece. General information, not personal advice.
More of Abhishek's views on insurance
India Today explains wedding insurance as Indian wedding budgets keep rising. The article sets out what such policies usually cover, common exclusions, how premiums are worked out, why destination weddings cost more to insure, what to check in the policy wording and which families may benefit.
Publisher source
Big fat Indian weddings can now be insured. Should you get one?