Marriage Insurance safeguards your money against life’s uncertainties. Although the mega event of a marriage is surrounded by emotions, but it also comes along with a lot of financial planning. In this article let’s explore why Marriage Insurance is necessary, the benefits of it and the situations it covers.
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In a country like India, marriages are considered sacred, a combination of various traditions and customs, coming together of families along with the union of two individuals. Indian weddings are colourful and vibrant affairs with a multitude of rituals and events lined up one after another, bringing people together and celebrating love. However, unforeseen circumstances can cause challenges in the whole ordeal putting a strain on moments of joy. Here, a practical solution like marriage insurance can come in handy and act as a safety net in the face of unpredictability.
What is Marriage Insurance?
Marriage insurance is a special type of insurance that is designed to offer financial protection against any kind of disruption that may come up during nuptials. It acts as a security while acknowledging the fact that life can be unpredictable with multiple uncertainties. It is a reliable backup plan that helps to shield the families involved from incurring monetary losses and cover major risks that can obstruct the event.
Companies Providing Marriage Insurance:
Several reputed insurance companies have recognized the need for marriage insurance and have introduced tailored policies to cater to this unique market.
1 – ICICI Lombard- ICICI Lombard’s wedding insurance safeguards against various significant risks, such as fire, earthquakes, natural disasters, theft, and more. It provides coverage for expenses related to wedding invitations, advance payments to caterers, venues, decorations, and music, among others.
2 – Bajaj Finserv- It offers wedding trousseau insurance, offering coverage of up to Rs. 50,000 at an affordable annual premium of Rs. 349. This wedding insurance protects against incidents like theft of the wedding attire, accidental damage, natural disasters, and more. Just remember to ensure your wedding purchases within 30 days of their acquisition.
3 – Future Generali- It is among India’s top wedding insurance companies. Recognizing the challenges of substantial wedding expenses and the possibility of unforeseen cancellations, they offer comprehensive coverage. This insurance includes expenses for beauticians, pandits, photographers, videographers, valuable gifts, and various other aspects of the wedding.
Circumstances covered under Marriage Insurance:
Marriage insurances offer coverage in varied circumstances that can affect a marriage. The insurance will protect the investments by covering the expenses made for bookings and advance payments to different service providers, including decor companies, food vendors, hotels, travel agencies, entertainment artists, and more, in the event of wedding cancellation, postponement, or rescheduling. Depending upon the policies, it can also provide coverage for damages to property and valuables resulting from incidents such as fire, explosion, earthquake, etc., alongside safeguarding against losses due to theft or burglary of valuables. From liability coverage, cancellation coverage, and damage to property to personal accidents, it gives the bridegroom a certain level of peace and relief. The wedding coverage usually extends over a period of approximately seven days, usually concluding on the day following the wedding.
Claim Eligibility and Exceptions:
For marriage insurance, eligibility criteria may vary depending on different policies and their terms and conditions. To successfully file a claim, couples must be able to determine their situation and the category they fall in. Insurance companies offer a 31-day window after the event to file a claim.
These insurances cover various risks, but it excludes claims for terrorist attacks, strike/civil unrest, loss or damage to guests’ belongings, sudden consequential unavailability of the venue, flight delays preventing the bride/groom’s arrival, vehicle breakdowns hindering the event, intentional venue damage, wear and tear-related damages, negligence-related property damage, and instances of ‘Cold Feet’ where the bride or groom decides not to marry after arriving at the venue.
Benefits of Marriage Insurance:
1 – Unexpected calamities or incidents can mar the joy of a wedding, leading to financial or physical losses. To shield against such risks and alleviate physical, mental, and emotional stress, marriage insurance serves as a valuable solution.
2 – Insurance companies provide tailor-made wedding insurance policies, allowing beneficiaries to choose coverage for either the main event or opt for a comprehensive package.
3 – The inclusion of ‘Public Liability’ coverage in the marriage insurance policies safeguards against injuries or fatalities resulting from accidents at the wedding venue, as well as providing protection for third-party property damage.
4 – The Personal Accident cover in wedding insurance compensates pre-designated individuals for disabilities and death.
Marriage is a social institution that binds two souls as well as their families together, especially in Indian society. Marriage insurance can serve as a perfect solution that blends economic prudence with emotional relief. The importance of safeguarding the sanctity of marriage while realizing the uncertainty of life is well-balanced through such available options.