If you are spending lakhs of rupees on your marriage, secure the event by opting for a suitable insurance package. Here are the things you should consider before picking one.
Given the wide expanse of wilting expense that are the hallmark of an Indian wedding, it's a marvel that most scrape through without major glitches or mishaps. A bigger wonder is that people don't feel the need to insure such high-cost events. If you are spending lakhs on a wedding, it would be prudent to protect yourself against vulnerabilities such as cancellation or damage during the ceremony.
Most companies sell wedding insurance as a part of event insurance. The policy broadly covers personal accident, postponement or cancellation of event, and damage to property at the venue. These policies can be customised as per one's needs. For instance, an ailing relative in the family, who might pose a risk of cancellation or postponement of event, can be covered. If you're phobic about the quality of food and see it as a risk, you can include food poisoning in the insurance. Terror attack is another threat that can now be covered.
Besides these, you can seek insurance against jewellery theft or cancellation in case the bride or groom in unable to make it to the event on time. If the event is cancelled or delayed due to damaged banquet/marriage halls, this too can be insured.
However, cancellation of an event due to dispute between the wedding parties is not available as a cover. There are exceptions, of course. If the groom does not turn up due to unpaid dowry and the ceremony is cancelled, you can be covered for the eventuality. Of course, the insurance company will not pick the tab if you off the wedding due to last-minute jitters. Willful negligence and criminal misconduct are also not covered.
It's important to read the fine print carefully as the terms and conditions vary among different insurance providers. It's equally significant to choose the cover that suits you rather than fall for the sales pitch. So, you can decide to buy insurance only for the main event spanning a day, or have the cover spread across several days and various ceremonies. Consider the various options offered by insurers and pick the one that fits your needs and budget. If a wedding is at your premises and your house is already covered against fire under the householder package, you don't need an extra cover. Also, if you already have jewellery insurance, knock it off from your wedding insurance policy.
When it comes to making a claim, remember that you need to have all the bills in place.Since wedding insurance is a non-standard product, the proofs required to claim vary. For instance, in case your house is robbed, only a copy of an FIR will be required. However, in case of theft of jewellery, you would also need bills along with the copy of an FIR.
Marriage in India is considered a sacred institution. Nobody likes to think that any thing will go wrong. The social milieu becomes a major obstacle while selling wedding insurance. It time to think differently at the time of big event.