Since the coronavirus outbreak in March 2020 in India many wedding programs had to be cancelled at the last moment. Some weddings were cancelled due to restrictions imposed by government authorities, while others were cancelled due to the absence of relatives and family members. After the wedding season in November-December this year, the next wedding season will be in January and February. Considering the rise in the cases of the Omicron variant of Coronavirus, marriages may have to be cancelled again. To avoid financial loss in such cases, you can opt for wedding insurance.
No one wants the marriage program to be cancelled or changed at the last moment. However, such a situation arises at times that you cannot help but have to cancel the wedding or change the date of the wedding. In such cases, wedding insurance will ensure that there will be no loss of money.
The sum assured of wedding insurance depends upon your budget. The premium charged on insurance remains only between 0.7- 2 percent of the total sum assured. If you have got wedding insurance of Rs 10 lakh, then you have to pay a premium of Rs 7,500 to 15,000.
Wedding insurance covers huge expenses due to the cancellation of marriage or any other damage or loss. Insurance policies broadly cover different situations in four categories-
Coverage of Liabilities: This section covers any damage or loss caused to third parties during marriage ceremonies due to accidents or injury.
Cancellation Coverage: This part covers the loss due to the sudden or unexpected cancellation of the marriage.
Damage to Property: It protects against loss or damage to property during the wedding events.
Personal Accident: This includes the cost of hospitalisation of the bride/groom due to accidents.
Wedding insurance provides coverage to the following expenses:
Advance given for catering
Advance given for Wedding Venue
Advance given to travel agencies
Advance given for booking hotel rooms
Wedding Invitation Card Printing Cost
Advance given for music and decoration
Cost of decorations and wedding sets
If any untoward incident happens during the marriage program then you should immediately inform the insurance company about it. After this, there will be an inquiry by the insurance company to ascertain facts and if you have suffered a loss due to the valid reason, then you will be compensated for the loss caused.
Wedding insurance does not entertain claims in the situations like terrorist attack, strike/civil unrest, groom/bride kidnapping, loss of clothing and personal property of wedding guests, sudden unavailability of wedding venue, vehicle breakdown, damage or destruction of the wedding venue at the instructions of the policyholder, property damage due to negligence or lack of supervision.
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