While insuring a joyous occasion is still an afterthought, the youth of India is at the cusp of change to ensure financial security at every stage of life.
K.G. Krishnamoorthy Rao
On a grey, gloomy morning, Priya lay on her bed with mehendi on her hands, all set to tie the knot with her fiancé of four years. Loud thunderclaps announced the coming of a storm. Tensed, she was contemplating the repercussions that an unwelcome shower may have on the most important day of her life when the rain came down in buckets, pelting the streets. When Priya arrived early at the venue to get ready for the wedding, she was stunned to see the soaking wet wedding mandap and the wilted flowers. She stood there, her heart plummeting at the sight of the mud spattered venue and the thought of the wedding getting postponed. In such a dismal situation, she was comforted by the thought that at least the wedding set up could be restored without incurring extra cost considering she had insured her fragile wedding set-up.
While insuring a joyous occasion is still an afterthought, the youth of India is at the cusp of change to ensure financial security at every stage of their life. There has been a rapid increase in the number of wedding insurance purchases in recent times. Today, wedding insurance is accredited more as a form of financial refuge than a bad omen for a highly celebrated occasion.
With the outlook of the Indian youth shifting towards accommodating modern ideologies, more and more Indians want to be empowered enough to take on their wedding expenses. A wedding insurance covers various aspects of a wedding including postponement or annulment of wedding, burglary, damage to valuables (including vehicles, jewellery and property), accident and even death. It also provides protection against any legal liability arising out of bodily injury or illness to a third party individual/property.
It is essential to keep in mind that wedding insurance will not shield from losses related to criminal charges, decision alterations, penalties or intended damages. Further, its scope does not extend to cancellations due to irrepressible adversities, temporary damage to property due to negligence, public liability with regard to the temporary possession of the property of the guests at the functions and personal accidents owing to natural calamities.
Most wedding insurance related products provide cover for the entire wedding, right from the marriage venue to the jewelleries and gifts like precious stones or appliances given by blood relatives and/or in-laws. You need to produce proof in the form of bills / valuation certificates for those articles if you wish to make a claim. The policy ensures that the financial value of anything that is associated with the bride, groom and their families’ physical or emotional well-being is restored.
The Indian insurance market has matured to a point where there are insurance policies available that cover the cost of any counselling that may be required in the event of the cancellation of a wedding. The rewards of wedding insurance are countless and it is vital to buy the right policy as per requirement. It is always advisable to buy insurance from a reputed insurer that has a good record of servicing and claim settlement, as these are the features that become critical when one registers a claim. A cheaper policy may not always be the best policy. One must invest in the policy that provides the right security and adequately covers wedding expenditures.
Presently, wedding insurance is largely accepted by the elite class to safeguard their grand nuptials. The decision to buy a policy must trickle down to the quantum of protection required and the nature of the wedding expenses. While sky is the limit for the expenses in an Indian wedding, an insurance policy will guarantee your peace of mind on the most special day of your life.The writer is MD and CEO of Future Generali India Insurance