Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
  • SBI Life
  • DSP Mutual Fund
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now

The big, fat Indian wedding can be insured, but only the rich go for it

Wedding insurance is a relatively untapped market and popular with mainly weddings that cost in excess of around Rs 50 lakh. It covers you against uncertainties beyond your control. But if you get second thoughts about your life partner and call the wedding off, the insurance doesn't offer any solace.

November 29, 2022 / 09:06 AM IST

Given that it is such an important (and expensive) occasion, wedding preparations, particularly in India, rarely factor in the possibility of a cancellation.

This, despite the massive amounts at stake — couples and families often spend a fortune on their big, fat extravaganzas. Indians are expected to spend a whopping Rs 3.75 lakh crore between now and February 2023.

“One doesn’t usually think that a wedding could get cancelled. So people are wired not to take wedding insurance. Generally, it’s the professional wedding planners who persuade families to buy such covers. There are cancellation charges for many things that are part of a wedding, and this cover reimburses those losses,” says Sanjay Datta, Chief, Underwriting, Claims and Reinsurance, ICICI Lombard General Insurance.

Also read: Getting hitched? Here are 4 tips to keep your wedding within budget