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.