Wedding Insurance – the concept which is quite famous abroad has entered in India as well. Looking at the business opportunity, two insurance houses in India – ICICI Lombard and Bajaj Allianz has come out with wedding insurance products to cater Indian families.
Wedding Insurance is an event insurance product wherein the policy's term starts a few days before of the wedding and ends on its completion.
Hold on! Don't be in any false assumptions, that these insurance companies will insure for any marriage gets called off due to personal differences between the bride and the groom or between their families. The claims would only cover the losses due to external factors like natural calamity, accidents, fire, earthquake, burglary of jewellery and cash kept in a safe at the venue, etc.
Indian weddings are popular all over the world, high net worth individuals (HNIs) and celebrities spend crores of rupees on weddings, so coming out with these insurance products is quite natural. These insurance companies are also targeting middle class people to save them from any unexpected loss.
For example, Bajaj Allianz has four insurance options, where they can provide cover upto Rs 2 lakh, Rs 4 lakh, Rs 6 lakh and Rs 8 lakh with the premiums ranging from Rs 4,000 to Rs 15,000.
As per the information available on its website, the policy covers wedding cancellation or postponement due to fire or any natural disaster, accident of bride or groom, accident of blood relations resulting within seven days of the wedding date, damage to property including the venue, burglary and even cases of food poisoning at the function.