ICICI Lombard and Bajaj Allianz, has a new innovative offering in form of 'Wedding Insurance' products and is providing insurance cover for wedding cancellation/postponement due to fire or any natural disaster, accident of bride/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. The claims would be entertained only for losses due to external factors like accidents, catastrophes or unintentional man-made disasters or disruptions.
Why Wedding Insurance is Required?
Any postponement or cancellation involves a certain risk of monetary loss, and its wedding insurance acts as a safeguard against "unforeseen events that could postpone or cancel your wedding."
The Catch in Wedding Insurance
However insurer will not pay for marriages turning sour due to personal differences between the bride and the groom.
Who are Presently availing wedding Insurance?
Wedding insurance covers are currently being availed mostly by HNIs (High Net Worth Individuals) and celebrities, given the high costs attached with their weddings.
What are the Charges for Wedding Insurance?
Bajaj Allianz Wedding Insurance
Bajaj Allianz is offering wedding insurance with premium payments of as low as below Rs 4,000, and as high as close to Rs 15,000. As per its website, it has four insurance options -- Rs two lakh, Rs four lakh, Rs six lakh and Rs eight lakh and the indicative premiums for these four options range from Rs 3770 to Rs 14276.
ICICI Lombard Wedding Insurance
ICICI Lombard, on its part, provides insurance cover for the wedding cancellation, material damage to the property such as wedding venue, personal accident cover for insured person (bride or the groom) and any public liability arising out of the cancellation. It covers cancellation or postponement of the wedding ceremonies due to factors ranging from fire, earthquake or burglary and theft at the venue. It also covers for "sudden, unexplained, unintimated failure" of the bride or the groom to appear for the wedding ceremonies due to reasons like, death, personal injury or any major illness.
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